Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0445%/8h= −48.7% APRpaid last 24h −0.088%

Price spread now: OKX against Injective−0.083%7-day average −0.605% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$990.987% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

Price spread, last 3 days (all we have)+0.211%+$21 · spread now −0.083%, 7d avg −0.605%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.522% dearer against Injective than usual: you sell high and buy low (spread −0.083% now, against its 7-day average of −0.605%): +$52 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.383% in total) that is about 9.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PEPE/USDC PERP	0.000004831	0.0636	pay 0.0079% / 1h	50m 54s	$4K	$102K	12x
Short	OKX PEPE-USDT-SWAP	0.000004827	0.0190	get 0.0190% / 8h	7h 50m	$43.1M	$509.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$93.46
Price spread: −0.083% → −0.605%: $52.2
Slippage, 4 orders: −$88.7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$139.98
Costs to cover: 0.987%
Break-even: never at this rate

Slippage from Injective: live order book, 23 min ago; OKX: 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 Injective live order book, 23 min ago	18.02 bp	66.5 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	1.04 bp	6.0 bp −$6	9.8 bp −$98	30.1 bp −$3,007	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	−0.0121%	1h	0.000004823	−0.161%	$3.9M	$14.0M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004821	−0.203%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004822	−0.197%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004823	−0.166%	$66.0M	$105.1M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004825	−0.124%	$57K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004820	−0.221%	$88.7M	$298.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004821	−0.207%	$153.3M	$64.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004821	−0.199%	$24.1M	$55.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004825	−0.118%	$42.6M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004819	−0.254%	$555K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004812	−0.388%	$26K	$351K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004834	+0.052%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004822	−0.195%	$547K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004826	−0.108%	$2.3M	$6.5M	50x	as long as short
Lighter 1000PEPE	+0.0104%	1h	0.000004825	−0.124%	$587K	$6.6M	10x	as long as short
SoDEX 1000PEPE-USD	+0.0104%	1h	0.000004823	−0.166%	$2K	$12K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0174%	8h	0.000004827	−0.084%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004822	−0.178%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0190%	8h	0.000004827	−0.083%	$43.1M	$509.6M	50x
BloFin PEPE-USDT	+0.0311%	8h	0.000004825	−0.124%	$3.9M	$22.9M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0324%	8h	0.000004822	−0.184%	$30K	$13K	20x	as long as short
01 Exchange kPEPEUSD	+0.0352%	1h	0.000004825	−0.124%	$1K	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004824	−0.145%	$554K	$26.0M	50x	as long as short
Nado kPEPE-PERP	+0.0390%	1h	0.000004824	−0.145%	$181K	$848K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0411% / S −0.0534%	1h	0.000004000	−17.201%	$41K	—	100x	as long as short
BingX 1000PEPE-USDT	+0.0517%	8h	0.000004824	−0.149%	—	$257.5M	—	as long as short
Binance 1000PEPEUSDT	+0.0536%	8h	0.000004827	−0.092%	$137.0M	$1.08B	75x	as long as short
Extended 1000PEPE-USD	+0.0536%	1h	0.000004820	−0.222%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0536%	1h	0.000004791	−0.828%	$135K	—	3x	as long as short
MEXC PEPE_USDT	+0.0537%	8h	0.000004822	−0.197%	$92.5M	$280.0M	300x	as long as short
Aster 1000PEPEUSDT	+0.0541%	8h	0.000004827	−0.074%	$1.5M	$7.4M	50x	as long as short
Injective PEPE/USDC PERPlong	+0.0636%	1h	0.000004831	long leg	$4K	$102K	12x
Backpack kPEPE_USDC_PERP	+0.0696%	1h	0.000004825	−0.130%	$93K	$602K	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0787%	1h	0.000004817	−0.290%	$100K	$754K	25x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0788%	1h	0.000004823	−0.166%	$78K	$98K	25x	as long as short