Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0483%/8h= +52.9% APRpaid last 24h +0.089%

Price spread now: Backpack against KuCoin+0.117%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.117%, 7d avg +0.013%

Together, before fees+0.112%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.104% dearer against KuCoin than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.013%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.191% in total (about 9.9% 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	KuCoin PEPEUSDTM	0.000004780	0.0100	pay 0.0100% / 8h	1h 06m	$24.7M	$54.0M	75x
Short	Backpack kPEPE_USDC_PERP	0.000004786	0.0583	get 0.0073% / 1h	6m 04s	$92K	$615K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.117%Rate

Funding earned: $101.37
Price spread: +0.117% → +0.013%: $10.42
Slippage, 4 orders: −$24.8
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $64.99
Costs to cover: 0.468%
Break-even: 2.5 days

Slippage from KuCoin: live order book, 3 min ago; Backpack: live order book, 13 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 KuCoin live order book, 3 min ago	0.94 bp	16.6 bp −$17	27.9 bp −$279	doesn't fit	doesn't fit
Sell Backpack live order book, 13 min ago	3.23 bp	8.3 bp −$8	25.8 bp −$258	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	0.000004786	+0.119%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004784	+0.086%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004784	+0.084%	$667K	$6.0M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004780	0.000%	$63.1M	$83.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004789	+0.188%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004781	+0.021%	$87.0M	$283.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004783	+0.063%	$150.1M	$63.6M	75x	as long as short
KuCoin PEPEUSDTMlong	+0.0100%	8h	0.000004780	long leg	$24.7M	$54.0M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000004794	+0.290%	$543K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004796	+0.329%	$28K	$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	0.000004795	+0.318%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004785	+0.105%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004789	+0.197%	$541K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0105%	8h	0.000004780	+0.008%	$42.0M	$148.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004788	+0.164%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0220%	8h	0.000004782	+0.042%	$41.3M	$490.7M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0259%	8h	0.000004785	+0.108%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0332% / S −0.0359%	1h	0.000004000	−16.318%	$42K	—	100x	as long as short
Phemex u1000PEPEUSDT	+0.0333%	8h	0.000004784	+0.090%	$2.3M	$6.4M	50x	as long as short
BloFin PEPE-USDT	+0.0343%	8h	0.000004784	+0.084%	$3.9M	$22.1M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0377%	1h	0.000004788	+0.167%	$81K	$94K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0397%	1h	0.000004791	+0.230%	$101K	$764K	25x	as long as short
01 Exchange kPEPEUSD	+0.0400%	1h	0.000004788	+0.167%	$548	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004788	+0.167%	$578K	$25.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0448%	8h	0.000004790	+0.205%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0583%	1h	0.000004786	+0.117%	$92K	$615K	15x
BingX 1000PEPE-USDC	+0.0735%	8h	0.000004779	−0.010%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0736%	1h	0.000004781	+0.013%	$526K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0736%	1h	0.000004791	+0.230%	$135K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0737%	8h	0.000004784	+0.077%	$130.3M	$1.04B	75x	as long as short
MEXC PEPE_USDT	+0.0740%	8h	0.000004782	+0.048%	$91.9M	$286.3M	300x	as long as short
Nado kPEPE-PERP	+0.0749%	1h	0.000004788	+0.167%	$184K	$845K	10x	as long as short
Aster 1000PEPEUSDT	+0.0750%	8h	0.000004785	+0.096%	$1.5M	$7.2M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004783	+0.063%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1333%	1h	0.000004785	+0.105%	$3.9M	$13.3M	50x	as long as short