Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0655%/8h= −71.8% APRpaid last 24h −0.068%

Price spread now: Bitget against GMX+4.120%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 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 pays, funding is against you. Bitget is 4.120% dearer against GMX than usual: you sell high and buy low (spread +4.120% now, against zero (this spread has no 7-day history yet)): +$412 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.0950% / S −0.1894%	pay 0.0119% / 1h	26m 43s	$65K	—	100x
Short	Bitget PEPEUSDT	0.000005206	0.0295	get 0.0295% / 8h	3h 26m	$50.5M	$190.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now +4.120%Rate

Funding earned: −$137.6
Price spread: +4.120% → 0.000%: $412
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: $250.4
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	1.99 bp	8.8 bp −$9	12.0 bp −$120	doesn't fit	doesn't fit

GMX: 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
dYdX PEPE-USD	0.0000%	1h	0.000005214	+4.270%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005243	+4.860%	$14K	—	150x	as long as short
Injective PEPE/USDC PERP	+0.0092%	1h	0.000005327	+6.540%	$3K	$111K	12x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005224	+4.480%	$66K	$162K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005211	+4.214%	$105.8M	$379.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005232	+4.640%	$173.7M	$88.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005219	+4.374%	$26.1M	$68.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005312	+6.231%	$747K	$5.1M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005285	+5.693%	$29K	$532K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005253	+5.064%	$2K	$2.5M	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	0.000005249	+4.976%	$595K	$3.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005252	+5.034%	$8K	—	15x	as long as short
Bitget PEPEUSDTshort	+0.0295%	8h	0.000005206	+4.120%	$50.5M	$190.3M	75x
Orderly PERP_1000PEPE_USDC	+0.0392%	8h	0.000005251	+5.018%	$35K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0434%	8h	0.000005215	+4.300%	$51.0M	$672.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0434%	8h	0.000005209	+4.177%	$6K	—	20x	as long as short
SoDEX 1000PEPE-USD	+0.0474%	1h	0.000005248	+4.960%	$2K	$10K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0513%	1h	0.000005248	+4.960%	$75K	$126K	25x	as long as short
BloFin PEPE-USDT	+0.0562%	8h	0.000005243	+4.860%	$4.9M	$28.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0636%	8h	0.000005248	+4.950%	$2.5M	$7.5M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0712%	1h	0.000005250	+5.000%	$705K	$36.4M	50x	as long as short
BingX 1000PEPE-USDC	+0.0763%	8h	0.000005208	+4.150%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0800%	8h	0.000005221	+4.420%	$152.1M	$1.33B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005210	+4.199%	$553K	$231K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005249	+4.980%	$148K	—	3x	as long as short
MEXC PEPE_USDT	+0.0802%	8h	0.000005220	+4.394%	$102.4M	$295.4M	300x	as long as short
Nado kPEPE-PERP	+0.0878%	1h	0.000005258	+5.162%	$189K	$916K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0904%	1h	0.000005308	+6.160%	$163K	$808K	25x	as long as short
Aster 1000PEPEUSDT	+0.0912%	8h	0.000005228	+4.556%	$1.9M	$10.3M	50x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0950% / S −0.1894%	1h	0.000005000	long leg	$65K	—	100x
01 Exchange kPEPEUSD	+0.1016%	1h	0.000005260	+5.200%	$634	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1176%	1h	0.000005237	+4.738%	$68K	$724K	15x	as long as short
Lighter 1000PEPE	+0.1272%	1h	0.000005247	+4.940%	$675K	$8.7M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1557%	1h	0.000005246	+4.912%	$4.8M	$16.4M	50x	as long as short
Hyperliquid kPEPE	+0.1595%	1h	0.000005248	+4.960%	$57.2M	$145.5M	10x	as long as short