Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0764%/8h= −83.7% APRpaid last 24h −0.052%

Price spread now: Bybit against Aevo+0.262%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4,681as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,642as in the Price arb table

costs, in and out, $10k−$4,67046.701% of the position

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 3 days (all we have)−0.587%−$59 · spread now +0.262%, 7d avg −0.023%

Together, before fees−0.697%−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.285% dearer against Aevo than usual: you sell high and buy low (spread +0.262% now, against its 7-day average of −0.023%): +$29 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 7 days (−0.110% in total) that is about 18 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.110% in total (about -5.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo 1000PEPE-PERP	0.000004816	0.0864	pay 0.0108% / 1h	11m 03s	$136K	—	3x
Short	Bybit 1000PEPEUSDT	0.000004829	0.0100	get 0.0100% / 8h	2h 11m	$87.8M	$275.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now +0.262%Rate

Funding earned: −$160.44
Price spread: +0.262% → −0.023%: $28.5
Slippage, 4 orders: −$4,643.09
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4,802.02
Costs to cover: 46.701%
Break-even: never at this rate

Slippage from Aevo: live order book, 13 min ago; Bybit: live order book, 8 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 Aevo live order book, 13 min ago	408.35 bp	1709.8 bp −$1,710	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 8 min ago	1.04 bp	11.2 bp −$11	17.5 bp −$175	39.1 bp −$3,914	252.5 bp −$126.2K

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	0.000004811	−0.107%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004817	+0.021%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004830	+0.291%	$58.4M	$72.4M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004816	0.000%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004829	+0.262%	$87.8M	$275.3M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004826	+0.208%	$150.7M	$62.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004818	+0.033%	$24.9M	$53.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004810	−0.119%	$559K	$3.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004818	+0.039%	$27K	$342K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004828	+0.255%	$2K	$2.4M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004815	−0.029%	$554K	$3.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0171%	8h	0.000004831	+0.311%	$41.4M	$487.4M	50x	as long as short
Bitget PEPEUSDT	+0.0181%	8h	0.000004832	+0.326%	$42.6M	$150.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004825	+0.187%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0287%	8h	0.000004831	+0.311%	$3.9M	$21.9M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.944%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0414%	8h	0.000004824	+0.164%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004817	+0.021%	$579K	$25.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0502%	8h	0.000004834	+0.380%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0525%	8h	0.000004821	+0.109%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004814	−0.042%	$4K	$110K	12x	as long as short
Lighter 1000PEPE	+0.0688%	1h	0.000004824	+0.166%	$601K	$5.3M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0706%	1h	0.000004834	+0.370%	$93K	$624K	15x	as long as short
Nado kPEPE-PERP	+0.0735%	1h	0.000004823	+0.146%	$189K	$848K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0760%	1h	0.000004819	+0.060%	$3.9M	$13.1M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0765%	1h	0.000004818	+0.042%	$102K	$761K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0785%	1h	0.000004819	+0.062%	$2K	$9K	10x	as long as short
BingX 1000PEPE-USDT	+0.0820%	8h	0.000004833	+0.355%	—	$254.7M	—	as long as short
Extended 1000PEPE-USD	+0.0864%	1h	0.000004821	+0.105%	$529K	$147K	25x	as long as short
MEXC PEPE_USDT	+0.0864%	8h	0.000004835	+0.395%	$91.9M	$291.9M	300x	as long as short
Aevo 1000PEPE-PERPlong	+0.0864%	1h	0.000004816	long leg	$136K	—	3x
Binance 1000PEPEUSDT	+0.0866%	8h	0.000004832	+0.341%	$128.8M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0895%	8h	0.000004817	+0.021%	$1.5M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0995%	1h	0.000004824	+0.166%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1208%	1h	0.000004833	+0.353%	$554	$2K	10x	as long as short