Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0670%/8h= +73.4% APRpaid last 24h −0.094%

Price spread now: MEXC against Hyperliquid+0.025%7-day average −0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$180.185% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.422%−$42 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.025%, 7d avg −0.058%

Together, before fees−0.508%+ Points / potential airdropHyperliquid: Season 2 · farm board−$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and MEXC is 0.083% dearer against Hyperliquid than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.058%. Mind the row above: over the last 7 days funding on this pair cost −0.422%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.422% in total (about -22.0% 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	Hyperliquid kPEPE	0.000004795	0.0100	pay 0.0013% / 1h	16m 24s	$61.8M	$81.9M	10x
Short	MEXC PEPE_USDT	0.000004796	0.0770	get 0.0770% / 8h	1h 16m	$91.0M	$285.5M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.025%Rate

Funding earned: $140.7
Price spread: +0.025% → −0.058%: $8.31
Slippage, 4 orders: −$9.49
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: $130.52
Costs to cover: 0.185%
Break-even: 0.5 days

Slippage from Hyperliquid: live order book, 7 min ago; MEXC: live order book, 3 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, 7 min ago	1.04 bp	5.8 bp −$6	9.5 bp −$95	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.94 bp	1.4 bp −$1	9.5 bp −$95	46.9 bp −$4,690	82.3 bp −$41.1K

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	0.000004786	−0.185%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004798	+0.065%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004784	−0.229%	$660K	$5.9M	10x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004795	long leg	$61.8M	$81.9M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004789	−0.125%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004799	+0.086%	$86.6M	$282.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004790	−0.104%	$149.9M	$63.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004800	+0.104%	$24.8M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004812	+0.352%	$543K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004816	+0.431%	$27K	$344K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004805	+0.213%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004800	+0.104%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004781	−0.292%	$540K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0122%	8h	0.000004799	+0.075%	$42.1M	$148.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004799	+0.076%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0217%	8h	0.000004803	+0.167%	$41.5M	$491.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0291%	8h	0.000004786	−0.178%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0321% / S −0.0342%	1h	0.000004000	−16.580%	$43K	—	100x	as long as short
BloFin PEPE-USDT	+0.0328%	8h	0.000004783	−0.250%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0349%	8h	0.000004799	+0.092%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0408%	1h	0.000004804	+0.188%	$550	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004802	+0.146%	$582K	$25.5M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0451%	8h	0.000004803	+0.158%	$29K	$11K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0542%	1h	0.000004816	+0.438%	$102K	$764K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0557%	1h	0.000004780	−0.309%	$92K	$614K	15x	as long as short
BingX 1000PEPE-USDC	+0.0752%	8h	0.000004792	−0.060%	—	$2.3M	—	as long as short
Nado kPEPE-PERP	+0.0757%	1h	0.000004803	+0.176%	$185K	$845K	10x	as long as short
Binance 1000PEPEUSDT	+0.0766%	8h	0.000004804	+0.190%	$130.4M	$1.04B	75x	as long as short
Extended 1000PEPE-USD	+0.0768%	1h	0.000004799	+0.078%	$526K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0768%	1h	0.000004802	+0.146%	$136K	—	3x	as long as short
MEXC PEPE_USDTshort	+0.0770%	8h	0.000004796	+0.025%	$91.0M	$285.5M	300x
Aster 1000PEPEUSDT	+0.0780%	8h	0.000004796	+0.010%	$1.5M	$7.1M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004798	+0.063%	$4K	$103K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1001%	1h	0.000004803	+0.167%	$81K	$94K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1329%	1h	0.000004799	+0.082%	$3.9M	$13.3M	50x	as long as short