Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h −0.093%

Price spread now: Binance against Backpack−0.022%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.203%−$20 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.022%, 7d avg +0.020%

Together, before fees−0.296%−$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.042% cheaper against Backpack than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.020%). If the spread goes back, that is −$4 on $10k: about 14 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.203%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000004979	0.0573	pay 0.0072% / 1h	55m 03s	$72K	$825K	15x
Short	Binance 1000PEPEUSDT	0.000004978	0.0805	get 0.0805% / 8h	2h 55m	$141.5M	$1.38B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.022%Rate

Funding earned: $48.63
Price spread: −0.022% → +0.020%: −$4.17
Slippage, 4 orders: −$26.24
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$1.78
Costs to cover: 0.462%
Break-even: 7.3 days

Slippage from Backpack: live order book, 59 min ago; Binance: live order book, 4 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 Backpack live order book, 59 min ago	0.94 bp	24.3 bp −$24	59.7 bp −$597	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.10 bp	7.5 bp −$8	13.7 bp −$137	50.3 bp −$5,030	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	0.000004969	−0.207%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004966	−0.261%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004978	−0.026%	$62K	$165K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004978	−0.034%	$97.8M	$397.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004976	−0.066%	$160.2M	$92.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004983	+0.070%	$24.7M	$69.9M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004979	−0.013%	$597K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004970	−0.196%	$27K	$535K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004983	+0.084%	$2K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004975	−0.080%	$558K	$4.1M	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	0.000004969	−0.207%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0350%	8h	0.000004978	−0.028%	$44.6M	$205.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0409%	8h	0.000004978	−0.026%	$45.7M	$669.9M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0416%	8h	0.000004980	+0.020%	$33K	$27K	20x	as long as short
SoDEX 1000PEPE-USD	+0.0443%	1h	0.000004980	+0.014%	$2K	$10K	10x	as long as short
Lighter 1000PEPE	+0.0464%	1h	0.000004984	+0.094%	$600K	$9.0M	10x	as long as short
BloFin PEPE-USDT	+0.0534%	8h	0.000004978	−0.026%	$4.7M	$27.5M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0545%	8h	0.000004979	−0.011%	$6K	—	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0554%	1h	0.000004977	−0.046%	$71K	$127K	25x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0573%	1h	0.000004979	long leg	$72K	$825K	15x
01 Exchange kPEPEUSD	+0.0664%	1h	0.000004979	−0.006%	$601	$3K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000004981	+0.034%	$637K	$36.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0704%	8h	0.000004981	+0.034%	$2.3M	$7.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0781%	8h	0.000004978	−0.018%	—	$238.1M	—	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004984	+0.094%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0804%	8h	0.000004984	+0.094%	$97.6M	$297.9M	300x	as long as short
Binance 1000PEPEUSDTshort	+0.0805%	8h	0.000004978	−0.022%	$141.5M	$1.38B	75x
Extended 1000PEPE-USD	+0.0808%	1h	0.000004977	−0.056%	$528K	$262K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0858%	1h	0.000004976	−0.058%	$4.6M	$16.7M	50x	as long as short
Aster 1000PEPEUSDT	+0.0880%	8h	0.000004974	−0.100%	$1.7M	$10.9M	50x	as long as short
Hyperliquid kPEPE	+0.0973%	1h	0.000004984	+0.094%	$52.8M	$150.0M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1039% / S −0.1551%	1h	0.000004000	−19.667%	$68K	—	100x	as long as short
Nado kPEPE-PERP	+0.1076%	1h	0.000004970	−0.192%	$166K	$938K	10x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005327	+6.983%	$3K	$111K	12x	as long as short
ApeX Omni 1000PEPEUSDT	+0.2033%	1h	0.000004976	−0.066%	$153K	$812K	25x	as long as short