Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.026%

Price spread now: HTX against Reya−0.032%47s7-day average — · you buy dearer than you sell

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

Long on Reya Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and HTX is 0.032% cheaper against Reya than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 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	Reya kPEPERUSDPERP	0.000004727	0.0189	pay 0.0024% / 1h	12m 23s	$7K	—	15x
Short	HTX PEPE-USDT	0.000004726	0.0100	get 0.0100% / 8h	12m 23s	$533K	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Reya. 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 ReyabpFee HTXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$18.62
Price spread: −0.032% → 0.000%: −$3.16
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: −$39.78
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; HTX: live order book, 2 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 Reya no order-book sample	—	—	—	—	—
Sell HTX live order book, 2 min ago	6.35 bp	12.5 bp −$13	18.6 bp −$186	90.3 bp −$9,027	doesn't fit

Reya: 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
Hyperliquid kPEPE	−0.0293%	1h	0.000004718	−0.197%	$68.8M	$96.2M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004724	−0.074%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004721	−0.129%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004725	−0.058%	$3.8M	$13.8M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004726	−0.027%	$55K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004723	−0.091%	$86.5M	$293.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004722	−0.112%	$148.9M	$64.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004724	−0.063%	$24.0M	$54.7M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004727	−0.013%	$41.8M	$150.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004736	+0.180%	$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	0.000004732	+0.092%	$25K	$352K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004730	+0.057%	$99K	$755K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004734	+0.138%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004730	+0.057%	$2K	$12K	10x	as long as short
HTX PEPE-USDTshort	+0.0100%	8h	0.000004726	−0.032%	$533K	$3.5M	75x
Lighter 1000PEPE	+0.0160%	1h	0.000004727	−0.006%	$571K	$6.5M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0174%	8h	0.000004728	+0.005%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERPlong	+0.0189%	1h	0.000004727	long leg	$7K	—	15x
Phemex u1000PEPEUSDT	+0.0190%	8h	0.000004726	−0.034%	$2.3M	$6.5M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0204%	8h	0.000004726	−0.027%	$41.5M	$493.6M	50x	as long as short
01 Exchange kPEPEUSD	+0.0296%	1h	0.000004731	+0.078%	$542	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0321%	8h	0.000004727	−0.006%	$3.9M	$22.2M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0358%	8h	0.000004726	−0.017%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0387% / S −0.0313%	1h	0.000004000	−15.385%	$49K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004725	−0.049%	$568K	$25.4M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004748	+0.438%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0544%	1h	0.000004726	−0.034%	$90K	$601K	15x	as long as short
BingX 1000PEPE-USDC	+0.0569%	8h	0.000004725	−0.046%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0569%	8h	0.000004725	−0.039%	$1.5M	$7.3M	50x	as long as short
Binance 1000PEPEUSDT	+0.0576%	8h	0.000004728	+0.009%	$131.8M	$1.07B	75x	as long as short
Extended 1000PEPE-USD	+0.0576%	1h	0.000004726	−0.025%	$521K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0577%	8h	0.000004728	+0.004%	$88.0M	$282.6M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0584%	1h	0.000004727	−0.006%	$134K	—	3x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0597%	1h	0.000004728	+0.015%	$76K	$98K	25x	as long as short
Nado kPEPE-PERP	+0.0628%	1h	0.000004728	+0.026%	$179K	$849K	10x	as long as short