Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.038%

Price spread now: Variational Omni against SoDEX−0.603%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Variational Omni

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 airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.603% cheaper against SoDEX than usual: you would sell low and buy high, −$60 on $10k if it 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	SoDEX 1000PEPE-USD	0.000004848	0.0109	pay 0.0014% / 1h	49m 07s	$2K	$12K	10x
Short	Variational Omni 1000PEPE	0.000004819	0.0100	get 0.0100% / 8h	7h 49m	$555K	$4.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now −0.603%Rate

Funding earned: −$1.88
Price spread: −0.603% → 0.000%: −$60.33
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$70.2
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Variational Omni: RFQ quote, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	5.21 bp	doesn't fit	13.5 bp −$135	doesn't fit	doesn't fit

SoDEX: 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
Kraken Futures PF_PEPEUSD	−0.0121%	1h	0.000004848	+0.009%	$3.9M	$14.0M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004822	−0.534%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004840	−0.165%	$15K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004849	+0.021%	$590K	$6.6M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004851	+0.062%	$65.8M	$105.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004827	−0.433%	$57K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004848	0.000%	$89.0M	$299.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004843	−0.103%	$154.3M	$64.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004850	+0.047%	$24.3M	$55.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004852	+0.085%	$42.8M	$151.8M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004819	−0.603%	$555K	$4.2M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004812	−0.737%	$26K	$351K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004844	−0.076%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004837	−0.237%	$549K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004841	−0.144%	$2.3M	$6.5M	50x	as long as short
SoDEX 1000PEPE-USDlong	+0.0109%	1h	0.000004848	long leg	$2K	$12K	10x
Paradex kPEPE-USD-PERP	+0.0173%	8h	0.000004827	−0.431%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004836	−0.246%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0191%	8h	0.000004851	+0.062%	$42.9M	$513.3M	50x	as long as short
BloFin PEPE-USDT	+0.0310%	8h	0.000004847	−0.021%	$4.0M	$23.0M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0320%	8h	0.000004848	+0.008%	$30K	$13K	20x	as long as short
01 Exchange kPEPEUSD	+0.0352%	1h	0.000004831	−0.351%	$1K	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004837	−0.227%	$557K	$26.1M	50x	as long as short
Nado kPEPE-PERP	+0.0400%	1h	0.000004831	−0.348%	$182K	$848K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0433% / S −0.0635%	1h	0.000004000	−17.492%	$46K	—	100x	as long as short
BingX 1000PEPE-USDT	+0.0512%	8h	0.000004852	+0.076%	—	$257.6M	—	as long as short
ApeX Omni 1000PEPEUSDT	+0.0528%	1h	0.000004822	−0.536%	$100K	$754K	25x	as long as short
Binance 1000PEPEUSDT	+0.0532%	8h	0.000004851	+0.070%	$137.7M	$1.08B	75x	as long as short
MEXC PEPE_USDT	+0.0535%	8h	0.000004843	−0.097%	$93.1M	$280.2M	300x	as long as short
Extended 1000PEPE-USD	+0.0536%	1h	0.000004847	−0.019%	$532K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0536%	1h	0.000004840	−0.165%	$137K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0537%	8h	0.000004849	+0.029%	$1.5M	$7.4M	50x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004830	−0.371%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0641%	1h	0.000004853	+0.107%	$93K	$602K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1196%	1h	0.000004849	+0.021%	$78K	$98K	25x	as long as short