Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1148%/8h= −125.7% APRpaid last 24h −0.109%

Price spread now: SunX against Lighter+0.020%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$163as in the Funding arb table

Net, price: spread back to 7d avg − costs−$161as in the Price arb table

costs, in and out, $10k−$1521.517% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 4 days (all we have)+0.342%+$34 · spread now +0.020%, 7d avg +0.116%

Together, before fees+0.231%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and SunX is 0.096% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.116%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.112% in total (about -5.8% 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	Lighter 1000PEPE	0.000005017	0.1248	pay 0.0156% / 1h	26m 20s	$688K	$8.1M	10x
Short	SunX 1000PEPE-USDT	0.000005018	0.0100	get 0.0100% / 8h	5h 26m	$2K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$241.08
Price spread: +0.020% → +0.116%: −$9.63
Slippage, 4 orders: −$143.7
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$402.41
Costs to cover: 1.517%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; SunX: live order book, 11 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, 7 min ago	5.98 bp	9.0 bp −$9	19.6 bp −$196	48.4 bp −$4,844	doesn't fit
Sell SunX live order book, 11 min ago	29.08 bp	86.2 bp −$86	doesn't fit	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	0.000005005	−0.230%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004999	−0.363%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005014	−0.060%	$64K	$138K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005002	−0.299%	$97.5M	$337.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005007	−0.199%	$163.4M	$75.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005011	−0.120%	$25.9M	$62.8M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005016	−0.011%	$676K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005011	−0.127%	$36K	$433K	20x	as long as short
SunX 1000PEPE-USDTshort	+0.0100%	8h	0.000005018	+0.020%	$2K	$2.4M	20x
HTX PEPE-USDT	+0.0100%	8h	0.000005014	−0.068%	$569K	$3.6M	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	+0.0108%	8h	0.000005008	−0.181%	$46.0M	$172.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005013	−0.071%	$8K	—	15x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0319%	8h	0.000005007	−0.207%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0328%	8h	0.000005006	−0.219%	$45.3M	$583.5M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0368%	1h	0.000005016	−0.020%	$98K	$753K	25x	as long as short
BloFin PEPE-USDT	+0.0444%	8h	0.000005012	−0.100%	$4.3M	$25.1M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0543%	1h	0.000005007	−0.199%	$2K	$12K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0550%	1h	0.000005003	−0.279%	$61K	$114K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005020	+0.060%	$918K	$31.2M	50x	as long as short
BingX 1000PEPE-USDC	+0.0582%	8h	0.000005006	−0.213%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0599% / S −0.1076%	1h	0.000004000	−20.271%	$47K	—	100x	as long as short
Aevo 1000PEPE-PERP	+0.0616%	1h	0.000004994	−0.458%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0619%	8h	0.000005012	−0.106%	$94.9M	$289.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0622%	8h	0.000005006	−0.209%	$139.6M	$1.21B	75x	as long as short
Extended 1000PEPE-USD	+0.0624%	1h	0.000005005	−0.233%	$530K	$226K	25x	as long as short
Aster 1000PEPEUSDT	+0.0715%	8h	0.000005014	−0.054%	$1.8M	$9.1M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0784%	8h	0.000005012	−0.095%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0831%	1h	0.000005012	−0.104%	$181K	$870K	10x	as long as short
Phemex u1000PEPEUSDT	+0.0835%	8h	0.000005011	−0.126%	$2.4M	$7.0M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0958%	1h	0.000005012	−0.106%	$94K	$626K	15x	as long as short
01 Exchange kPEPEUSD	+0.0960%	1h	0.000005018	+0.020%	$605	$3K	10x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+1.754%	$4K	$102K	12x	as long as short
Lighter 1000PEPElong	+0.1248%	1h	0.000005017	long leg	$688K	$8.1M	10x
Kraken Futures PF_PEPEUSD	+0.1390%	1h	0.000005005	−0.240%	$4.2M	$15.2M	50x	as long as short
Hyperliquid kPEPE	+0.1668%	1h	0.000005017	0.000%	$53.5M	$139.3M	10x	as long as short