Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.108%

Price spread now: Bybit against 01 Exchange−0.065%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Bybit

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—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.065% cheaper against 01 Exchange than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange kPEPEUSD	0.000004766	0.0256	pay 0.0032% / 1h	30m 27s	$546	$2K	10x
Short	Bybit 1000PEPEUSDT	0.000004763	0.0100	get 0.0100% / 8h	30m 27s	$85.7M	$289.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against 01 Exchange. 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 01 ExchangebpFee BybitbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$32.76
Price spread: −0.065% → 0.000%: −$6.5
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$57.26
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; Bybit: live order book, 4 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.05 bp	8.4 bp −$8	11.5 bp −$115	29.9 bp −$2,992	170.9 bp −$85.5K

01 Exchange: 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
Hyperliquid kPEPE	−0.0146%	1h	0.000004757	−0.189%	$66.2M	$92.9M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004759	−0.138%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004760	−0.122%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004763	−0.067%	$3.8M	$13.6M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004764	−0.042%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004763	−0.065%	$85.7M	$289.9M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004761	−0.105%	$149.5M	$64.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004764	−0.031%	$24.3M	$54.4M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004764	−0.036%	$42.1M	$150.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004765	−0.022%	$583K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004771	+0.104%	$26K	$351K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004769	+0.063%	$99K	$761K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004774	+0.172%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004764	−0.042%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004767	+0.025%	$540K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0112%	1h	0.000004765	−0.021%	$600K	$6.4M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0184%	8h	0.000004766	+0.009%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004762	−0.076%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0195%	8h	0.000004763	−0.057%	$2.3M	$6.4M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0205%	8h	0.000004766	0.000%	$41.4M	$494.8M	50x	as long as short
01 Exchange kPEPEUSDlong	+0.0256%	1h	0.000004766	long leg	$546	$2K	10x
BloFin PEPE-USDT	+0.0324%	8h	0.000004765	−0.021%	$3.9M	$22.2M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0378% / S −0.0339%	1h	0.000004000	−16.072%	$47K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0392%	8h	0.000004767	+0.015%	$30K	$12K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004768	+0.042%	$573K	$25.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004775	+0.189%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0525%	1h	0.000004764	−0.052%	$90K	$601K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0591%	1h	0.000004763	−0.063%	$77K	$98K	25x	as long as short
BingX 1000PEPE-USDT	+0.0602%	8h	0.000004765	−0.015%	—	$256.8M	—	as long as short
Binance 1000PEPEUSDT	+0.0621%	8h	0.000004766	0.000%	$130.7M	$1.06B	75x	as long as short
Aster 1000PEPEUSDT	+0.0622%	8h	0.000004766	−0.002%	$1.5M	$7.3M	50x	as long as short
Extended 1000PEPE-USD	+0.0624%	1h	0.000004765	−0.016%	$524K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0624%	8h	0.000004767	+0.023%	$91.5M	$281.0M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0624%	1h	0.000004768	+0.042%	$135K	—	3x	as long as short
Nado kPEPE-PERP	+0.0694%	1h	0.000004763	−0.061%	$182K	$849K	10x	as long as short