Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1944%/8h= +212.9% APRpaid last 24h +0.068%

Price spread now: Hyperliquid against HTX+0.351%7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$950.953% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.359%+$36 on $10k

Price spread, last 3 days (all we have)−0.297%−$30 · spread now +0.351%, 7d avg +0.083%

Together, before fees+0.062%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$58 a day on $10k at the current rate, and Hyperliquid is 0.268% dearer against HTX than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of +0.083%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.359% in total (about 18.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PEPE-USDT	0.000005047	0.0100	pay 0.0100% / 8h	7h 10m	$565K	$3.5M	75x
Short	Hyperliquid kPEPE	0.000005065	0.2044	get 0.0255% / 1h	10m 07s	$56.4M	$132.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now +0.351%Rate

Funding earned: $408.24
Price spread: +0.351% → +0.083%: $26.78
Slippage, 4 orders: −$74.34
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $339.67
Costs to cover: 0.953%
Break-even: 1.2 days

Slippage from HTX: live order book, 4 min ago; Hyperliquid: live order book, 4 min ago.

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 HTX live order book, 4 min ago	15.73 bp	40.9 bp −$41	63.4 bp −$634	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.97 bp	12.1 bp −$12	27.6 bp −$276	doesn't fit	doesn't fit

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
Kraken Futures PF_PEPEUSD	−0.0116%	1h	0.000005032	−0.298%	$3.9M	$14.3M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005050	+0.057%	$19K	$95	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	0.0000%	1h	0.000005029	−0.363%	$61K	$114K	25x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005040	−0.147%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005053	+0.113%	$59K	$120K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005040	−0.145%	$95.0M	$309.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005039	−0.164%	$161.8M	$68.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005041	−0.133%	$25.6M	$57.4M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005041	−0.135%	$44.8M	$154.8M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005026	−0.429%	$588K	$4.4M	—	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	0.000005071	+0.471%	$53K	$381K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005037	−0.202%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005032	−0.303%	$2K	$12K	10x	as long as short
HTX PEPE-USDTlong	+0.0100%	8h	0.000005047	long leg	$565K	$3.5M	75x
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005039	−0.160%	$2.4M	$6.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005047	0.000%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0195%	8h	0.000005042	−0.105%	$44.8M	$544.6M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0209%	1h	0.000005072	+0.489%	$105K	$750K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0272%	8h	0.000005049	+0.027%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0273%	8h	0.000005027	−0.402%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0315%	8h	0.000005031	−0.323%	$4.1M	$24.2M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000005033	−0.283%	$601K	$28.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0459%	8h	0.000005040	−0.141%	—	$257.6M	—	as long as short
Extended 1000PEPE-USD	+0.0472%	1h	0.000005031	−0.327%	$554K	$199K	25x	as long as short
Binance 1000PEPEUSDT	+0.0476%	8h	0.000005044	−0.067%	$139.9M	$1.12B	75x	as long as short
MEXC PEPE_USDT	+0.0476%	8h	0.000005036	−0.228%	$99.7M	$290.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0480%	1h	0.000005025	−0.442%	$142K	—	3x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0493% / S −0.0454%	1h	0.000005000	−0.937%	$59K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000005049	+0.036%	$1.5M	$7.5M	50x	as long as short
Lighter 1000PEPE	+0.0552%	1h	0.000005038	−0.184%	$661K	$6.9M	10x	as long as short
Nado kPEPE-PERP	+0.0552%	1h	0.000005052	+0.099%	$189K	$861K	10x	as long as short
01 Exchange kPEPEUSD	+0.0616%	1h	0.000005063	+0.311%	$1K	$2K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0624%	1h	0.000005041	−0.125%	$95K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000005043	−0.085%	$4K	$102K	12x	as long as short
Hyperliquid kPEPEshort	+0.2044%	1h	0.000005065	+0.351%	$56.4M	$132.3M	10x