Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0511%/8h= −55.9% APRpaid last 24h −0.075%

Price spread now: Phemex against GMX+2.642%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 Phemex

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. Phemex is 2.642% dearer against GMX than usual: you sell high and buy low (spread +2.642% now, against zero (this spread has no 7-day history yet)): +$264 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.1131% / S −0.2351%	pay 0.0141% / 1h	3m 51s	$63K	—	100x
Short	Phemex u1000PEPEUSDT	0.000005132	0.0620	get 0.0620% / 8h	2h 03m	$2.4M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +2.642%Rate

Funding earned: −$107.28
Price spread: +2.642% → 0.000%: $264.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: $132.92
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 5 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 Phemex live order book, 5 min ago	10.56 bp	23.2 bp −$23	31.3 bp −$313	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	0.000005119	+2.382%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0007%	1h	0.000005128	+2.554%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005127	+2.540%	$59K	$178K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005127	+2.532%	$100.2M	$410.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005128	+2.560%	$162.3M	$95.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005136	+2.710%	$25.9M	$71.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005136	+2.712%	$614K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005161	+3.221%	$28K	$539K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005140	+2.792%	$2K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005126	+2.518%	$583K	$4.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX 1000PEPE-USD	+0.0152%	1h	0.000005134	+2.680%	$2K	$11K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005133	+2.653%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0320%	8h	0.000005129	+2.586%	$45.6M	$212.9M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0381%	8h	0.000005134	+2.688%	$34K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0420%	8h	0.000005127	+2.540%	$47.9M	$712.3M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0540%	8h	0.000005129	+2.586%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0548%	8h	0.000005127	+2.540%	$4.3M	$29.2M	75x	as long as short
Lighter 1000PEPE	+0.0608%	1h	0.000005137	+2.740%	$620K	$9.1M	10x	as long as short
Phemex u1000PEPEUSDTshort	+0.0620%	8h	0.000005132	+2.642%	$2.4M	$8.0M	50x
Backpack kPEPE_USDC_PERP	+0.0647%	1h	0.000005136	+2.730%	$68K	$843K	15x	as long as short
Nado kPEPE-PERP	+0.0658%	1h	0.000005130	+2.609%	$160K	$952K	10x	as long as short
01 Exchange kPEPEUSD	+0.0680%	1h	0.000005134	+2.680%	$619	$3K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005137	+2.740%	$687K	$38.0M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0725%	1h	0.000005133	+2.660%	$73K	$127K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0737%	1h	0.000005159	+3.180%	$156K	$817K	25x	as long as short
BingX 1000PEPE-USDT	+0.0760%	8h	0.000005129	+2.582%	—	$239.9M	—	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000005131	+2.615%	$544K	$281K	25x	as long as short
MEXC PEPE_USDT	+0.0793%	8h	0.000005133	+2.652%	$98.7M	$304.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0793%	8h	0.000005129	+2.578%	$142.6M	$1.44B	75x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005135	+2.700%	$145K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0822%	8h	0.000005130	+2.606%	$1.8M	$11.5M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0832%	1h	0.000005133	+2.660%	$4.7M	$16.8M	50x	as long as short
Hyperliquid kPEPE	+0.1028%	1h	0.000005141	+2.820%	$54.9M	$153.7M	10x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.1131% / S −0.2351%	1h	0.000005000	long leg	$63K	—	100x
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005131	+2.620%	$10K	$119K	12x	as long as short