Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1076%/8h= −117.8% APRpaid last 24h −0.111%

Price spread now: Variational Omni against 01 Exchange−1.076%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 Variational Omni

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

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Variational Omni is 1.076% cheaper against 01 Exchange than usual: you would sell low and buy high (−$108 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	0.000005244	0.1176	pay 0.0147% / 1h	28m 37s	$633	$3K	10x
Short	Variational Omni 1000PEPE	0.000005188	0.0100	get 0.0100% / 8h	4h 28m	$760K	$4.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −1.076%Rate

Funding earned: −$225.96
Price spread: −1.076% → 0.000%: −$107.57
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$340.53
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	4.79 bp	doesn't fit	29.7 bp −$297	doesn't fit	doesn't fit

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
dYdX PEPE-USD	0.0000%	1h	0.000005239	−0.105%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005219	−0.482%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005239	−0.095%	$67K	$144K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005233	−0.219%	$102.2M	$354.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005233	−0.210%	$175.7M	$78.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005224	−0.385%	$26.3M	$64.7M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000005188	−1.076%	$760K	$4.8M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005196	−0.912%	$37K	$459K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005245	+0.021%	$1K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005219	−0.473%	$593K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005250	+0.105%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0196%	8h	0.000005248	+0.080%	$48.5M	$177.9M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	−1.354%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0344%	8h	0.000005236	−0.151%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0379%	8h	0.000005245	+0.019%	$48.8M	$632.1M	50x	as long as short
BloFin PEPE-USDT	+0.0499%	8h	0.000005230	−0.267%	$4.3M	$26.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0545%	8h	0.000005223	−0.402%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005241	−0.057%	$1.0M	$33.5M	50x	as long as short
BingX 1000PEPE-USDC	+0.0684%	8h	0.000005236	−0.158%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0728%	1h	0.000005253	+0.172%	$149K	—	3x	as long as short
MEXC PEPE_USDT	+0.0733%	8h	0.000005239	−0.103%	$99.6M	$290.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0736%	1h	0.000005235	−0.170%	$555K	$226K	25x	as long as short
Binance 1000PEPEUSDT	+0.0738%	8h	0.000005239	−0.096%	$150.8M	$1.25B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0766% / S −0.1537%	1h	0.000005000	−4.653%	$64K	—	100x	as long as short
Nado kPEPE-PERP	+0.0794%	1h	0.000005246	+0.031%	$195K	$896K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0819%	8h	0.000005239	−0.087%	$6K	—	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0844%	1h	0.000005137	−2.040%	$102K	$743K	25x	as long as short
Aster 1000PEPEUSDT	+0.0849%	8h	0.000005237	−0.141%	$1.9M	$9.5M	50x	as long as short
Lighter 1000PEPE	+0.0872%	1h	0.000005230	−0.267%	$602K	$8.3M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0898%	1h	0.000005231	−0.248%	$74K	$125K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0900%	1h	0.000005237	−0.133%	$2K	$12K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1154%	1h	0.000005228	−0.309%	$99K	$666K	15x	as long as short
01 Exchange kPEPEUSDlong	+0.1176%	1h	0.000005244	long leg	$633	$3K	10x
Kraken Futures PF_PEPEUSD	+0.1244%	1h	0.000005238	−0.120%	$4.7M	$15.9M	50x	as long as short
Hyperliquid kPEPE	+0.1589%	1h	0.000005230	−0.267%	$56.3M	$141.6M	10x	as long as short