Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0177%/8h= −19.3% APRpaid last 24h −0.034%

Price spread now: OKX against Coinbase International−0.021%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now −0.021%, 7d avg −0.027%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000004823	0.0368	pay 0.0046% / 1h	52m 49s	$552K	$26.0M	50x
Short	OKX PEPE-USDT-SWAP	0.000004822	0.0191	get 0.0191% / 8h	7h 52m	$43.2M	$508.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Coinbase International. 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 Coinbase InternationalbpFee OKXbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$37.09
Price spread: −0.021% → −0.027%: $0.61
Slippage, 4 orders: −$18.77
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$75.25
Costs to cover: 0.388%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; OKX: live order book, 1 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 Coinbase International live order book, 1 min ago	3.12 bp	14.1 bp −$14	16.6 bp −$166	49.9 bp −$4,993	doesn't fit
Sell OKX live order book, 1 min ago	1.04 bp	6.0 bp −$6	9.8 bp −$98	30.1 bp −$3,007	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	−0.0121%	1h	0.000004826	+0.063%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004803	−0.409%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004815	−0.166%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004818	−0.104%	$68.7M	$102.6M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004807	−0.332%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004818	−0.104%	$88.6M	$297.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004821	−0.041%	$153.2M	$64.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004823	+0.004%	$24.1M	$55.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004819	−0.075%	$42.7M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004801	−0.459%	$554K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004798	−0.524%	$26K	$350K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004822	−0.017%	$1K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004824	+0.027%	$547K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004821	−0.046%	$2.3M	$6.5M	50x	as long as short
Lighter 1000PEPE	+0.0104%	1h	0.000004824	+0.021%	$578K	$6.6M	10x	as long as short
SoDEX 1000PEPE-USD	+0.0149%	1h	0.000004823	0.000%	$2K	$12K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0174%	8h	0.000004810	−0.261%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004816	−0.144%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0191%	8h	0.000004822	−0.021%	$43.2M	$508.7M	50x
BloFin PEPE-USDT	+0.0313%	8h	0.000004821	−0.041%	$4.0M	$22.9M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0328%	8h	0.000004827	+0.089%	$30K	$13K	20x	as long as short
01 Exchange kPEPEUSD	+0.0344%	1h	0.000004815	−0.166%	$552	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0368%	1h	0.000004823	long leg	$552K	$26.0M	50x
Nado kPEPE-PERP	+0.0407%	1h	0.000004812	−0.218%	$181K	$848K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0408% / S −0.0529%	1h	0.000004000	−17.064%	$41K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0532%	8h	0.000004818	−0.093%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0536%	1h	0.000004822	−0.021%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0536%	1h	0.000004791	−0.663%	$135K	—	3x	as long as short
MEXC PEPE_USDT	+0.0539%	8h	0.000004829	+0.122%	$92.1M	$279.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0539%	8h	0.000004822	−0.021%	$136.9M	$1.08B	75x	as long as short
Aster 1000PEPEUSDT	+0.0543%	8h	0.000004827	+0.093%	$1.5M	$7.4M	50x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004812	−0.228%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0716%	1h	0.000004828	+0.110%	$93K	$602K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0787%	1h	0.000004825	+0.041%	$78K	$98K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.1932%	1h	0.000004800	−0.477%	$100K	$753K	25x	as long as short