Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0633%/8h= −69.3% APRpaid last 24h −0.050%

Price spread now: Gate against Deribit−0.098%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$500.500% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.019%−$2 · spread now −0.098%, 7d avg −0.029%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Gate is 0.070% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.029%). 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	0.000005090	0.0733	pay 0.0092% / 1h	57m 50s	$62K	$114K	25x
Short	Gate PEPE_USDT	0.000005085	0.0100	get 0.0100% / 8h	5h 57m	$163.1M	$72.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.098%Rate

Funding earned: −$132.99
Price spread: −0.098% → −0.029%: −$6.96
Slippage, 4 orders: −$27.98
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$189.93
Costs to cover: 0.500%
Break-even: never at this rate

Slippage from Deribit: live order book, 36 min ago; Gate: 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 Deribit live order book, 36 min ago	5.97 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	0.98 bp	15.9 bp −$16	27.2 bp −$272	70.0 bp −$6,998	doesn't fit

PEPE on 34 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	0.000005090	−0.007%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005081	−0.169%	$18K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005098	+0.157%	$63K	$128K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005082	−0.157%	$99.2M	$327.9M	50x	as long as short
Gate PEPE_USDTshort	+0.0100%	8h	0.000005085	−0.098%	$163.1M	$72.1M	75x
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005081	−0.175%	$25.4M	$61.5M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005090	−0.008%	$47.4M	$167.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005100	+0.189%	$681K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005107	+0.330%	$27K	$424K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005095	+0.096%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005093	+0.065%	$580K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005089	−0.013%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0277%	8h	0.000005093	+0.059%	$46.0M	$580.3M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0297%	8h	0.000005096	+0.108%	$33K	$24K	20x	as long as short
BingX 1000PEPE-USDT	+0.0531%	8h	0.000005088	−0.045%	—	$259.7M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0539% / S −0.0933%	1h	0.000005000	−1.768%	$48K	—	100x	as long as short
Phemex u1000PEPEUSDT	+0.0543%	8h	0.000005090	−0.010%	$2.4M	$7.0M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000005092	+0.039%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0566%	8h	0.000005090	+0.010%	$96.8M	$285.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0567%	8h	0.000005089	−0.014%	$144.1M	$1.18B	75x	as long as short
Extended 1000PEPE-USD	+0.0568%	1h	0.000005089	−0.022%	$559K	$199K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005092	+0.039%	$914K	$30.7M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0631%	1h	0.000005094	+0.079%	$2K	$12K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0657%	1h	0.000005104	+0.275%	$106K	$749K	25x	as long as short
Aster 1000PEPEUSDT	+0.0675%	8h	0.000005090	+0.006%	$1.7M	$8.3M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0698%	8h	0.000005099	+0.183%	$6K	—	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0733%	1h	0.000005090	long leg	$62K	$114K	25x
Backpack kPEPE_USDC_PERP	+0.0814%	1h	0.000005086	−0.069%	$99K	$610K	15x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+0.295%	$4K	$102K	12x	as long as short
Nado kPEPE-PERP	+0.1119%	1h	0.000005089	−0.028%	$193K	$857K	10x	as long as short
01 Exchange kPEPEUSD	+0.1120%	1h	0.000005100	+0.196%	$615	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1367%	1h	0.000005090	+0.009%	$4.1M	$14.6M	50x	as long as short
Lighter 1000PEPE	+0.1520%	1h	0.000005103	+0.255%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.1816%	1h	0.000005096	+0.118%	$56.3M	$136.5M	10x	as long as short