Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.118%

Price spread now: Variational Omni against Deribit−0.197%7-day average −0.075% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.121%−$12 on $10k

Price spread, last 4 days (all we have)−0.170%−$17 · spread now −0.197%, 7d avg −0.075%

Together, before fees−0.291%+ Points / potential airdropVariational Omni: Active · farm board−$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.123% cheaper against Deribit than usual: you would sell low and buy high (spread −0.197% now, against its 7-day average of −0.075%). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day). Mind the row above: over the last 4 days funding on this pair cost −0.121%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000PEPE_USDC-PERPETUAL	0.000004947	0	get 0.0000% / 1h	53m 08s	$57K	$115K	25x
Short	Variational Omni 1000PEPE	0.000004937	0.0100	get 0.0100% / 8h	5h 53m	$643K	$5.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.197%Rate

Funding earned: $21
Price spread: −0.197% → −0.075%: −$12.28
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.72
Costs to cover: 0.070%
Break-even: 6.4 days

Slippage unknown: Deribit: live order book, 58 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 58 min ago	5.02 bp	10.5 bp −$11	19.7 bp −$197	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	5.05 bp	doesn't fit	15.1 bp −$151	doesn't fit	doesn't fit

PEPE on 35 exchanges

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	−0.0371%	1h	0.000004945	−0.031%	$4.6M	$16.1M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004943	−0.075%	$25K	$18K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	0.0000%	1h	0.000004947	long leg	$57K	$115K	25x
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004943	−0.075%	$3K	—	150x	as long as short
01 Exchange kPEPEUSD	+0.0064%	1h	0.000004942	−0.101%	$596	$2K	10x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004948	+0.020%	$595K	$9.0M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004945	−0.040%	$50.0M	$154.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004947	0.000%	$57K	$195K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004945	−0.040%	$94.2M	$442.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004945	−0.040%	$152.1M	$102.0M	75x	as long as short

Show all 35 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004945	−0.044%	$24.9M	$75.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004945	−0.040%	$43.6M	$230.7M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0100%	1h	0.000004945	−0.042%	$75K	$990K	15x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004937	−0.197%	$643K	$5.3M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004955	+0.170%	$27K	$569K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004937	−0.202%	$143K	$850K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004951	+0.089%	$1K	$2.5M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004946	−0.020%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004945	−0.032%	$580K	$4.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004946	−0.030%	$2.3M	$8.0M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0111%	8h	0.000004945	−0.040%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0122%	1h	0.000004943	−0.081%	$146K	$943K	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0135%	8h	0.000004944	−0.061%	$44.4M	$721.2M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004945	−0.050%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0259%	8h	0.000004948	+0.020%	$4.3M	$28.7M	75x	as long as short
Extended 1000PEPE-USD	+0.0280%	1h	0.000004944	−0.058%	$518K	$285K	25x	as long as short
Binance 1000PEPEUSDT	+0.0283%	8h	0.000004947	−0.004%	$128.3M	$1.53B	75x	as long as short
Injective PEPE/USDC PERP	+0.0284%	1h	0.000004940	−0.141%	$4K	$122K	12x	as long as short
MEXC PEPE_USDT	+0.0287%	8h	0.000004947	+0.008%	$101.4M	$294.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0288%	1h	0.000004947	0.000%	$140K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0290%	8h	0.000004949	+0.046%	$1.7M	$12.5M	50x	as long as short
BingX 1000PEPE-USDC	+0.0310%	8h	0.000004942	−0.101%	—	$2.3M	—	as long as short
Orderly PERP_1000PEPE_USDC	+0.0346%	8h	0.000004947	+0.004%	$32K	$30K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004948	+0.020%	$755K	$38.8M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0839% / S −0.0953%	1h	0.000004000	−19.143%	$50K	—	100x	as long as short