Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.012%

Price spread now: Orderly against dYdX+0.205%7-day average — · you sell dearer than you buy

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

Long on dYdX 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

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Orderly is 0.205% dearer against dYdX than usual: you sell high and buy low: +$21 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PEPE-USD	0.000004810	0	get 0.0000% / 1h	44m 50s	$18K	$95	10x
Short	Orderly PERP_1000PEPE_USDC	0.000004820	0.0420	get 0.0420% / 8h	44m 50s	$30K	$12K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against dYdX. 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 dYdXbpFee OrderlybpOrdersPrice spread, now +0.205%Rate

Funding earned: $88.23
Price spread: +0.205% → 0.000%: $20.52
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $92.75
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: dYdX: no order-book sample; 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 dYdX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

dYdX and 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
Hyperliquid kPEPE	−0.0252%	1h	0.000004805	−0.098%	$67.4M	$88.8M	10x	as long as short
dYdX PEPE-USDlong	0.0000%	1h	0.000004810	long leg	$18K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004815	+0.101%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0066%	1h	0.000004819	+0.197%	$3.9M	$13.5M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004823	+0.276%	$59K	$115K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004814	+0.097%	$86.6M	$288.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004815	+0.110%	$150.7M	$64.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004817	+0.151%	$24.6M	$54.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004811	+0.031%	$42.5M	$149.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004829	+0.398%	$591K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004811	+0.035%	$26K	$348K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004803	−0.140%	$101K	$762K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004826	+0.338%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004820	+0.214%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004820	+0.220%	$545K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0176%	1h	0.000004813	+0.068%	$627K	$6.3M	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004818	+0.170%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0207%	8h	0.000004817	+0.158%	$5K	$16	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0212%	8h	0.000004814	+0.089%	$41.7M	$498.6M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0213%	8h	0.000004811	+0.028%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0216%	1h	0.000004818	+0.172%	$552	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0336%	8h	0.000004822	+0.255%	$3.9M	$22.4M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0362% / S −0.0404%	1h	0.000004000	−16.835%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004824	+0.297%	$567K	$25.8M	50x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0420%	8h	0.000004820	+0.205%	$30K	$12K	20x
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004831	+0.442%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0532%	1h	0.000004818	+0.166%	$91K	$601K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0581%	1h	0.000004820	+0.214%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDC	+0.0668%	8h	0.000004814	+0.095%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0677%	8h	0.000004810	+0.012%	$132.0M	$1.05B	75x	as long as short
Extended 1000PEPE-USD	+0.0680%	1h	0.000004813	+0.068%	$529K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0680%	8h	0.000004818	+0.180%	$93.6M	$279.9M	300x	as long as short
Aster 1000PEPEUSDT	+0.0683%	8h	0.000004820	+0.220%	$1.5M	$7.2M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0688%	1h	0.000004822	+0.255%	$136K	—	3x	as long as short
Nado kPEPE-PERP	+0.0811%	1h	0.000004819	+0.197%	$184K	$847K	10x	as long as short