Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h +0.095%

Price spread now: Injective against Bitget+0.316%7-day average +0.571% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1021.023% of the position

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now +0.316%, 7d avg +0.571%

Together, before fees+0.408%+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.255% cheaper against Bitget than usual: you would sell low and buy high (spread +0.316% now, against its 7-day average of +0.571%). If the spread goes back, that is −$26 on $10k: about 55 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.367% in total) that is about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PEPEUSDT	0.000004995	0.0132	pay 0.0132% / 8h	7h 00m	$44.5M	$225.7M	75x
Short	Injective PEPE/USDC PERP	0.000005011	0.0147	get 0.0018% / 1h	0m 34s	$6K	$121K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.316%Rate

Funding earned: $3.25
Price spread: +0.316% → +0.571%: −$25.5
Slippage, 4 orders: −$90.29
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$124.56
Costs to cover: 1.023%
Break-even: 275.5 days

Slippage from Bitget: live order book, 4 min ago; Injective: live order book, 33 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, 4 min ago	1.50 bp	9.6 bp −$10	10.9 bp −$109	doesn't fit	doesn't fit
Sell Injective live order book, 33 min ago	26.64 bp	54.2 bp −$54	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
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004988	−0.150%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005004	+0.176%	$57K	$197K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004995	+0.006%	$96.1M	$447.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005000	+0.096%	$159.6M	$103.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004998	+0.048%	$653K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004994	−0.016%	$27K	$568K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004990	−0.104%	$145K	$846K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005012	+0.342%	$2K	$2.6M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005007	+0.236%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005003	+0.160%	$584K	$4.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDTlong	+0.0132%	8h	0.000004995	long leg	$44.5M	$225.7M	75x
KuCoin PEPEUSDTM	+0.0133%	8h	0.000005003	+0.148%	$25.6M	$75.9M	75x	as long as short
Injective PEPE/USDC PERPshort	+0.0147%	1h	0.000005011	+0.316%	$6K	$121K	12x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0150%	1h	0.000005006	+0.216%	$57K	$139K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005006	+0.221%	$8K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0216%	8h	0.000005011	+0.316%	$2.3M	$8.0M	50x	as long as short
Lighter 1000PEPE	+0.0256%	1h	0.000005002	+0.136%	$591K	$9.1M	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0279%	8h	0.000005001	+0.116%	$45.7M	$742.0M	50x	as long as short
Hyperliquid kPEPE	+0.0279%	1h	0.000005004	+0.176%	$51.6M	$161.6M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0285%	8h	0.000004997	+0.039%	$6K	—	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0326%	1h	0.000005001	+0.110%	$66K	$958K	15x	as long as short
BloFin PEPE-USDT	+0.0401%	8h	0.000005008	+0.256%	$4.4M	$30.1M	75x	as long as short
01 Exchange kPEPEUSD	+0.0408%	1h	0.000004999	+0.076%	$603	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0432%	8h	0.000005008	+0.262%	$32K	$31K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0504%	1h	0.000005010	+0.296%	$665K	$39.4M	50x	as long as short
Nado kPEPE-PERP	+0.0556%	1h	0.000005010	+0.293%	$152K	$950K	10x	as long as short
Binance 1000PEPEUSDT	+0.0560%	8h	0.000004999	+0.075%	$131.9M	$1.54B	75x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000005007	+0.236%	$142K	—	3x	as long as short
BingX 1000PEPE-USDT	+0.0563%	8h	0.000004997	+0.034%	—	$179.7M	—	as long as short
MEXC PEPE_USDT	+0.0564%	8h	0.000004995	−0.012%	$99.0M	$313.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0568%	1h	0.000004999	+0.079%	$525K	$286K	25x	as long as short
Aster 1000PEPEUSDT	+0.0583%	8h	0.000005002	+0.127%	$1.8M	$12.3M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0633%	1h	0.000005005	+0.206%	$4.6M	$17.1M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0926% / S −0.1034%	1h	0.000005000	+0.096%	$50K	—	100x	as long as short
dYdX PEPE-USD	+0.5056%	1h	0.000004999	+0.076%	$25K	$12K	10x	as long as short