Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0480%/8h= −52.6% APRpaid last 24h −0.187%

Price spread now: edgeX against Hyperliquid−0.612%106s7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as 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−$280.276% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.487%−$49 on $10k

Price spread, last 4 days (all we have)+0.687%+$69 · spread now −0.612%, 7d avg −0.116%

Together, before fees+0.200%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and edgeX is 0.496% cheaper against Hyperliquid than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of −0.116%). Swap the legs. The two prices were read 106 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	0.000005157	0.0580	pay 0.0073% / 1h	47m 54s	$53.3M	$160.0M	10x
Short	edgeX 1000PEPEUSDC	0.000005125	0.0100	get 0.0050% / 4h	3h 47m	$28K	$549K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.612%Rate

Funding earned: −$100.82
Price spread: −0.612% → −0.116%: −$49.6
Slippage, 4 orders: −$9.62
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$178.04
Costs to cover: 0.276%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; edgeX: live order book, 51 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	0.98 bp	8.8 bp −$9	13.5 bp −$135	33.3 bp −$3,335	doesn't fit
Sell edgeX live order book, 51 min ago	0.97 bp	5.7 bp −$6	83.9 bp −$839	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
dYdX PEPE-USD	0.0000%	1h	0.000005123	−0.657%	$19K	$649	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005139	−0.351%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005128	−0.562%	$60K	$186K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005153	−0.078%	$99.2M	$435.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005152	−0.097%	$163.7M	$99.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005142	−0.298%	$636K	$5.4M	—	as long as short
edgeX 1000PEPEUSDCshort	+0.0100%	4h	0.000005125	−0.612%	$28K	$549K	20x
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005135	−0.423%	$1K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005147	−0.200%	$602K	$4.2M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0134%	1h	0.000005124	−0.640%	$149K	$836K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PEPE/USDC PERP	+0.0147%	1h	0.000005129	−0.543%	$8K	$120K	12x	as long as short
KuCoin PEPEUSDTM	+0.0158%	8h	0.000005154	−0.050%	$26.9M	$74.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005140	−0.328%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0194%	1h	0.000005142	−0.291%	$2K	$11K	10x	as long as short
Bitget PEPEUSDT	+0.0224%	8h	0.000005154	−0.054%	$46.3M	$222.0M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0344%	8h	0.000005156	−0.019%	$47.5M	$753.6M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0352%	8h	0.000005145	−0.233%	$2.4M	$8.1M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0429%	8h	0.000005127	−0.574%	$6K	—	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0430%	8h	0.000005144	−0.250%	$34K	$26K	20x	as long as short
BloFin PEPE-USDT	+0.0466%	8h	0.000005128	−0.562%	$4.5M	$30.4M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0468%	1h	0.000005149	−0.147%	$77K	$895K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0504%	1h	0.000005124	−0.640%	$668K	$39.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.0552%	1h	0.000005138	−0.368%	$620	$2K	10x	as long as short
Hyperliquid kPEPElong	+0.0580%	1h	0.000005157	long leg	$53.3M	$160.0M	10x
Kraken Futures PF_PEPEUSD	+0.0617%	1h	0.000005138	−0.370%	$4.8M	$16.7M	50x	as long as short
Nado kPEPE-PERP	+0.0638%	1h	0.000005143	−0.276%	$163K	$964K	10x	as long as short
BingX 1000PEPE-USDT	+0.0646%	8h	0.000005155	−0.039%	—	$175.8M	—	as long as short
Lighter 1000PEPE	+0.0664%	1h	0.000005146	−0.213%	$623K	$9.0M	10x	as long as short
Binance 1000PEPEUSDT	+0.0677%	8h	0.000005156	−0.026%	$142.4M	$1.51B	75x	as long as short
Extended 1000PEPE-USD	+0.0680%	1h	0.000005156	−0.010%	$539K	$280K	25x	as long as short
MEXC PEPE_USDT	+0.0680%	8h	0.000005155	−0.039%	$100.7M	$306.2M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0680%	1h	0.000005142	−0.291%	$145K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0694%	8h	0.000005160	+0.057%	$1.7M	$12.0M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0724%	1h	0.000005141	−0.310%	$73K	$128K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1020% / S −0.1149%	1h	0.000005000	−3.044%	$51K	—	100x	as long as short