Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0867%/8h= −94.9% APRpaid last 24h −0.041%

Price spread now: Bitget against Deribit−0.095%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

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

costs, in and out, $10k−$390.392% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Bitget is 0.095% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.049% in total (about -2.6% 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	Deribit 1000PEPE_USDC-PERPETUAL	0.000004938	0.0967	pay 0.0121% / 1h	34m 18s	$70K	$107K	25x
Short	Bitget PEPEUSDT	0.000004933	0.0100	get 0.0100% / 8h	7h 34m	$43.3M	$151.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$181.98
Price spread: −0.095% → 0.000%: −$9.52
Slippage, 4 orders: −$20.24
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$230.73
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Bitget: live order book, 5 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, 5 min ago	6.11 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	1.94 bp	10.6 bp −$11	11.2 bp −$112	26.2 bp −$2,625	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	−0.066%	$4.0M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004926	−0.252%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004932	−0.119%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004929	−0.182%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004934	−0.071%	$90.5M	$301.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004931	−0.142%	$156.3M	$65.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004931	−0.146%	$25.4M	$55.9M	75x	as long as short
Bitget PEPEUSDTshort	+0.0100%	8h	0.000004933	−0.095%	$43.3M	$151.7M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−0.350%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.774%	$26K	$352K	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	+0.065%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004934	−0.081%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004928	−0.207%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004930	−0.160%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0186%	8h	0.000004937	−0.020%	$43.2M	$522.7M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004928	−0.194%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0200%	8h	0.000004928	−0.206%	$6K	$16	20x	as long as short
Lighter 1000PEPE	+0.0272%	1h	0.000004938	0.000%	$578K	$6.7M	10x	as long as short
Hyperliquid kPEPE	+0.0286%	1h	0.000004937	−0.020%	$57.8M	$114.5M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0298%	8h	0.000004939	+0.028%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0308%	8h	0.000004932	−0.122%	$4.0M	$23.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004939	+0.020%	$588K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0414%	1h	0.000004928	−0.201%	$192K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0455%	1h	0.000004932	−0.122%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0464% / S −0.0693%	1h	0.000004000	−18.996%	$46K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0464%	1h	0.000004933	−0.101%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0488%	8h	0.000004936	−0.036%	—	$257.0M	—	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004933	−0.099%	$541K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0505%	8h	0.000004935	−0.057%	$138.7M	$1.09B	75x	as long as short
MEXC PEPE_USDT	+0.0507%	8h	0.000004932	−0.124%	$96.9M	$282.8M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004936	−0.041%	$140K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0528%	8h	0.000004934	−0.072%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0556%	1h	0.000004932	−0.126%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004931	−0.142%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0967%	1h	0.000004938	long leg	$70K	$107K	25x