Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0458%/8h= −50.2% APRpaid last 24h −0.087%

Price spread now: Phemex against Backpack−0.080%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

Price spread, last 3 days (all we have)+0.134%+$13 · spread now −0.080%, 7d avg +0.038%

Together, before fees−0.112%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.118% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.246% in total (about -12.9% 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	Backpack kPEPE_USDC_PERP	0.000004983	0.0558	pay 0.0070% / 1h	31m 55s	$95K	$601K	15x
Short	Phemex u1000PEPEUSDT	0.000004980	0.0100	get 0.0100% / 8h	7h 31m	$2.4M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$96.26
Price spread: −0.080% → +0.038%: −$11.82
Slippage, 4 orders: −$38.18
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$168.25
Costs to cover: 0.602%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; Phemex: live order book, 2 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, 42 min ago	2.22 bp	14.2 bp −$14	38.6 bp −$386	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.24 bp	16.5 bp −$16	30.1 bp −$301	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
Kraken Futures PF_PEPEUSD	−0.0118%	1h	0.000004974	−0.184%	$4.0M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004944	−0.798%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004952	−0.632%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004944	−0.793%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004975	−0.171%	$91.3M	$302.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004975	−0.171%	$157.6M	$65.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004978	−0.116%	$25.6M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004980	−0.064%	$43.4M	$152.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−1.259%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004925	−1.179%	$26K	$353K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004964	−0.393%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004970	−0.271%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004971	−0.255%	$561K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDTshort	+0.0100%	8h	0.000004980	−0.080%	$2.4M	$6.6M	50x
OKX PEPE-USDT-SWAP	+0.0183%	8h	0.000004981	−0.050%	$43.6M	$528.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004947	−0.739%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0203%	8h	0.000004947	−0.731%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0293%	8h	0.000004957	−0.540%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0306%	8h	0.000004937	−0.933%	$4.0M	$23.4M	75x	as long as short
Lighter 1000PEPE	+0.0312%	1h	0.000004974	−0.191%	$583K	$6.7M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004966	−0.351%	$598K	$26.9M	50x	as long as short
Nado kPEPE-PERP	+0.0412%	1h	0.000004952	−0.642%	$193K	$851K	10x	as long as short
Hyperliquid kPEPE	+0.0436%	1h	0.000004989	+0.110%	$60.0M	$116.4M	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0455%	1h	0.000004932	−1.033%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0468% / S −0.0647%	1h	0.000004000	−19.735%	$48K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0472%	1h	0.000004947	−0.732%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0484%	8h	0.000004977	−0.126%	—	$256.9M	—	as long as short
Binance 1000PEPEUSDT	+0.0501%	8h	0.000004980	−0.074%	$140.0M	$1.09B	75x	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004978	−0.107%	$546K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0504%	8h	0.000004981	−0.040%	$97.3M	$283.3M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0504%	1h	0.000004959	−0.492%	$140K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000004968	−0.302%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0558%	1h	0.000004983	long leg	$95K	$601K	15x
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004942	−0.833%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0962%	1h	0.000004958	−0.512%	$71K	$107K	25x	as long as short