Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0147%/8h= −16.1% APRpaid last 24h −0.080%

Price spread now: Orderly against Deribit−0.002%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000PEPE_USDC-PERPETUAL	0.000005088	0.0537	pay 0.0067% / 1h	29m 55s	$73K	$127K	25x
Short	Orderly PERP_1000PEPE_USDC	0.000005088	0.0389	get 0.0389% / 8h	1h 29m	$33K	$26K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.002%Rate

Funding earned: −$30.96
Price spread: −0.002% → 0.000%: −$0.2
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$44.16
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 44 min ago; Orderly: no order-book sample. Net counts fees only.

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, 44 min ago	27.35 bp	30.8 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000005072	−0.314%	$9K	$120K	12x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005070	−0.360%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005072	−0.318%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005079	−0.177%	$59K	$181K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005090	+0.045%	$99.3M	$418.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005087	−0.020%	$161.9M	$97.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005090	+0.039%	$25.8M	$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	0.000005079	−0.179%	$28K	$543K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005093	+0.108%	$1K	$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	0.000005097	+0.181%	$589K	$4.2M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0156%	1h	0.000005090	+0.039%	$2K	$11K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005082	−0.127%	$8K	—	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0230%	1h	0.000005079	−0.177%	$154K	$822K	25x	as long as short
Bitget PEPEUSDT	+0.0288%	8h	0.000005089	+0.026%	$45.5M	$215.6M	75x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0389%	8h	0.000005088	−0.002%	$33K	$26K	20x
Backpack kPEPE_USDC_PERP	+0.0402%	1h	0.000005092	+0.085%	$73K	$859K	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0410%	8h	0.000005092	+0.079%	$47.3M	$722.8M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0459%	1h	0.000005089	+0.014%	$4.6M	$16.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0495%	8h	0.000005079	−0.168%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0532%	8h	0.000005075	−0.256%	$4.6M	$29.2M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0537%	1h	0.000005088	long leg	$73K	$127K	25x
Phemex u1000PEPEUSDT	+0.0578%	8h	0.000005085	−0.059%	$2.3M	$8.0M	50x	as long as short
Lighter 1000PEPE	+0.0592%	1h	0.000005092	+0.079%	$606K	$9.1M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0624%	1h	0.000005064	−0.472%	$685K	$38.3M	50x	as long as short
01 Exchange kPEPEUSD	+0.0656%	1h	0.000005080	−0.157%	$812	$3K	10x	as long as short
BingX 1000PEPE-USDT	+0.0728%	8h	0.000005092	+0.085%	—	$217.7M	—	as long as short
Extended 1000PEPE-USD	+0.0760%	1h	0.000005090	+0.030%	$538K	$280K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0760%	1h	0.000005087	−0.020%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0763%	8h	0.000005092	+0.079%	$97.7M	$304.5M	300x	as long as short
Binance 1000PEPEUSDT	+0.0764%	8h	0.000005091	+0.055%	$139.7M	$1.46B	75x	as long as short
Aster 1000PEPEUSDT	+0.0765%	8h	0.000005094	+0.113%	$1.7M	$11.7M	50x	as long as short
Nado kPEPE-PERP	+0.0766%	1h	0.000005080	−0.147%	$163K	$959K	10x	as long as short
Hyperliquid kPEPE	+0.0952%	1h	0.000005093	+0.098%	$52.7M	$156.3M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1130% / S −0.2257%	1h	0.000005000	−1.730%	$63K	—	100x	as long as short