Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.158%

Price spread now: Bybit against Backpack+0.061%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.344%−$34 on $10k

Price spread, last 4 days (all we have)−0.158%−$16 · spread now +0.061%, 7d avg −0.022%

Together, before fees−0.502%−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.083% dearer against Backpack than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of −0.022%): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000005113	0.0376	pay 0.0047% / 1h	54m 02s	$76K	$895K	15x
Short	Bybit 1000PEPEUSDT	0.000005116	0.0100	get 0.0100% / 8h	7h 54m	$98.6M	$434.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$57.98
Price spread: +0.061% → −0.022%: $8.31
Slippage, 4 orders: −$6.01
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$76.68
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Backpack: live order book, 45 min ago; Bybit: live order book, 5 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, 45 min ago	0.10 bp	5.4 bp −$5	32.5 bp −$325	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.98 bp	8.3 bp −$8	16.3 bp −$163	31.9 bp −$3,189	193.1 bp −$96.6K

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	0.000005107	−0.102%	$19K	$649	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005107	−0.119%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005112	−0.014%	$59K	$186K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000005116	+0.061%	$98.6M	$434.5M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005109	−0.072%	$162.8M	$98.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005113	−0.001%	$635K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005123	+0.195%	$28K	$548K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005120	+0.149%	$2K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005110	−0.043%	$598K	$4.2M	75x	as long as short
Injective PEPE/USDC PERP	+0.0147%	1h	0.000005104	−0.170%	$8K	$120K	12x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PEPEUSDTM	+0.0152%	8h	0.000005112	−0.008%	$26.7M	$74.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005118	+0.100%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0196%	1h	0.000005113	+0.006%	$2K	$11K	10x	as long as short
Bitget PEPEUSDT	+0.0230%	8h	0.000005114	+0.023%	$45.9M	$221.7M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0267%	1h	0.000005136	+0.456%	$150K	$836K	25x	as long as short
OKX PEPE-USDT-SWAP	+0.0347%	8h	0.000005117	+0.084%	$46.9M	$746.9M	50x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0376%	1h	0.000005113	long leg	$76K	$895K	15x
Orderly PERP_1000PEPE_USDC	+0.0424%	8h	0.000005114	+0.033%	$34K	$26K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0426%	8h	0.000005113	+0.004%	$6K	—	20x	as long as short
01 Exchange kPEPEUSD	+0.0464%	1h	0.000005116	+0.065%	$617	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0471%	8h	0.000005110	−0.053%	$4.6M	$30.3M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0504%	1h	0.000005126	+0.260%	$678K	$39.8M	50x	as long as short
Hyperliquid kPEPE	+0.0529%	1h	0.000005116	+0.065%	$53.0M	$159.8M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0533%	1h	0.000005112	−0.014%	$73K	$128K	25x	as long as short
Lighter 1000PEPE	+0.0568%	1h	0.000005117	+0.084%	$620K	$9.0M	10x	as long as short
Phemex u1000PEPEUSDT	+0.0607%	8h	0.000005113	−0.002%	$2.4M	$8.1M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0621%	1h	0.000005109	−0.064%	$4.7M	$16.7M	50x	as long as short
Nado kPEPE-PERP	+0.0631%	1h	0.000005117	+0.094%	$162K	$964K	10x	as long as short
BingX 1000PEPE-USDC	+0.0665%	8h	0.000005108	−0.096%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0680%	1h	0.000005112	−0.011%	$537K	$280K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0680%	1h	0.000005116	+0.065%	$145K	—	3x	as long as short
MEXC PEPE_USDT	+0.0681%	8h	0.000005109	−0.065%	$99.6M	$305.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0682%	8h	0.000005119	+0.114%	$141.2M	$1.51B	75x	as long as short
Aster 1000PEPEUSDT	+0.0696%	8h	0.000005116	+0.065%	$1.7M	$12.0M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1019% / S −0.1217%	1h	0.000005000	−2.204%	$50K	—	100x	as long as short