Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0243%/8h= +26.6% APRpaid last 24h +0.074%

Price spread now: Coinbase International against Orderly−0.117%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

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

Funding pays, the price is against you. Coinbase International is 0.117% cheaper against Orderly than usual: you would sell low and buy high (spread −0.117% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 38 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005139	0.0381	pay 0.0381% / 8h	1h 45m	$34K	$26K	20x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000005133	0.0624	get 0.0078% / 1h	45m 38s	$677K	$38.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.117%Rate

Funding earned: $50.99
Price spread: −0.117% → 0.000%: −$11.68
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $23.31
Costs to cover: 0.160%
Break-even: 3.8 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 3 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 Coinbase International live order book, 3 min ago	3.88 bp	12.9 bp −$13	19.5 bp −$195	57.5 bp −$5,752	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 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
Injective PEPE/USDC PERP	−0.0016%	1h	0.000005164	+0.486%	$10K	$119K	12x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005125	−0.270%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005128	−0.214%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005131	−0.156%	$60K	$180K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005134	−0.097%	$101.2M	$415.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005132	−0.136%	$163.7M	$96.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005131	−0.150%	$25.8M	$72.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005133	−0.125%	$612K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005156	+0.334%	$28K	$542K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005138	−0.023%	$2K	$2.6M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005132	−0.136%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005136	−0.068%	$592K	$4.2M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0140%	1h	0.000005133	−0.117%	$73K	$127K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005129	−0.199%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0299%	8h	0.000005136	−0.060%	$46.0M	$214.3M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0315%	1h	0.000005149	+0.195%	$156K	$820K	25x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0381%	8h	0.000005139	long leg	$34K	$26K	20x
Backpack kPEPE_USDC_PERP	+0.0405%	1h	0.000005131	−0.148%	$73K	$849K	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0416%	8h	0.000005138	−0.019%	$48.3M	$723.0M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0455%	1h	0.000005130	−0.179%	$4.7M	$16.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0506%	8h	0.000005130	−0.171%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0544%	8h	0.000005158	+0.370%	$4.6M	$29.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0576%	8h	0.000005126	−0.251%	$2.4M	$8.0M	50x	as long as short
Lighter 1000PEPE	+0.0584%	1h	0.000005134	−0.097%	$617K	$9.0M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0624%	1h	0.000005133	−0.117%	$677K	$38.5M	50x
01 Exchange kPEPEUSD	+0.0648%	1h	0.000005145	+0.117%	$621	$3K	10x	as long as short
Nado kPEPE-PERP	+0.0745%	1h	0.000005134	−0.100%	$162K	$956K	10x	as long as short
BingX 1000PEPE-USDC	+0.0747%	8h	0.000005131	−0.158%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0770%	8h	0.000005130	−0.169%	$141.7M	$1.45B	75x	as long as short
MEXC PEPE_USDT	+0.0773%	8h	0.000005136	−0.054%	$98.5M	$302.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0776%	1h	0.000005137	−0.042%	$544K	$286K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0776%	1h	0.000005137	−0.039%	$145K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0782%	8h	0.000005130	−0.172%	$1.8M	$11.7M	50x	as long as short
Hyperliquid kPEPE	+0.0944%	1h	0.000005135	−0.078%	$54.9M	$154.6M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1132% / S −0.2351%	1h	0.000005000	−2.705%	$63K	—	100x	as long as short