Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h −0.015%

Price spread now: Aster against Lighter−0.108%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 7 days+0.316%+$32 · spread now −0.108%, 7d avg +0.038%

Together, before fees+0.336%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.146% cheaper against Lighter than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000005136	0.0840	pay 0.0105% / 1h	20m 49s	$590K	$8.3M	10x
Short	Aster 1000PEPEUSDT	0.000005130	0.0843	get 0.0843% / 8h	4h 20m	$1.8M	$9.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.108%Rate

Funding earned: $0.63
Price spread: −0.108% → +0.038%: −$14.6
Slippage, 4 orders: −$22.7
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$44.66
Costs to cover: 0.307%
Break-even: 503.3 days

Slippage from Lighter: live order book, 8 min ago; Aster: 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 Lighter live order book, 8 min ago	4.78 bp	12.1 bp −$12	26.7 bp −$267	52.5 bp −$5,246	doesn't fit
Sell Aster live order book, 3 min ago	1.16 bp	6.5 bp −$7	8.8 bp −$88	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	0.000005126	−0.194%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005128	−0.150%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005134	−0.039%	$65K	$144K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005129	−0.144%	$99.4M	$358.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005121	−0.292%	$166.8M	$81.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005123	−0.259%	$26.0M	$65.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005124	−0.242%	$801K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005152	+0.306%	$42K	$463K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005140	+0.072%	$1K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005128	−0.164%	$583K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005132	−0.085%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0205%	8h	0.000005137	+0.016%	$47.5M	$179.7M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	+0.720%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0352%	8h	0.000005131	−0.095%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0382%	8h	0.000005136	0.000%	$48.3M	$625.6M	50x	as long as short
BloFin PEPE-USDT	+0.0502%	8h	0.000005143	+0.136%	$4.4M	$26.4M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0605%	8h	0.000005135	−0.029%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005139	+0.058%	$967K	$33.8M	50x	as long as short
BingX 1000PEPE-USDC	+0.0697%	8h	0.000005134	−0.035%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0742%	8h	0.000005130	−0.121%	$98.1M	$291.2M	300x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0742%	1h	0.000005185	+0.954%	$103K	$744K	25x	as long as short
Binance 1000PEPEUSDT	+0.0744%	8h	0.000005138	+0.030%	$146.9M	$1.26B	75x	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000005129	−0.145%	$544K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0744%	1h	0.000005132	−0.078%	$145K	—	3x	as long as short
SoDEX 1000PEPE-USD	+0.0770%	1h	0.000005137	+0.019%	$2K	$10K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0783% / S −0.1566%	1h	0.000005000	−2.648%	$62K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0796%	8h	0.000005130	−0.109%	$6K	—	20x	as long as short
Lighter 1000PEPElong	+0.0840%	1h	0.000005136	long leg	$590K	$8.3M	10x
Aster 1000PEPEUSDTshort	+0.0843%	8h	0.000005130	−0.108%	$1.8M	$9.6M	50x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0920%	1h	0.000005132	−0.078%	$73K	$125K	25x	as long as short
Nado kPEPE-PERP	+0.0923%	1h	0.000005128	−0.154%	$188K	$899K	10x	as long as short
01 Exchange kPEPEUSD	+0.1120%	1h	0.000005133	−0.058%	$619	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1158%	1h	0.000005135	−0.023%	$94K	$666K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1268%	1h	0.000005136	0.000%	$4.6M	$16.0M	50x	as long as short
Hyperliquid kPEPE	+0.1582%	1h	0.000005143	+0.136%	$55.5M	$142.1M	10x	as long as short