Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0430%/8hnext payment +$0.54 per $10,000 · paid last 24h +0.061%

Price spread now: Backpack against ApeX Omni−0.212%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 3 days (all we have)−0.257%−$26 · spread now −0.212%, 7d avg +0.021%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.233% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.212% now, against its 7-day average of +0.021%). If the spread goes back, that is −$23 on $10k: about 43 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.151% in total) that is about 11 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.151% in total (about 7.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.54 per $10,000. 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	ApeX Omni 1000PEPEUSDT	0.000004989	0.0314	pay 0.0039% / 1h	6m 51s	$103K	$758K	25x
Short	Backpack kPEPE_USDC_PERP	0.000004978	0.0744	get 0.0093% / 1h	6m 51s	$98K	$573K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now −0.212%Rate

Funding earned: $90.38
Price spread: −0.212% → +0.021%: −$23.34
Slippage, 4 orders: −$27
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $20.04
Costs to cover: 0.470%
Break-even: 5.4 days

Slippage from ApeX Omni: live order book, 26 min ago; Backpack: live order book, 26 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 ApeX Omni live order book, 26 min ago	6.47 bp	14.3 bp −$14	86.3 bp −$863	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	0.10 bp	5.6 bp −$6	19.4 bp −$194	doesn't fit	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
dYdX PEPE-USD	0.0000%	1h	0.000004983	−0.121%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004979	−0.206%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004986	−0.060%	$59K	$105K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004971	−0.359%	$89.6M	$256.3M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004975	−0.281%	$43.7M	$484.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004973	−0.321%	$151.6M	$58.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004976	−0.253%	$25.6M	$46.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004976	−0.251%	$704K	$3.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004990	+0.016%	$28K	$330K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004991	+0.034%	$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	0.000004987	−0.038%	$573K	$3.7M	75x	as long as short
Bitget PEPEUSDT	+0.0139%	8h	0.000004974	−0.303%	$47.0M	$136.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0188%	1h	0.000004983	−0.111%	$8K	—	15x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004975	−0.281%	$4.1M	$21.3M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0273%	1h	0.000004983	−0.120%	$2K	$9K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0288%	8h	0.000004985	−0.086%	$31K	$10K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0291% / S −0.0261%	1h	0.000004000	−19.824%	$46K	—	100x	as long as short
ApeX Omni 1000PEPEUSDTlong	+0.0314%	1h	0.000004989	long leg	$103K	$758K	25x
Hyperliquid kPEPE	+0.0467%	1h	0.000004977	−0.241%	$56.8M	$61.6M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0483%	8h	0.000004989	−0.007%	$6K	$26	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0496%	1h	0.000004987	−0.040%	$637K	$25.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0505%	8h	0.000004978	−0.229%	$2.4M	$6.1M	50x	as long as short
Nado kPEPE-PERP	+0.0620%	1h	0.000004984	−0.092%	$200K	$795K	10x	as long as short
01 Exchange kPEPEUSD	+0.0736%	1h	0.000004993	+0.080%	$572	$2K	10x	as long as short
Lighter 1000PEPE	+0.0744%	1h	0.000004985	−0.080%	$602K	$5.0M	10x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0744%	1h	0.000004978	−0.212%	$98K	$573K	15x
BingX 1000PEPE-USDC	+0.0752%	8h	0.000004976	−0.271%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004988	−0.020%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0798%	8h	0.000004980	−0.178%	$114.3M	$270.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000004977	−0.244%	$549K	$147K	25x	as long as short
Binance 1000PEPEUSDT	+0.0802%	8h	0.000004978	−0.222%	$131.9M	$954.3M	75x	as long as short
Aster 1000PEPEUSDT	+0.0904%	8h	0.000004980	−0.190%	$1.5M	$6.4M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0955%	1h	0.000004984	−0.100%	$84K	$87K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1521%	1h	0.000004981	−0.158%	$4.0M	$12.0M	50x	as long as short
Injective PEPE/USDC PERP	+0.2268%	1h	0.000004956	−0.661%	$5K	$68K	12x	as long as short