Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.077%

Price spread now: Coinbase International against Phemex+0.111%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$680.677% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$9 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now +0.111%, 7d avg −0.026%

Together, before fees−0.145%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.137% dearer against Phemex than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000005146	0.0625	pay 0.0625% / 8h	2h 06m	$2.4M	$8.0M	50x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000005152	0.0680	get 0.0085% / 1h	6m 14s	$690K	$38.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.111%Rate

Funding earned: $11.5
Price spread: +0.111% → −0.026%: $13.7
Slippage, 4 orders: −$45.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$42.52
Costs to cover: 0.677%
Break-even: 32.9 days

Slippage from Phemex: live order book, 3 min ago; Coinbase International: 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 Phemex live order book, 3 min ago	10.56 bp	21.3 bp −$21	40.0 bp −$400	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	3.88 bp	12.5 bp −$13	16.2 bp −$162	61.6 bp −$6,159	doesn't fit

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
dYdX PEPE-USD	0.0000%	1h	0.000005138	−0.152%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0007%	1h	0.000005132	−0.284%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005144	−0.045%	$59K	$178K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005143	−0.064%	$100.6M	$410.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005143	−0.064%	$162.9M	$95.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005147	+0.012%	$26.1M	$71.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005142	−0.091%	$614K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005135	−0.217%	$28K	$538K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005144	−0.043%	$2K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005139	−0.136%	$584K	$4.2M	75x	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	+0.0167%	1h	0.000005151	+0.091%	$2K	$11K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005138	−0.162%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0322%	8h	0.000005148	+0.033%	$45.8M	$212.7M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0382%	8h	0.000005146	+0.002%	$34K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0421%	8h	0.000005148	+0.033%	$47.7M	$714.2M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0547%	8h	0.000005139	−0.137%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0549%	8h	0.000005159	+0.247%	$4.3M	$29.3M	75x	as long as short
Lighter 1000PEPE	+0.0592%	1h	0.000005151	+0.091%	$622K	$9.1M	10x	as long as short
Phemex u1000PEPEUSDTlong	+0.0625%	8h	0.000005146	long leg	$2.4M	$8.0M	50x
Nado kPEPE-PERP	+0.0651%	1h	0.000005135	−0.221%	$159K	$951K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0652%	1h	0.000005146	−0.014%	$67K	$843K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0680%	1h	0.000005152	+0.111%	$690K	$38.1M	50x
01 Exchange kPEPEUSD	+0.0688%	1h	0.000005141	−0.103%	$620	$3K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0722%	1h	0.000005149	+0.052%	$73K	$127K	25x	as long as short
BingX 1000PEPE-USDC	+0.0762%	8h	0.000005152	+0.103%	—	$2.3M	—	as long as short
ApeX Omni 1000PEPEUSDT	+0.0784%	1h	0.000005139	−0.142%	$156K	$817K	25x	as long as short
MEXC PEPE_USDT	+0.0797%	8h	0.000005136	−0.206%	$99.4M	$304.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0797%	8h	0.000005146	+0.002%	$143.1M	$1.43B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005150	+0.073%	$544K	$281K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005148	+0.033%	$146K	—	3x	as long as short
Kraken Futures PF_PEPEUSD	+0.0829%	1h	0.000005149	+0.046%	$4.7M	$16.8M	50x	as long as short
Aster 1000PEPEUSDT	+0.0831%	8h	0.000005146	+0.002%	$1.8M	$11.4M	50x	as long as short
Hyperliquid kPEPE	+0.1022%	1h	0.000005152	+0.111%	$54.9M	$153.6M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1131% / S −0.2351%	1h	0.000005000	−2.843%	$63K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005158	+0.227%	$10K	$119K	12x	as long as short