Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0247%/8h= +27.0% APRpaid last 24h +0.044%

Price spread now: Backpack against BloFin+0.063%66s7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.430% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 3 days (all we have)−0.100%−$10 · spread now +0.063%, 7d avg +0.006%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Backpack is 0.057% dearer against BloFin than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.006%. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.032% in total (about -1.6% 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	BloFin PEPE-USDT	0.000004932	0.0308	pay 0.0308% / 8h	7h 33m	$4.0M	$23.4M	75x
Short	Backpack kPEPE_USDC_PERP	0.000004935	0.0555	get 0.0069% / 1h	33m 22s	$94K	$601K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.063%Rate

Funding earned: $51.87
Price spread: +0.063% → +0.006%: $5.73
Slippage, 4 orders: −$20.97
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $14.62
Costs to cover: 0.430%
Break-even: 5.0 days

Slippage from BloFin: live order book, 6 min ago; Backpack: live order book, 40 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 BloFin live order book, 6 min ago	3.06 bp	9.1 bp −$9	10.2 bp −$102	24.8 bp −$2,478	90.3 bp −$45.1K
Sell Backpack live order book, 40 min ago	2.22 bp	10.5 bp −$11	23.9 bp −$239	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	+0.056%	$4.0M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004939	+0.146%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004931	−0.028%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004944	+0.243%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004930	−0.043%	$90.5M	$301.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004935	+0.061%	$156.3M	$65.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004938	+0.114%	$25.4M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004941	+0.191%	$43.3M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−0.228%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004925	−0.147%	$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	0.000004941	+0.187%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004934	+0.041%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004928	−0.085%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004930	−0.039%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0183%	8h	0.000004935	+0.061%	$43.3M	$522.7M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004939	+0.144%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0201%	8h	0.000004938	+0.119%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0295%	8h	0.000004938	+0.114%	$30K	$13K	20x	as long as short
Lighter 1000PEPE	+0.0304%	1h	0.000004948	+0.324%	$579K	$6.7M	10x	as long as short
BloFin PEPE-USDTlong	+0.0308%	8h	0.000004932	long leg	$4.0M	$23.4M	75x
Hyperliquid kPEPE	+0.0336%	1h	0.000004946	+0.284%	$57.9M	$114.7M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004939	+0.142%	$588K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0414%	1h	0.000004940	+0.156%	$193K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0455%	1h	0.000004932	0.000%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0466% / S −0.0644%	1h	0.000004000	−18.897%	$48K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0472%	1h	0.000004937	+0.101%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDC	+0.0496%	8h	0.000004935	+0.055%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004934	+0.044%	$543K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0504%	8h	0.000004941	+0.185%	$97.1M	$282.8M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0504%	1h	0.000004936	+0.081%	$140K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0505%	8h	0.000004939	+0.145%	$138.9M	$1.09B	75x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000004941	+0.178%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0555%	1h	0.000004935	+0.063%	$94K	$601K	15x
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004931	−0.020%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0967%	1h	0.000004938	+0.122%	$70K	$107K	25x	as long as short