Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0415%/8h= −45.4% APRpaid last 24h −0.060%

Price spread now: Deribit against Aster−0.476%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 3 days (all we have)+0.541%+$54 · spread now −0.476%, 7d avg −0.051%

Together, before fees+0.364%+ Points / potential airdropAster: Stage 5 · farm board+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Deribit is 0.425% cheaper against Aster than usual: you would sell low and buy high (−$42 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.177% in total (about -9.2% 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	Aster 1000PEPEUSDT	0.000005031	0.0564	pay 0.0564% / 8h	6h 46m	$1.7M	$8.0M	50x
Short	Deribit 1000PEPE_USDC-PERPETUAL	0.000005007	0.0150	get 0.0019% / 1h	46m 29s	$61K	$114K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now −0.476%Rate

Funding earned: −$87.12
Price spread: −0.476% → −0.051%: −$42.48
Slippage, 4 orders: −$26.72
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$171.32
Costs to cover: 0.417%
Break-even: never at this rate

Slippage from Aster: live order book, 2 min ago; Deribit: live order book, 52 min ago.

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 Aster live order book, 2 min ago	3.28 bp	12.6 bp −$13	16.9 bp −$169	doesn't fit	doesn't fit
Sell Deribit live order book, 52 min ago	6.11 bp	9.6 bp −$10	doesn't fit	doesn't fit	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	0.000005017	−0.273%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005015	−0.309%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005029	−0.038%	$62K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005015	−0.311%	$96.8M	$319.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005016	−0.297%	$159.5M	$69.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005033	+0.037%	$25.3M	$59.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005018	−0.249%	$44.7M	$158.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004998	−0.660%	$557K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005012	−0.373%	$46K	$388K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005029	−0.042%	$2K	$2.5M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005020	−0.209%	$559K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005015	−0.321%	$2.4M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUALshort	+0.0150%	1h	0.000005007	−0.476%	$61K	$114K	25x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005017	−0.280%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0209%	8h	0.000005020	−0.217%	$44.3M	$556.3M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0273%	8h	0.000005013	−0.350%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0289%	1h	0.000005006	−0.496%	$106K	$752K	25x	as long as short
BloFin PEPE-USDT	+0.0318%	8h	0.000005008	−0.456%	$4.2M	$24.6M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0418%	8h	0.000005030	−0.010%	$6K	$16	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005012	−0.376%	$646K	$28.7M	50x	as long as short
BingX 1000PEPE-USDC	+0.0447%	8h	0.000005020	−0.213%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0480%	1h	0.000005016	−0.297%	$142K	—	3x	as long as short
MEXC PEPE_USDT	+0.0486%	8h	0.000005019	−0.233%	$95.2M	$288.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0486%	8h	0.000005020	−0.212%	$139.1M	$1.16B	75x	as long as short
Extended 1000PEPE-USD	+0.0488%	1h	0.000005016	−0.305%	$552K	$199K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0505% / S −0.0410%	1h	0.000005000	−0.615%	$63K	—	100x	as long as short
Aster 1000PEPEUSDTlong	+0.0564%	8h	0.000005031	long leg	$1.7M	$8.0M	50x
Nado kPEPE-PERP	+0.0590%	1h	0.000005020	−0.215%	$178K	$883K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0604%	1h	0.000005015	−0.317%	$2K	$12K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0831%	1h	0.000005013	−0.363%	$3.9M	$14.4M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0853%	1h	0.000005015	−0.307%	$102K	$625K	15x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005039	+0.160%	$4K	$102K	12x	as long as short
01 Exchange kPEPEUSD	+0.0976%	1h	0.000005030	−0.018%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1240%	1h	0.000005030	−0.018%	$651K	$6.8M	10x	as long as short
Hyperliquid kPEPE	+0.2554%	1h	0.000005028	−0.058%	$55.5M	$134.8M	10x	as long as short