Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0702%/8h= −76.8% APRpaid last 24h −0.037%

Price spread now: OKX against Deribit+0.178%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.270%−$27 · spread now +0.178%, 7d avg −0.016%

Together, before fees−0.288%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.195% dearer against Deribit than usual: you sell high and buy low (spread +0.178% now, against its 7-day average of −0.016%): +$19 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.019% in total) that is about 2 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% 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	0.000005046	0.0940	pay 0.0118% / 1h	18m 39s	$61K	$114K	25x
Short	OKX PEPE-USDT-SWAP	0.000005055	0.0239	get 0.0239% / 8h	6h 18m	$45.1M	$569.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.178%Rate

Funding earned: −$147.34
Price spread: +0.178% → −0.016%: $19.48
Slippage, 4 orders: −$16.88
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$161.74
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Deribit: live order book, 15 min ago; OKX: 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, 15 min ago	5.97 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.99 bp	7.2 bp −$7	11.1 bp −$111	34.5 bp −$3,447	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	0.000005055	+0.171%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005030	−0.317%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005053	+0.139%	$61K	$126K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005054	+0.163%	$97.9M	$324.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005047	+0.020%	$161.7M	$71.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005049	+0.057%	$25.4M	$60.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005054	+0.153%	$45.8M	$162.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005056	+0.190%	$624K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005059	+0.265%	$27K	$421K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005055	+0.172%	$1K	$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	0.000005040	−0.127%	$565K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005038	−0.150%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0239%	8h	0.000005055	+0.178%	$45.1M	$569.7M	50x
Orderly PERP_1000PEPE_USDC	+0.0280%	8h	0.000005049	+0.063%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0301%	1h	0.000005059	+0.258%	$106K	$746K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005051	+0.099%	$746K	$29.8M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0492%	8h	0.000005044	−0.048%	$2.4M	$7.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0497%	8h	0.000005050	+0.077%	—	$259.1M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0515% / S −0.0543%	1h	0.000005000	−0.912%	$56K	—	100x	as long as short
Extended 1000PEPE-USD	+0.0520%	1h	0.000005049	+0.053%	$554K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000005046	0.000%	$143K	—	3x	as long as short
MEXC PEPE_USDT	+0.0523%	8h	0.000005061	+0.287%	$94.7M	$291.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0525%	8h	0.000005062	+0.308%	$142.6M	$1.17B	75x	as long as short
SoDEX 1000PEPE-USD	+0.0551%	1h	0.000005046	0.000%	$2K	$12K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0583%	8h	0.000005059	+0.260%	$6K	$16	20x	as long as short
Aster 1000PEPEUSDT	+0.0619%	8h	0.000005054	+0.161%	$1.7M	$8.2M	50x	as long as short
Nado kPEPE-PERP	+0.0652%	1h	0.000005040	−0.114%	$180K	$881K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0825%	1h	0.000005046	−0.002%	$4.0M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005098	+1.031%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0919%	1h	0.000005048	+0.044%	$99K	$618K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0940%	1h	0.000005046	long leg	$61K	$114K	25x
01 Exchange kPEPEUSD	+0.0952%	1h	0.000005040	−0.119%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1632%	1h	0.000005068	+0.436%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2156%	1h	0.000005060	+0.277%	$55.7M	$136.0M	10x	as long as short