Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0416%/8h= −45.6% APRpaid last 24h −0.051%

Price spread now: OKX against GMX+3.840%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 OKX

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. OKX is 3.840% dearer against GMX than usual: you sell high and buy low (spread +3.840% now, against zero (this spread has no 7-day history yet)): +$384 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 31 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.0811% / S −0.1632%	pay 0.0101% / 1h	12m 00s	$63K	—	100x
Short	OKX PEPE-USDT-SWAP	0.000005192	0.0394	get 0.0394% / 8h	4h 12m	$48.4M	$636.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +3.840%Rate

Funding earned: −$87.44
Price spread: +3.840% → 0.000%: $384
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $274.56
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 2 min ago	0.97 bp	6.6 bp −$7	11.8 bp −$118	46.5 bp −$4,652	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	0.000005189	+3.781%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005199	+3.982%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005191	+3.820%	$66K	$146K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005190	+3.800%	$100.3M	$359.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005196	+3.920%	$168.8M	$82.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005199	+3.974%	$26.5M	$65.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005163	+3.252%	$807K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005168	+3.361%	$29K	$481K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005204	+4.078%	$2K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005200	+4.002%	$602K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005205	+4.098%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0218%	8h	0.000005195	+3.896%	$48.1M	$180.7M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005161	+3.220%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0357%	8h	0.000005207	+4.140%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0394%	8h	0.000005192	+3.840%	$48.4M	$636.4M	50x
BloFin PEPE-USDT	+0.0515%	8h	0.000005188	+3.760%	$4.6M	$26.9M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0565%	8h	0.000005200	+4.002%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005208	+4.160%	$969K	$34.5M	50x	as long as short
BingX 1000PEPE-USDC	+0.0708%	8h	0.000005185	+3.704%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000005202	+4.040%	$147K	—	3x	as long as short
MEXC PEPE_USDT	+0.0754%	8h	0.000005201	+4.024%	$100.3M	$292.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0757%	8h	0.000005199	+3.972%	$149.2M	$1.27B	75x	as long as short
Extended 1000PEPE-USD	+0.0760%	1h	0.000005192	+3.836%	$550K	$226K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0766%	1h	0.000005199	+3.980%	$2K	$10K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0806%	8h	0.000005201	+4.016%	$6K	—	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0806%	1h	0.000005166	+3.320%	$104K	$745K	25x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0811% / S −0.1632%	1h	0.000005000	long leg	$63K	—	100x
Lighter 1000PEPE	+0.0832%	1h	0.000005201	+4.020%	$619K	$8.3M	10x	as long as short
Aster 1000PEPEUSDT	+0.0861%	8h	0.000005201	+4.010%	$1.9M	$9.6M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0904%	1h	0.000005204	+4.080%	$74K	$125K	25x	as long as short
Nado kPEPE-PERP	+0.0937%	1h	0.000005202	+4.050%	$187K	$903K	10x	as long as short
01 Exchange kPEPEUSD	+0.1104%	1h	0.000005219	+4.380%	$630	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1137%	1h	0.000005197	+3.936%	$70K	$692K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1253%	1h	0.000005199	+3.975%	$4.7M	$16.0M	50x	as long as short
Hyperliquid kPEPE	+0.1579%	1h	0.000005203	+4.060%	$56.2M	$142.4M	10x	as long as short