Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.066%

Price spread now: Phemex against Hyperliquid−0.322%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.455%−$45 on $10k

Price spread, last 3 days (all we have)+0.266%+$27 · spread now −0.322%, 7d avg −0.064%

Together, before fees−0.188%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.258% cheaper against Hyperliquid than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000004937	0.0196	pay 0.0025% / 1h	35m 42s	$58.7M	$113.7M	10x
Short	Phemex u1000PEPEUSDT	0.000004921	0.0100	get 0.0100% / 8h	7h 35m	$2.4M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.322%Rate

Funding earned: −$20.22
Price spread: −0.322% → −0.064%: −$25.81
Slippage, 4 orders: −$23.41
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$90.44
Costs to cover: 0.444%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Phemex: 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, 8 min ago	1.02 bp	6.9 bp −$7	10.0 bp −$100	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.61 bp	12.0 bp −$12	42.1 bp −$421	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	−0.0119%	1h	0.000004925	−0.235%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004928	−0.181%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004922	−0.302%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004931	−0.122%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004927	−0.192%	$90.3M	$301.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004925	−0.243%	$156.1M	$65.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004930	−0.146%	$25.4M	$55.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004925	−0.233%	$43.2M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−0.329%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.754%	$26K	$352K	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	0.000004933	−0.091%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004926	−0.223%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004929	−0.156%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDTshort	+0.0100%	8h	0.000004921	−0.322%	$2.4M	$6.6M	50x
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004930	−0.142%	$43.2M	$521.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004926	−0.227%	$7K	—	15x	as long as short
Hyperliquid kPEPElong	+0.0196%	1h	0.000004937	long leg	$58.7M	$113.7M	10x
Paradex kPEPE-USD-PERP	+0.0197%	8h	0.000004928	−0.175%	$6K	$16	20x	as long as short
Lighter 1000PEPE	+0.0272%	1h	0.000004933	−0.081%	$577K	$6.7M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0300%	8h	0.000004926	−0.231%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0307%	8h	0.000004937	0.000%	$4.0M	$23.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004928	−0.182%	$588K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0412%	1h	0.000004927	−0.197%	$192K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0439%	1h	0.000004899	−0.770%	$101K	$753K	25x	as long as short
01 Exchange kPEPEUSD	+0.0456%	1h	0.000004928	−0.182%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0462% / S −0.0689%	1h	0.000004000	−18.979%	$46K	—	100x	as long as short
BingX 1000PEPE-USDT	+0.0496%	8h	0.000004925	−0.247%	—	$257.0M	—	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004926	−0.229%	$541K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0506%	8h	0.000004931	−0.124%	$97.2M	$282.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0508%	8h	0.000004932	−0.107%	$138.6M	$1.09B	75x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004927	−0.203%	$139K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0530%	8h	0.000004925	−0.241%	$1.5M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0563%	1h	0.000004927	−0.203%	$70K	$107K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0570%	1h	0.000004926	−0.225%	$92K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004915	−0.446%	$4K	$102K	12x	as long as short