Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.006%

Price spread now: Phemex against OKX−0.093%53s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$470.466% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.208%+$21 · spread now −0.093%, 7d avg +0.020%

Together, before fees+0.206%+$21 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: Phemex is 0.113% cheaper against OKX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.020%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PEPE-USDT-SWAP	0.000004926	0.0100	pay 0.0100% / 8h	5h 03m	$44.1M	$719.4M	50x
Short	Phemex u1000PEPEUSDT	0.000004921	0.0100	get 0.0100% / 8h	5h 03m	$2.3M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now −0.093%Rate

Funding earned: $0
Price spread: −0.093% → +0.020%: −$11.34
Slippage, 4 orders: −$24.62
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$57.96
Costs to cover: 0.466%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phemex: 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 OKX live order book, 4 min ago	1.02 bp	6.3 bp −$6	10.2 bp −$102	31.5 bp −$3,148	doesn't fit
Sell Phemex live order book, 3 min ago	2.44 bp	16.1 bp −$16	29.7 bp −$297	doesn't fit	doesn't fit

PEPE on 35 exchanges

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
Kraken Futures PF_PEPEUSD	−0.0373%	1h	0.000004918	−0.166%	$4.5M	$16.1M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	0.0000%	1h	0.000004918	−0.162%	$61K	$119K	25x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004918	−0.154%	$3K	—	150x	as long as short
01 Exchange kPEPEUSD	+0.0048%	1h	0.000004923	−0.061%	$594	$2K	10x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004925	−0.020%	$598K	$9.0M	10x	as long as short
Nado kPEPE-PERP	+0.0100%	1h	0.000004925	−0.027%	$139K	$952K	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004927	+0.020%	$50.0M	$155.2M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004923	−0.061%	$58K	$198K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004924	−0.041%	$92.5M	$446.2M	50x	as long as short
OKX PEPE-USDT-SWAPlong	+0.0100%	8h	0.000004926	long leg	$44.1M	$719.4M	50x

Show all 35 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PEPE_USDT	+0.0100%	8h	0.000004924	−0.041%	$149.3M	$104.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004927	+0.010%	$24.6M	$76.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004926	−0.006%	$43.6M	$233.9M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0100%	1h	0.000004924	−0.043%	$74K	$997K	15x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004923	−0.057%	$638K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004924	−0.035%	$26K	$574K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004926	0.000%	$109K	$871K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004929	+0.061%	$1K	$2.5M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004921	−0.102%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004921	−0.104%	$578K	$4.3M	75x	as long as short
Phemex u1000PEPEUSDTshort	+0.0100%	8h	0.000004921	−0.093%	$2.3M	$8.1M	50x
Paradex kPEPE-USD-PERP	+0.0107%	8h	0.000004924	−0.040%	$6K	—	20x	as long as short
Extended 1000PEPE-USD	+0.0128%	1h	0.000004921	−0.104%	$517K	$288K	25x	as long as short
MEXC PEPE_USDT	+0.0131%	8h	0.000004929	+0.059%	$99.1M	$299.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0132%	8h	0.000004928	+0.050%	$127.3M	$1.53B	75x	as long as short
Aevo 1000PEPE-PERP	+0.0136%	1h	0.000004916	−0.203%	$139K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0138%	8h	0.000004928	+0.043%	$1.7M	$12.6M	50x	as long as short
BingX 1000PEPE-USDC	+0.0154%	8h	0.000004924	−0.035%	—	$2.3M	—	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004919	−0.134%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004927	+0.020%	$4.2M	$28.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0279%	8h	0.000004927	+0.016%	$32K	$30K	20x	as long as short
Injective PEPE/USDC PERP	+0.0284%	1h	0.000004904	−0.447%	$3K	$123K	12x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004933	+0.142%	$737K	$38.7M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0793% / S −0.0894%	1h	0.000004000	−18.798%	$50K	—	100x	as long as short
dYdX PEPE-USD	+0.3476%	1h	0.000004925	−0.026%	$25K	$18K	10x	as long as short