PEPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0094%/8h= −10.3% APRnext payment −$0.94 per $10,000 · paid last 24h −0.026%

Price spread now: Bybit against Phemex−0.067%53s7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as 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−$470.472% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now −0.067%, 7d avg −0.080%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.080%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. 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	Phemex u1000PEPEUSDT	0.000004742	0.0194	pay 0.0194% / 8h	18m 28s	$2.3M	$6.5M	50x
Short	Bybit 1000PEPEUSDT	0.000004739	0.0100	get 0.0100% / 8h	18m 28s	$86.2M	$292.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$19.83
Price spread: −0.067% → −0.080%: $1.25
Slippage, 4 orders: −$24.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$65.83
Costs to cover: 0.472%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Bybit: live order book, 6 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 Phemex live order book, 5 min ago	8.64 bp	16.2 bp −$16	39.0 bp −$390	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	1.05 bp	6.9 bp −$7	10.7 bp −$107	30.3 bp −$3,030	173.2 bp −$86.6K

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
Hyperliquid kPEPE	−0.0244%	1h	0.000004731	−0.236%	$68.2M	$95.0M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004738	−0.082%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004736	−0.129%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004738	−0.085%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004740	−0.046%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004739	−0.067%	$86.2M	$292.2M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004738	−0.089%	$149.4M	$64.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004741	−0.023%	$24.1M	$54.6M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004741	−0.034%	$41.9M	$150.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004733	−0.197%	$570K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004744	+0.046%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004745	+0.059%	$99K	$755K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004747	+0.110%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004740	−0.046%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004739	−0.070%	$534K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0104%	1h	0.000004742	−0.004%	$592K	$6.5M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004742	−0.007%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004740	−0.052%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDTlong	+0.0194%	8h	0.000004742	long leg	$2.3M	$6.5M	50x
OKX PEPE-USDT-SWAP	+0.0204%	8h	0.000004743	+0.017%	$41.1M	$494.5M	50x	as long as short
01 Exchange kPEPEUSD	+0.0288%	1h	0.000004745	+0.059%	$544	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0322%	8h	0.000004736	−0.131%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0369%	8h	0.000004741	−0.034%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0386% / S −0.0311%	1h	0.000004000	−15.651%	$49K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004741	−0.025%	$579K	$25.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004736	−0.131%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0553%	1h	0.000004742	−0.002%	$90K	$601K	15x	as long as short
BingX 1000PEPE-USDC	+0.0582%	8h	0.000004737	−0.120%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0584%	8h	0.000004739	−0.064%	$1.5M	$7.3M	50x	as long as short
Binance 1000PEPEUSDT	+0.0588%	8h	0.000004742	−0.004%	$131.2M	$1.07B	75x	as long as short
MEXC PEPE_USDT	+0.0590%	8h	0.000004741	−0.017%	$88.0M	$282.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0592%	1h	0.000004741	−0.033%	$521K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0592%	1h	0.000004739	−0.067%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0640%	1h	0.000004742	+0.005%	$179K	$850K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0806%	1h	0.000004739	−0.067%	$76K	$98K	25x	as long as short