Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0214%/8h= −23.4% APRpaid last 24h −0.038%

Price spread now: Orderly against Aevo−0.227%7-day average — · you buy dearer than you sell

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

Long on Aevo Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.227% cheaper against Aevo than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo 1000PEPE-PERP	0.000004981	0.0504	pay 0.0063% / 1h	30m 17s	$141K	—	3x
Short	Orderly PERP_1000PEPE_USDC	0.000004970	0.0290	get 0.0290% / 8h	7h 30m	$31K	$14K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.227%Rate

Funding earned: −$44.88
Price spread: −0.227% → 0.000%: −$22.69
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$89.57
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Aevo: live order book, 43 min ago; Orderly: no order-book sample. 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 Aevo live order book, 43 min ago	273.02 bp	579.1 bp −$579	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0118%	1h	0.000004968	−0.268%	$3.9M	$14.0M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004968	−0.267%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004964	−0.331%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004969	−0.241%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004963	−0.363%	$91.1M	$302.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004964	−0.341%	$157.8M	$66.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004968	−0.267%	$25.2M	$56.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004967	−0.285%	$43.3M	$152.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	−0.427%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004925	−1.129%	$26K	$353K	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	0.000004974	−0.145%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004967	−0.281%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004964	−0.339%	$561K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004960	−0.426%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004968	−0.261%	$43.7M	$528.2M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004968	−0.255%	$8K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0205%	8h	0.000004974	−0.140%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0290%	8h	0.000004970	−0.227%	$31K	$14K	20x
BloFin PEPE-USDT	+0.0303%	8h	0.000004961	−0.402%	$4.0M	$23.5M	75x	as long as short
Lighter 1000PEPE	+0.0368%	1h	0.000004975	−0.120%	$583K	$6.7M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004965	−0.321%	$594K	$26.9M	50x	as long as short
Nado kPEPE-PERP	+0.0421%	1h	0.000004972	−0.179%	$193K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0440%	1h	0.000004944	−0.743%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0473% / S −0.0708%	1h	0.000004000	−19.695%	$47K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004978	−0.060%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0480%	8h	0.000004968	−0.265%	—	$257.0M	—	as long as short
MEXC PEPE_USDT	+0.0501%	8h	0.000004971	−0.195%	$96.8M	$283.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0501%	8h	0.000004969	−0.249%	$138.5M	$1.09B	75x	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004966	−0.294%	$546K	$148K	25x	as long as short
Aevo 1000PEPE-PERPlong	+0.0504%	1h	0.000004981	long leg	$141K	—	3x
Aster 1000PEPEUSDT	+0.0533%	8h	0.000004972	−0.187%	$1.5M	$7.5M	50x	as long as short
Hyperliquid kPEPE	+0.0548%	1h	0.000004981	0.000%	$60.2M	$118.4M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0573%	1h	0.000004963	−0.353%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004986	+0.100%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0757%	1h	0.000004969	−0.241%	$68K	$110K	25x	as long as short