Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0268%/8h= +29.3% APRpaid last 24h +0.081%

Price spread now: Lighter against Variational Omni−0.277%7-day average +0.078% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.133%+$13 on $10k

Price spread, last 7 days+0.142%+$14 · spread now −0.277%, 7d avg +0.078%

Together, before fees+0.275%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.355% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.277% now, against its 7-day average of +0.078%). If the spread goes back, that is −$35 on $10k: about 4.4 days of funding at the current rate (+$8 a day). At the pace of the last 3 days (+0.133% in total) that is about 9.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000004960	0.0100	pay 0.0100% / 8h	7h 27m	$585K	$4.3M	—
Short	Lighter 1000PEPE	0.000004946	0.0368	get 0.0046% / 1h	27m 33s	$580K	$6.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.277%Rate

Funding earned: $56.28
Price spread: −0.277% → +0.078%: −$35.48
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $20.8
Costs to cover: 0.000%
Break-even: 4.4 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Lighter: live order book, 6 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 Variational Omni RFQ quote, 2 min ago	5.04 bp	doesn't fit	17.1 bp −$171	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	4.05 bp	9.9 bp −$10	24.2 bp −$242	54.3 bp −$5,433	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
Kraken Futures PF_PEPEUSD	−0.0118%	1h	0.000004938	−0.434%	$3.9M	$14.0M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004940	−0.398%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004968	+0.169%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004944	−0.317%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004945	−0.297%	$91.8M	$304.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004942	−0.358%	$157.0M	$66.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004972	+0.249%	$25.1M	$56.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004964	+0.080%	$43.2M	$152.7M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000004960	long leg	$585K	$4.3M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004970	+0.208%	$52K	$377K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004937	−0.454%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004937	−0.458%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004968	+0.165%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004932	−0.557%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004950	−0.196%	$43.4M	$527.1M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004961	+0.031%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0205%	8h	0.000004943	−0.344%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0287%	8h	0.000004936	−0.470%	$30K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0302%	8h	0.000004974	+0.288%	$4.0M	$23.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0348%	1h	0.000004968	+0.167%	$103K	$755K	25x	as long as short
Lighter 1000PEPEshort	+0.0368%	1h	0.000004946	−0.277%	$580K	$6.7M	10x
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004945	−0.297%	$661K	$26.9M	50x	as long as short
Nado kPEPE-PERP	+0.0471%	1h	0.000004966	+0.124%	$191K	$857K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0479% / S −0.0383%	1h	0.000004000	−19.350%	$62K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004954	−0.116%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDC	+0.0483%	8h	0.000004943	−0.343%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000004940	−0.398%	$140K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0489%	8h	0.000004955	−0.095%	$138.1M	$1.10B	75x	as long as short
MEXC PEPE_USDT	+0.0494%	8h	0.000004966	+0.116%	$97.7M	$285.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0496%	1h	0.000004942	−0.353%	$543K	$148K	25x	as long as short
Aster 1000PEPEUSDT	+0.0518%	8h	0.000004944	−0.317%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0554%	1h	0.000004940	−0.398%	$94K	$601K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0561%	1h	0.000004938	−0.438%	$67K	$110K	25x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004983	+0.469%	$4K	$102K	12x	as long as short
Hyperliquid kPEPE	+0.0726%	1h	0.000004961	+0.026%	$59.1M	$119.8M	10x	as long as short