Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0304%/8h= −33.3% APRpaid last 24h −0.017%

Price spread now: Binance against Deribit−0.141%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now −0.141%, 7d avg +0.022%

Together, before fees−0.125%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Binance is 0.163% cheaper against Deribit than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.022%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.016% in total (about 0.8% 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	Deribit 1000PEPE_USDC-PERPETUAL	0.000005020	0.0947	pay 0.0118% / 1h	7m 58s	$71K	$124K	25x
Short	Binance 1000PEPEUSDT	0.000005013	0.0643	get 0.0643% / 8h	5h 07m	$140.4M	$1.21B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.141%Rate

Funding earned: −$63.82
Price spread: −0.141% → +0.022%: −$16.31
Slippage, 4 orders: −$15.39
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$112.52
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Deribit: live order book, 21 min ago; Binance: live order book, 6 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 Deribit live order book, 21 min ago	4.99 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.40 bp	8.6 bp −$9	13.1 bp −$131	41.8 bp −$4,183	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
dYdX PEPE-USD	0.0000%	1h	0.000005000	−0.397%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005011	−0.185%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005008	−0.239%	$63K	$139K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005009	−0.219%	$97.6M	$341.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005009	−0.219%	$164.5M	$75.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005010	−0.207%	$25.8M	$63.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005020	−0.010%	$681K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005022	+0.034%	$27K	$444K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005026	+0.112%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005014	−0.114%	$571K	$3.6M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDT	+0.0135%	8h	0.000005011	−0.175%	$45.9M	$173.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005013	−0.136%	$8K	—	15x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0317%	8h	0.000005021	+0.014%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0349%	8h	0.000005012	−0.159%	$45.5M	$586.7M	50x	as long as short
BloFin PEPE-USDT	+0.0467%	8h	0.000005009	−0.219%	$4.3M	$25.0M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0510%	1h	0.000005018	−0.040%	$2K	$12K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0542%	1h	0.000005020	0.000%	$99K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005023	+0.060%	$943K	$31.5M	50x	as long as short
BingX 1000PEPE-USDT	+0.0609%	8h	0.000005010	−0.197%	—	$261.2M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0637% / S −0.1023%	1h	0.000005000	−0.398%	$49K	—	100x	as long as short
Extended 1000PEPE-USD	+0.0640%	1h	0.000005012	−0.158%	$530K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0640%	1h	0.000004978	−0.837%	$141K	—	3x	as long as short
Binance 1000PEPEUSDTshort	+0.0643%	8h	0.000005013	−0.141%	$140.4M	$1.21B	75x
MEXC PEPE_USDT	+0.0643%	8h	0.000005011	−0.175%	$94.2M	$290.6M	300x	as long as short
Aster 1000PEPEUSDT	+0.0735%	8h	0.000005011	−0.177%	$1.8M	$9.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0745%	8h	0.000005018	−0.046%	$2.4M	$7.1M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0783%	8h	0.000005010	−0.198%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0792%	1h	0.000005011	−0.180%	$185K	$872K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0947%	1h	0.000005020	long leg	$71K	$124K	25x
Backpack kPEPE_USDC_PERP	+0.0953%	1h	0.000005014	−0.112%	$93K	$632K	15x	as long as short
01 Exchange kPEPEUSD	+0.0960%	1h	0.000005017	−0.060%	$605	$3K	10x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005011	−0.179%	$4K	$102K	12x	as long as short
Lighter 1000PEPE	+0.1176%	1h	0.000005016	−0.080%	$663K	$8.1M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1388%	1h	0.000005013	−0.148%	$4.3M	$15.3M	50x	as long as short
Hyperliquid kPEPE	+0.1572%	1h	0.000005020	0.000%	$53.6M	$139.6M	10x	as long as short