Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1348%/8h= +147.6% APRpaid last 24h +0.088%

Price spread now: Lighter against Variational Omni+1.039%7-day average +0.082% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.141%+$14 on $10k

Price spread, last 7 days−1.140%−$114 · spread now +1.039%, 7d avg +0.082%

Together, before fees−0.999%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$100 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$40 a day on $10k at the current rate, and Lighter is 0.958% dearer against Variational Omni than usual: you sell high and buy low: +$96 more if the spread goes back to its 7-day average of +0.082%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.141% in total (about 15.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000005030	0.0100	pay 0.0100% / 8h	6h 29m	$565K	$4.5M	—
Short	Lighter 1000PEPE	0.000005082	0.1448	get 0.0181% / 1h	29m 51s	$1.1M	$7.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 LighterbpOrdersPrice spread, now +1.039%Rate

Funding earned: $283.08
Price spread: +1.039% → +0.082%: $95.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $378.87
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter: live order book, 3 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, 4 min ago	4.97 bp	doesn't fit	18.9 bp −$189	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	6.93 bp	11.7 bp −$12	27.6 bp −$276	61.2 bp −$6,121	doesn't fit

PEPE on 34 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	0.000005029	−0.010%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005047	+0.352%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005030	+0.006%	$61K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005073	+0.870%	$98.7M	$321.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005077	+0.940%	$162.4M	$70.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005076	+0.924%	$25.1M	$60.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005073	+0.858%	$46.6M	$159.9M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000005030	long leg	$565K	$4.5M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005026	−0.074%	$27K	$408K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005045	+0.312%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005060	+0.604%	$571K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0188%	8h	0.000005078	+0.956%	$2.4M	$6.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005039	+0.188%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0224%	8h	0.000005076	+0.920%	$44.9M	$567.8M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0250%	1h	0.000005024	−0.114%	$106K	$750K	25x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0276%	8h	0.000005056	+0.530%	$33K	$23K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005086	+1.119%	$665K	$29.2M	50x	as long as short
BingX 1000PEPE-USDT	+0.0482%	8h	0.000005078	+0.950%	—	$258.4M	—	as long as short
Aevo 1000PEPE-PERP	+0.0504%	1h	0.000005055	+0.503%	$143K	—	3x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0506% / S −0.0383%	1h	0.000005000	−0.591%	$65K	—	100x	as long as short
MEXC PEPE_USDT	+0.0509%	8h	0.000005080	+0.998%	$96.0M	$289.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0512%	8h	0.000005081	+1.027%	$143.3M	$1.16B	75x	as long as short
Extended 1000PEPE-USD	+0.0512%	1h	0.000005077	+0.950%	$557K	$199K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0532%	8h	0.000005028	−0.025%	$6K	$16	20x	as long as short
Aster 1000PEPEUSDT	+0.0599%	8h	0.000005074	+0.877%	$1.7M	$8.1M	50x	as long as short
Nado kPEPE-PERP	+0.0627%	1h	0.000005042	+0.252%	$178K	$879K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0645%	1h	0.000005082	+1.039%	$2K	$12K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0819%	1h	0.000005082	+1.045%	$4.0M	$14.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0908%	1h	0.000005078	+0.966%	$102K	$616K	15x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005052	+0.443%	$4K	$102K	12x	as long as short
01 Exchange kPEPEUSD	+0.0992%	1h	0.000005048	+0.363%	$1K	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1334%	1h	0.000005058	+0.562%	$61K	$114K	25x	as long as short
Lighter 1000PEPEshort	+0.1448%	1h	0.000005082	+1.039%	$1.1M	$7.3M	10x
Hyperliquid kPEPE	+0.2268%	1h	0.000005082	+1.039%	$55.9M	$135.6M	10x	as long as short