Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0706%/8h= −77.3% APRpaid last 24h −0.091%

Price spread now: Paradex against Backpack+0.111%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.111% dearer against Backpack than usual: you sell high and buy low (spread +0.111% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000005233	0.1161	pay 0.0145% / 1h	23m 44s	$68K	$724K	15x
Short	Paradex kPEPE-USD-PERP	0.000005239	0.0455	get 0.0455% / 8h	3h 23m	$6K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$148.2
Price spread: +0.111% → 0.000%: $11.06
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$151.14
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 30 min ago; Paradex: no order-book sample. 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 Backpack live order book, 30 min ago	0.94 bp	24.3 bp −$24	59.7 bp −$597	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	0.000005232	−0.026%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005229	−0.092%	$14K	—	150x	as long as short
Injective PEPE/USDC PERP	+0.0092%	1h	0.000005327	+1.789%	$3K	$111K	12x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005238	+0.088%	$66K	$162K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005237	+0.071%	$107.0M	$380.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005238	+0.088%	$172.9M	$88.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005242	+0.159%	$26.0M	$68.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005215	−0.360%	$677K	$5.2M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005260	+0.506%	$29K	$533K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005236	+0.052%	$1K	$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	0.000005238	+0.086%	$587K	$3.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005234	+0.003%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0303%	8h	0.000005246	+0.248%	$50.9M	$190.6M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0394%	8h	0.000005233	−0.010%	$35K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0433%	8h	0.000005244	+0.203%	$50.5M	$677.4M	50x	as long as short
Paradex kPEPE-USD-PERPshort	+0.0455%	8h	0.000005239	+0.111%	$6K	—	20x
SoDEX 1000PEPE-USD	+0.0502%	1h	0.000005232	−0.027%	$2K	$10K	10x	as long as short
BloFin PEPE-USDT	+0.0563%	8h	0.000005234	+0.011%	$4.9M	$28.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0652%	8h	0.000005231	−0.054%	$2.5M	$7.6M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0712%	1h	0.000005233	−0.008%	$720K	$36.3M	50x	as long as short
BingX 1000PEPE-USDC	+0.0761%	8h	0.000005235	+0.023%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005242	+0.171%	$553K	$231K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005226	−0.141%	$148K	—	3x	as long as short
MEXC PEPE_USDT	+0.0801%	8h	0.000005241	+0.143%	$101.1M	$295.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0804%	8h	0.000005242	+0.172%	$152.7M	$1.33B	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0843%	1h	0.000005254	+0.394%	$161K	$808K	25x	as long as short
Nado kPEPE-PERP	+0.0884%	1h	0.000005234	+0.020%	$188K	$916K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0898%	1h	0.000005233	−0.008%	$74K	$126K	25x	as long as short
Aster 1000PEPEUSDT	+0.0909%	8h	0.000005237	+0.077%	$1.8M	$10.3M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0959% / S −0.1916%	1h	0.000005000	−4.460%	$64K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0992%	1h	0.000005243	+0.183%	$632	$3K	10x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.1161%	1h	0.000005233	long leg	$68K	$724K	15x
Lighter 1000PEPE	+0.1232%	1h	0.000005243	+0.183%	$635K	$8.8M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1561%	1h	0.000005229	−0.084%	$4.8M	$16.4M	50x	as long as short
Hyperliquid kPEPE	+0.1583%	1h	0.000005248	+0.279%	$57.1M	$145.7M	10x	as long as short