Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.103%

Price spread now: Hyperliquid against Variational Omni+0.003%7-day average +0.162% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.377%+$38 on $10k

Price spread, last 7 days+0.132%+$13 · spread now +0.003%, 7d avg +0.162%

Together, before fees+0.509%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$51 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.159% cheaper against Variational Omni than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.162%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000004787	0.0100	pay 0.0100% / 8h	1h 01m	$542K	$4.0M	—
Short	Hyperliquid kPEPE	0.000004787	0.0100	get 0.0013% / 1h	1m 36s	$63.8M	$85.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.003%Rate

Funding earned: $0
Price spread: +0.003% → +0.162%: −$15.87
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$24.87
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Hyperliquid: live order book, 12 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Variational Omni RFQ quote, 3 min ago	6.26 bp	doesn't fit	12.5 bp −$125	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.04 bp	9.8 bp −$10	16.2 bp −$162	29.1 bp −$2,907	doesn't fit

PEPE on 35 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PEPE-USD	0.0000%	1h	0.000004784	−0.066%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004790	+0.057%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004793	+0.128%	$668K	$6.0M	10x	as long as short
Hyperliquid kPEPEshort	+0.0100%	1h	0.000004787	+0.003%	$63.8M	$85.1M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004787	+0.003%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004783	−0.081%	$86.5M	$285.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004783	−0.081%	$150.3M	$63.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004789	+0.055%	$24.8M	$54.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004784	−0.055%	$42.2M	$149.1M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000004787	long leg	$542K	$4.0M	—

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004802	+0.311%	$27K	$346K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004801	+0.291%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004793	+0.128%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004801	+0.298%	$543K	$3.5M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0168%	1h	0.000004792	+0.108%	$81K	$94K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004795	+0.165%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0220%	8h	0.000004787	+0.003%	$41.2M	$492.7M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0244%	8h	0.000004787	−0.006%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0312%	8h	0.000004792	+0.108%	$2.3M	$6.4M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0338% / S −0.0368%	1h	0.000004000	−16.438%	$42K	—	100x	as long as short
BloFin PEPE-USDT	+0.0339%	8h	0.000004803	+0.337%	$3.9M	$22.3M	75x	as long as short
01 Exchange kPEPEUSD	+0.0392%	1h	0.000004786	−0.018%	$548	$2K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0420%	1h	0.000004802	+0.316%	$102K	$762K	25x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0448%	8h	0.000004795	+0.168%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004796	+0.191%	$570K	$25.6M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0614%	1h	0.000004791	+0.089%	$92K	$616K	15x	as long as short
BingX 1000PEPE-USDT	+0.0708%	8h	0.000004784	−0.066%	—	$256.4M	—	as long as short
Binance 1000PEPEUSDT	+0.0726%	8h	0.000004786	−0.017%	$130.3M	$1.05B	75x	as long as short
Extended 1000PEPE-USD	+0.0728%	1h	0.000004784	−0.054%	$526K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0728%	1h	0.000004797	+0.212%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0729%	8h	0.000004789	+0.047%	$92.6M	$286.6M	300x	as long as short
Aster 1000PEPEUSDT	+0.0734%	8h	0.000004792	+0.103%	$1.5M	$7.2M	50x	as long as short
Nado kPEPE-PERP	+0.0740%	1h	0.000004787	+0.013%	$183K	$846K	10x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004805	+0.379%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1331%	1h	0.000004793	+0.124%	$3.9M	$13.4M	50x	as long as short