Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0637%/8h= +69.7% APRpaid last 24h +0.083%

Price spread now: Backpack against Orderly+0.085%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Backpack is 0.085% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005031	0.0279	pay 0.0279% / 8h	6h 20m	$33K	$23K	20x
Short	Backpack kPEPE_USDC_PERP	0.000005035	0.0916	get 0.0115% / 1h	20m 10s	$100K	$617K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.085%Rate

Funding earned: $133.74
Price spread: +0.085% → 0.000%: $8.55
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $126.29
Costs to cover: 0.160%
Break-even: 0.4 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 49 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 49 min ago	4.93 bp	11.8 bp −$12	27.1 bp −$271	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000005019	−0.235%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005020	−0.203%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005027	−0.070%	$61K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005030	−0.012%	$97.3M	$323.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005028	−0.050%	$161.0M	$71.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005030	−0.016%	$25.2M	$60.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005033	+0.046%	$45.8M	$162.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005056	+0.498%	$624K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005055	+0.484%	$34K	$414K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005040	+0.187%	$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	0.000005028	−0.056%	$564K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005024	−0.126%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0235%	8h	0.000005033	+0.050%	$44.8M	$566.7M	50x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0279%	8h	0.000005031	long leg	$33K	$23K	20x
ApeX Omni 1000PEPEUSDT	+0.0296%	1h	0.000005053	+0.447%	$106K	$746K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005039	+0.169%	$745K	$29.7M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0496%	8h	0.000005038	+0.139%	$2.4M	$7.0M	50x	as long as short
BingX 1000PEPE-USDC	+0.0497%	8h	0.000005024	−0.127%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0515% / S −0.0542%	1h	0.000005000	−0.606%	$56K	—	100x	as long as short
Extended 1000PEPE-USD	+0.0520%	1h	0.000005032	+0.037%	$554K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000005034	+0.070%	$142K	—	3x	as long as short
MEXC PEPE_USDT	+0.0523%	8h	0.000005032	+0.026%	$94.0M	$291.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0524%	8h	0.000005032	+0.027%	$141.8M	$1.17B	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0546%	1h	0.000005029	−0.030%	$61K	$114K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0547%	1h	0.000005035	+0.089%	$2K	$12K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0567%	8h	0.000005024	−0.124%	$6K	$16	20x	as long as short
Aster 1000PEPEUSDT	+0.0617%	8h	0.000005021	−0.181%	$1.7M	$8.2M	50x	as long as short
Nado kPEPE-PERP	+0.0661%	1h	0.000005025	−0.110%	$179K	$881K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0827%	1h	0.000005035	+0.085%	$4.0M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005098	+1.342%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0916%	1h	0.000005035	+0.085%	$100K	$617K	15x
01 Exchange kPEPEUSD	+0.0952%	1h	0.000005028	−0.050%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1608%	1h	0.000005042	+0.229%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2160%	1h	0.000005041	+0.209%	$55.5M	$135.9M	10x	as long as short