Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0217%/8h= +23.8% APRpaid last 24h +0.010%

Price spread now: Deribit against MEXC−0.085%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.085%, 7d avg −0.027%

Together, before fees+0.105%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.058% cheaper against MEXC than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of −0.027%). If the spread goes back, that is −$6 on $10k: about 21 hours of funding at the current rate (+$7 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.022% in total (about -1.1% 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	MEXC PEPE_USDT	0.000005048	0.0525	pay 0.0525% / 8h	6h 17m	$94.5M	$291.2M	300x
Short	Deribit 1000PEPE_USDC-PERPETUAL	0.000005044	0.0742	get 0.0093% / 1h	17m 07s	$61K	$114K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee DeribitbpOrdersPrice spread, now −0.085%Rate

Funding earned: $45.62
Price spread: −0.085% → −0.027%: −$5.83
Slippage, 4 orders: −$16.63
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $16.16
Costs to cover: 0.236%
Break-even: 4.5 days

Slippage from MEXC: live order book, 2 min ago; Deribit: live order book, 17 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 MEXC live order book, 2 min ago	1.29 bp	2.5 bp −$2	17.9 bp −$179	49.1 bp −$4,911	81.6 bp −$40.8K
Sell Deribit live order book, 17 min ago	5.97 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit

PEPE on 34 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	0.000005038	−0.194%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005038	−0.212%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005043	−0.105%	$61K	$126K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005040	−0.164%	$97.6M	$324.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005040	−0.164%	$161.8M	$71.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005046	−0.055%	$25.4M	$60.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005043	−0.113%	$45.4M	$162.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005056	+0.144%	$624K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005039	−0.188%	$27K	$422K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005045	−0.071%	$1K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005041	−0.135%	$566K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005044	−0.084%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0242%	8h	0.000005044	−0.085%	$45.0M	$568.8M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0281%	8h	0.000005041	−0.137%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0333%	1h	0.000005041	−0.145%	$106K	$747K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005053	+0.093%	$746K	$29.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0498%	8h	0.000005043	−0.101%	—	$259.1M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0517% / S −0.0546%	1h	0.000005000	−0.957%	$56K	—	100x	as long as short
MEXC PEPE_USDTlong	+0.0525%	8h	0.000005048	long leg	$94.5M	$291.2M	300x
Extended 1000PEPE-USD	+0.0528%	1h	0.000005043	−0.099%	$554K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0528%	1h	0.000005042	−0.125%	$143K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0529%	8h	0.000005044	−0.095%	$142.1M	$1.17B	75x	as long as short
Phemex u1000PEPEUSDT	+0.0536%	8h	0.000005045	−0.061%	$2.4M	$7.0M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0566%	1h	0.000005046	−0.046%	$2K	$12K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0592%	8h	0.000005043	−0.098%	$6K	$16	20x	as long as short
Aster 1000PEPEUSDT	+0.0625%	8h	0.000005047	−0.031%	$1.7M	$8.2M	50x	as long as short
Nado kPEPE-PERP	+0.0653%	1h	0.000005040	−0.158%	$180K	$881K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUALshort	+0.0742%	1h	0.000005044	−0.085%	$61K	$114K	25x
Kraken Futures PF_PEPEUSD	+0.0826%	1h	0.000005045	−0.069%	$4.0M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005098	+0.984%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0919%	1h	0.000005045	−0.063%	$98K	$618K	15x	as long as short
01 Exchange kPEPEUSD	+0.0952%	1h	0.000005044	−0.085%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1656%	1h	0.000005058	+0.192%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2135%	1h	0.000005052	+0.073%	$55.6M	$136.0M	10x	as long as short