Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0455%/8h= +49.8% APRpaid last 24h +0.093%

Price spread now: Injective against Variational Omni−1.544%106s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Injective is 1.544% cheaper against Variational Omni than usual: you would sell low and buy high (spread −1.544% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$154 on $10k: about 11 days of funding at the current rate (+$14 a day). The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000004889	0.0100	pay 0.0100% / 8h	2h 51m	$719K	$3.8M	—
Short	Injective PEPE/USDC PERP	0.000004814	0.0555	get 0.0069% / 1h	51m 35s	$4K	$92K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.544%Rate

Funding earned: $95.58
Price spread: −1.544% → 0.000%: −$154.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$58.8
Costs to cover: 0.000%
Break-even: 11.3 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Injective: no order-book sample. 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	5.14 bp	doesn't fit	17.5 bp −$175	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000004841	−0.991%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004841	−0.996%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004846	−0.889%	$56.1M	$68.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004845	−0.910%	$58K	$108K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004843	−0.940%	$88.7M	$271.8M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004846	−0.889%	$41.5M	$490.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004843	−0.951%	$147.8M	$60.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004843	−0.951%	$23.5M	$49.9M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000004889	long leg	$719K	$3.8M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	+0.215%	$28K	$336K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004856	−0.689%	$1K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004838	−1.045%	$549K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0176%	8h	0.000004841	−0.983%	$43.6M	$149.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004839	−1.040%	$7K	—	15x	as long as short
Lighter 1000PEPE	+0.0208%	1h	0.000004850	−0.807%	$542K	$5.0M	10x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004828	−1.257%	$3.9M	$21.6M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0221%	1h	0.000004840	−1.016%	$109K	$619K	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0313% / S −0.0367%	1h	0.000004000	−18.192%	$41K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0340%	8h	0.000004848	−0.846%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0350%	8h	0.000004843	−0.959%	$30K	$10K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0432%	8h	0.000004833	−1.161%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004851	−0.787%	$589K	$25.4M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0548%	1h	0.000004845	−0.910%	$2K	$9K	10x	as long as short
Injective PEPE/USDC PERPshort	+0.0555%	1h	0.000004814	−1.544%	$4K	$92K	12x
ApeX Omni 1000PEPEUSDT	+0.0699%	1h	0.000004891	+0.031%	$101K	$755K	25x	as long as short
Nado kPEPE-PERP	+0.0725%	1h	0.000004836	−1.094%	$180K	$868K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0756%	1h	0.000004843	−0.960%	$3.9M	$12.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0759%	8h	0.000004847	−0.861%	—	$254.3M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0782%	1h	0.000004849	−0.828%	$82K	$94K	25x	as long as short
MEXC PEPE_USDT	+0.0788%	8h	0.000004845	−0.903%	$94.0M	$286.4M	300x	as long as short
Binance 1000PEPEUSDT	+0.0791%	8h	0.000004846	−0.884%	$130.2M	$1.01B	75x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004844	−0.924%	$532K	$146K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004847	−0.869%	$137K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0843%	8h	0.000004849	−0.832%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1808%	1h	0.000004855	−0.705%	$556	$2K	10x	as long as short