Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h −0.084%

Price spread now: Phemex against Coinbase International+0.222%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$550.549% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.222%, 7d avg +0.027%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.195% dearer against Coinbase International than usual: you sell high and buy low (spread +0.222% now, against its 7-day average of +0.027%): +$20 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000005088	0.0624	pay 0.0078% / 1h	27m 11s	$684K	$38.5M	50x
Short	Phemex u1000PEPEUSDT	0.000005099	0.0578	get 0.0578% / 8h	1h 27m	$2.4M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.222%Rate

Funding earned: −$9.72
Price spread: +0.222% → +0.027%: $19.51
Slippage, 4 orders: −$32.91
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.12
Costs to cover: 0.549%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 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 Coinbase International live order book, 2 min ago	4.91 bp	12.8 bp −$13	19.6 bp −$196	50.6 bp −$5,058	doesn't fit
Sell Phemex live order book, 2 min ago	0.49 bp	18.5 bp −$19	36.4 bp −$364	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
Injective PEPE/USDC PERP	−0.0016%	1h	0.000005086	−0.039%	$9K	$120K	12x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005083	−0.097%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005077	−0.208%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005092	+0.079%	$59K	$181K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005099	+0.212%	$99.4M	$419.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005096	+0.157%	$162.3M	$97.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005100	+0.230%	$25.9M	$72.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005079	−0.185%	$595K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005095	+0.129%	$28K	$541K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005097	+0.175%	$2K	$2.7M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005089	+0.014%	$589K	$4.2M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0188%	1h	0.000005095	+0.138%	$2K	$11K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005091	+0.054%	$8K	—	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0283%	1h	0.000005098	+0.197%	$154K	$822K	25x	as long as short
Bitget PEPEUSDT	+0.0288%	8h	0.000005098	+0.195%	$45.5M	$215.7M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0392%	8h	0.000005094	+0.110%	$34K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0408%	8h	0.000005100	+0.236%	$47.3M	$723.9M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0423%	1h	0.000005101	+0.259%	$74K	$859K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.0458%	1h	0.000005094	+0.125%	$4.6M	$16.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0502%	8h	0.000005090	+0.032%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0531%	8h	0.000005094	+0.118%	$4.5M	$29.3M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0536%	1h	0.000005093	+0.098%	$73K	$127K	25x	as long as short
Phemex u1000PEPEUSDTshort	+0.0578%	8h	0.000005099	+0.222%	$2.4M	$8.0M	50x
Lighter 1000PEPE	+0.0616%	1h	0.000005102	+0.275%	$608K	$9.1M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0624%	1h	0.000005088	long leg	$684K	$38.5M	50x
01 Exchange kPEPEUSD	+0.0656%	1h	0.000005089	+0.020%	$813	$3K	10x	as long as short
BingX 1000PEPE-USDT	+0.0727%	8h	0.000005100	+0.246%	—	$217.7M	—	as long as short
Nado kPEPE-PERP	+0.0763%	1h	0.000005087	−0.020%	$164K	$959K	10x	as long as short
Aster 1000PEPEUSDT	+0.0766%	8h	0.000005102	+0.271%	$1.7M	$11.8M	50x	as long as short
MEXC PEPE_USDT	+0.0766%	8h	0.000005102	+0.277%	$98.6M	$304.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0767%	8h	0.000005102	+0.273%	$140.5M	$1.46B	75x	as long as short
Extended 1000PEPE-USD	+0.0768%	1h	0.000005092	+0.072%	$538K	$280K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0768%	1h	0.000005095	+0.138%	$144K	—	3x	as long as short
Hyperliquid kPEPE	+0.0944%	1h	0.000005103	+0.295%	$52.7M	$156.4M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1131% / S −0.2257%	1h	0.000005000	−1.730%	$63K	—	100x	as long as short