Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h −0.108%

Price spread now: Gate against Injective−0.120%69s7-day average −0.615% · you buy dearer than you sell

Net, funding: paid 7d − costs−$148as 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−$1071.075% of the position

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.400%−$40 on $10k

Price spread, last 4 days (all we have)−0.272%−$27 · spread now −0.120%, 7d avg −0.615%

Together, before fees−0.672%−$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.496% dearer against Injective than usual: you sell high and buy low (spread −0.120% now, against its 7-day average of −0.615%): +$50 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 35 days. At the pace of the last 7 days (−0.400% in total) that is about 8.7 days. The two prices were read 69 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	Injective PEPE/USDC PERP	0.000005011	0.0147	pay 0.0018% / 1h	0m 02s	$6K	$121K	12x
Short	Gate PEPE_USDT	0.000005005	0.0100	get 0.0100% / 8h	7h 00m	$159.8M	$103.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Injective. 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 InjectivebpFee GatebpOrdersPrice spread, now −0.120%Rate

Funding earned: −$9.97
Price spread: −0.120% → −0.615%: $49.57
Slippage, 4 orders: −$92.47
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$67.89
Costs to cover: 1.075%
Break-even: never at this rate

Slippage from Injective: live order book, 34 min ago; Gate: 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 Injective live order book, 34 min ago	26.64 bp	29.6 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	2.00 bp	11.7 bp −$12	18.8 bp −$188	66.9 bp −$6,692	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
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005002	−0.178%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005004	−0.140%	$57K	$197K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005003	−0.160%	$96.2M	$447.1M	50x	as long as short
Gate PEPE_USDTshort	+0.0100%	8h	0.000005005	−0.120%	$159.8M	$103.5M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000004998	−0.268%	$653K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004994	−0.331%	$27K	$568K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004990	−0.419%	$145K	$846K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005012	+0.018%	$1K	$2.6M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005007	−0.080%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005004	−0.132%	$585K	$4.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDT	+0.0132%	8h	0.000005007	−0.080%	$44.6M	$225.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0133%	8h	0.000005010	−0.028%	$25.7M	$75.9M	75x	as long as short
Injective PEPE/USDC PERPlong	+0.0147%	1h	0.000005011	long leg	$6K	$121K	12x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0150%	1h	0.000005006	−0.100%	$57K	$139K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0187%	8h	0.000005011	+0.004%	$2.3M	$8.0M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005006	−0.095%	$8K	—	15x	as long as short
Lighter 1000PEPE	+0.0256%	1h	0.000005010	−0.020%	$592K	$9.1M	10x	as long as short
Hyperliquid kPEPE	+0.0276%	1h	0.000005008	−0.060%	$51.6M	$161.7M	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0277%	8h	0.000005005	−0.120%	$45.8M	$742.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0285%	8h	0.000004997	−0.277%	$6K	—	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0320%	1h	0.000005006	−0.092%	$66K	$959K	15x	as long as short
BloFin PEPE-USDT	+0.0401%	8h	0.000005008	−0.060%	$4.4M	$30.1M	75x	as long as short
01 Exchange kPEPEUSD	+0.0408%	1h	0.000004999	−0.239%	$603	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0431%	8h	0.000005007	−0.070%	$32K	$31K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0504%	1h	0.000005012	+0.020%	$665K	$39.4M	50x	as long as short
Nado kPEPE-PERP	+0.0554%	1h	0.000004999	−0.238%	$152K	$950K	10x	as long as short
Binance 1000PEPEUSDT	+0.0560%	8h	0.000005006	−0.096%	$132.1M	$1.54B	75x	as long as short
Extended 1000PEPE-USD	+0.0560%	1h	0.000005005	−0.120%	$525K	$286K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000005004	−0.140%	$141K	—	3x	as long as short
BingX 1000PEPE-USDT	+0.0563%	8h	0.000005007	−0.084%	—	$179.7M	—	as long as short
MEXC PEPE_USDT	+0.0564%	8h	0.000005009	−0.044%	$99.6M	$313.9M	300x	as long as short
Aster 1000PEPEUSDT	+0.0583%	8h	0.000005007	−0.079%	$1.8M	$12.3M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0633%	1h	0.000005007	−0.085%	$4.6M	$17.1M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0926% / S −0.1034%	1h	0.000005000	−0.220%	$50K	—	100x	as long as short
dYdX PEPE-USD	+0.5056%	1h	0.000004999	−0.239%	$25K	$12K	10x	as long as short