Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0867%/8h= +94.9% APRpaid last 24h +0.041%

Price spread now: Deribit against Bitget+0.053%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Deribit is 0.053% dearer against Bitget than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.049% in total (about 2.6% 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	Bitget PEPEUSDT	0.000004935	0.0100	pay 0.0100% / 8h	7h 34m	$43.3M	$151.7M	75x
Short	Deribit 1000PEPE_USDC-PERPETUAL	0.000004938	0.0967	get 0.0121% / 1h	34m 07s	$70K	$107K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.053%Rate

Funding earned: $181.98
Price spread: +0.053% → 0.000%: $5.27
Slippage, 4 orders: −$20.24
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $148.01
Costs to cover: 0.392%
Break-even: 1.3 days

Slippage from Bitget: live order book, 5 min ago; Deribit: 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 Bitget live order book, 5 min ago	1.94 bp	9.4 bp −$9	10.0 bp −$100	23.5 bp −$2,350	doesn't fit
Sell Deribit live order book, 5 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
Kraken Futures PF_PEPEUSD	−0.0119%	1h	0.000004935	−0.013%	$4.0M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004926	−0.200%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004932	−0.067%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004929	−0.130%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004932	−0.075%	$90.5M	$301.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004930	−0.109%	$156.2M	$65.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004936	+0.018%	$25.4M	$55.9M	75x	as long as short
Bitget PEPEUSDTlong	+0.0100%	8h	0.000004935	long leg	$43.3M	$151.7M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−0.297%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.722%	$26K	$352K	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	0.000004941	+0.118%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004934	−0.028%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004928	−0.154%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004930	−0.107%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0186%	8h	0.000004935	−0.008%	$43.3M	$522.5M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004928	−0.142%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0200%	8h	0.000004928	−0.154%	$6K	$16	20x	as long as short
Lighter 1000PEPE	+0.0272%	1h	0.000004938	+0.053%	$578K	$6.7M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0298%	8h	0.000004939	+0.081%	$30K	$13K	20x	as long as short
Hyperliquid kPEPE	+0.0306%	1h	0.000004941	+0.113%	$57.9M	$114.6M	10x	as long as short
BloFin PEPE-USDT	+0.0308%	8h	0.000004932	−0.069%	$4.0M	$23.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004939	+0.073%	$588K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0414%	1h	0.000004928	−0.148%	$192K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0455%	1h	0.000004932	−0.069%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0464% / S −0.0693%	1h	0.000004000	−18.953%	$46K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0464%	1h	0.000004933	−0.049%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0488%	8h	0.000004934	−0.032%	—	$257.0M	—	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004933	−0.046%	$541K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0505%	8h	0.000004935	−0.016%	$138.7M	$1.09B	75x	as long as short
MEXC PEPE_USDT	+0.0507%	8h	0.000004933	−0.043%	$96.9M	$282.8M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004936	+0.012%	$140K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0528%	8h	0.000004938	+0.050%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0555%	1h	0.000004935	−0.006%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004931	−0.089%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUALshort	+0.0967%	1h	0.000004938	+0.053%	$70K	$107K	25x