Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.107%

Price spread now: Bybit against Lighter0.000%7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$290.295% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.208%−$21 on $10k

Price spread, last 7 days+0.102%+$10 · spread now 0.000%, 7d avg −0.051%

Together, before fees−0.106%+ Points / potential airdropLighter: Season 3 · farm board−$11 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: Bybit is 0.051% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000004777	0.0096	pay 0.0012% / 1h	8m 19s	$666K	$6.0M	10x
Short	Bybit 1000PEPEUSDT	0.000004777	0.0100	get 0.0100% / 8h	1h 08m	$86.8M	$283.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0.84
Price spread: 0.000% → −0.051%: $5.13
Slippage, 4 orders: −$18.46
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$23.49
Costs to cover: 0.295%
Break-even: 202.7 days

Slippage from Lighter: live order book, 5 min ago; Bybit: live order book, 6 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, 5 min ago	4.17 bp	5.7 bp −$6	16.8 bp −$168	40.6 bp −$4,064	doesn't fit
Sell Bybit live order book, 6 min ago	1.04 bp	7.3 bp −$7	11.6 bp −$116	34.6 bp −$3,458	181.2 bp −$90.6K

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	0.000004788	+0.237%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004775	−0.050%	$14K	—	150x	as long as short
Lighter 1000PEPElong	+0.0096%	1h	0.000004777	long leg	$666K	$6.0M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004773	−0.084%	$62.9M	$83.4M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004790	+0.272%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004777	0.000%	$86.8M	$283.3M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004776	−0.021%	$150.2M	$63.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004775	−0.046%	$24.6M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004794	+0.353%	$543K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004796	+0.392%	$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	0.000004789	+0.243%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004778	+0.021%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004780	+0.065%	$539K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0108%	8h	0.000004780	+0.069%	$42.0M	$148.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004779	+0.043%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0219%	8h	0.000004776	−0.021%	$41.2M	$490.0M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0265%	8h	0.000004788	+0.221%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0330% / S −0.0355%	1h	0.000004000	−16.265%	$42K	—	100x	as long as short
Phemex u1000PEPEUSDT	+0.0338%	8h	0.000004779	+0.031%	$2.3M	$6.4M	50x	as long as short
BloFin PEPE-USDT	+0.0339%	8h	0.000004790	+0.272%	$3.9M	$22.1M	75x	as long as short
01 Exchange kPEPEUSD	+0.0400%	1h	0.000004785	+0.167%	$548	$2K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0447%	1h	0.000004792	+0.314%	$101K	$763K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004776	−0.021%	$578K	$25.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0449%	8h	0.000004778	+0.013%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0553%	1h	0.000004787	+0.214%	$91K	$615K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0588%	1h	0.000004776	−0.021%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0726%	8h	0.000004779	+0.036%	—	$256.4M	—	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000004775	−0.041%	$526K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0745%	8h	0.000004780	+0.063%	$91.5M	$286.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0745%	8h	0.000004777	+0.006%	$129.9M	$1.04B	75x	as long as short
Nado kPEPE-PERP	+0.0751%	1h	0.000004783	+0.118%	$184K	$845K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000004784	+0.147%	$135K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0759%	8h	0.000004783	+0.126%	$1.5M	$7.2M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004795	+0.377%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1336%	1h	0.000004774	−0.057%	$3.9M	$13.3M	50x	as long as short