Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.116%

Price spread now: ApeX Omni against Hyperliquid+0.040%65s7-day average −0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.400% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.439%−$44 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now +0.040%, 7d avg −0.119%

Together, before fees−0.413%+ Points / potential airdropHyperliquid: Season 2 · farm board−$41 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.159% dearer against Hyperliquid than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.119%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000005007	0.0100	pay 0.0013% / 1h	58m 18s	$51.6M	$161.8M	10x
Short	ApeX Omni 1000PEPEUSDT	0.000005009	0.0100	get 0.0013% / 1h	58m 18s	$146K	$846K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → −0.119%: $15.89
Slippage, 4 orders: −$20.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$24.08
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; ApeX Omni: live order book, 36 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 Hyperliquid live order book, 6 min ago	4.00 bp	11.4 bp −$11	15.6 bp −$156	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 36 min ago	2.86 bp	9.8 bp −$10	90.9 bp −$909	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
Deribit 1000PEPE_USDC-PERPETUAL	0.0000%	1h	0.000005004	−0.060%	$57K	$139K	25x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005002	−0.098%	$3K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0026%	1h	0.000004999	−0.161%	$4.6M	$16.7M	50x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000005007	long leg	$51.6M	$161.8M	10x
Pacifica kPEPE	+0.0100%	1h	0.000005008	+0.020%	$58K	$197K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005001	−0.110%	$96.2M	$447.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005002	−0.100%	$159.8M	$99.9M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0100%	1h	0.000005006	−0.010%	$66K	$959K	15x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004998	−0.188%	$653K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005005	−0.042%	$27K	$569K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni 1000PEPEUSDTshort	+0.0100%	1h	0.000005009	+0.040%	$146K	$846K	25x
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005012	+0.104%	$1K	$2.6M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005001	−0.120%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005005	−0.050%	$585K	$4.2M	75x	as long as short
Nado kPEPE-PERP	+0.0117%	1h	0.000005005	−0.038%	$152K	$949K	10x	as long as short
Bitget PEPEUSDT	+0.0126%	8h	0.000005005	−0.032%	$44.6M	$225.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0128%	8h	0.000005009	+0.032%	$25.7M	$75.9M	75x	as long as short
01 Exchange kPEPEUSD	+0.0152%	1h	0.000005006	−0.020%	$604	$2K	10x	as long as short
Lighter 1000PEPE	+0.0168%	1h	0.000005005	−0.040%	$591K	$9.0M	10x	as long as short
Phemex u1000PEPEUSDT	+0.0179%	8h	0.000005010	+0.066%	$2.3M	$8.0M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004993	−0.273%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0273%	8h	0.000005003	−0.080%	$45.6M	$742.2M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0276%	8h	0.000005011	+0.071%	$6K	—	20x	as long as short
Injective PEPE/USDC PERP	+0.0363%	1h	0.000005011	+0.080%	$6K	$121K	12x	as long as short
BloFin PEPE-USDT	+0.0397%	8h	0.000005010	+0.060%	$4.4M	$30.1M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0431%	8h	0.000005008	+0.020%	$32K	$31K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000005008	+0.020%	$664K	$39.4M	50x	as long as short
Extended 1000PEPE-USD	+0.0552%	1h	0.000005002	−0.091%	$525K	$286K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0552%	1h	0.000005006	−0.020%	$142K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0553%	8h	0.000005004	−0.058%	$131.7M	$1.54B	75x	as long as short
MEXC PEPE_USDT	+0.0559%	8h	0.000005009	+0.030%	$99.6M	$303.0M	300x	as long as short
BingX 1000PEPE-USDC	+0.0563%	8h	0.000004995	−0.238%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0573%	8h	0.000005003	−0.072%	$1.8M	$12.3M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0926% / S −0.1034%	1h	0.000005000	−0.140%	$50K	—	100x	as long as short
dYdX PEPE-USD	+0.8700%	1h	0.000005009	+0.050%	$25K	$12K	10x	as long as short