Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0043%/8h= +4.8% APRpaid last 24h +0.014%

Price spread now: BingX against ApeX Omni−0.077%53s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$520.517% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now −0.077%, 7d avg −0.001%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.076% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of −0.001%). If the spread goes back, that is −$8 on $10k: about 5.8 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.044% in total) that is about 12 days. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni 1000PEPEUSDT	0.000004944	0.0440	pay 0.0055% / 1h	28m 32s	$102K	$754K	25x
Short	BingX 1000PEPE-USDC	0.000004940	0.0483	get 0.0483% / 8h	7h 28m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $9.11
Price spread: −0.077% → −0.001%: −$7.57
Slippage, 4 orders: −$31.74
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$50.2
Costs to cover: 0.517%
Break-even: 45.6 days

Slippage from ApeX Omni: live order book, 45 min ago; BingX: live order book, 5 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, 45 min ago	4.34 bp	11.7 bp −$12	94.5 bp −$945	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	1.01 bp	12.4 bp −$12	23.5 bp −$235	100.4 bp −$10.0K	226.4 bp −$113.2K

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
Kraken Futures PF_PEPEUSD	−0.0118%	1h	0.000004969	+0.512%	$3.9M	$14.0M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004964	+0.405%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004966	+0.435%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004966	+0.445%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004920	−0.485%	$91.3M	$303.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004953	+0.182%	$157.5M	$66.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004963	+0.374%	$25.2M	$56.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004917	−0.540%	$42.8M	$152.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	+0.318%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004971	+0.551%	$52K	$379K	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	0.000004979	+0.706%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004969	+0.506%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004963	+0.384%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004962	+0.366%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004922	−0.445%	$43.3M	$524.0M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004920	−0.490%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0206%	8h	0.000004964	+0.396%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0289%	8h	0.000004974	+0.613%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0302%	8h	0.000004974	+0.607%	$4.0M	$23.6M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004974	+0.607%	$634K	$27.0M	50x	as long as short
Lighter 1000PEPE	+0.0384%	1h	0.000004969	+0.506%	$582K	$6.7M	10x	as long as short
ApeX Omni 1000PEPEUSDTlong	+0.0440%	1h	0.000004944	long leg	$102K	$754K	25x
Nado kPEPE-PERP	+0.0472%	1h	0.000004919	−0.512%	$190K	$857K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0477% / S −0.0730%	1h	0.000004000	−19.094%	$48K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004926	−0.364%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDCshort	+0.0483%	8h	0.000004940	−0.077%	—	$2.3M	—
Binance 1000PEPEUSDT	+0.0494%	8h	0.000004923	−0.418%	$137.2M	$1.10B	75x	as long as short
Extended 1000PEPE-USD	+0.0496%	1h	0.000004960	+0.325%	$546K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0497%	8h	0.000004971	+0.538%	$100.8M	$284.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0504%	1h	0.000004988	+0.890%	$141K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000004964	+0.402%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0568%	1h	0.000004968	+0.477%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004983	+0.789%	$4K	$102K	12x	as long as short
Hyperliquid kPEPE	+0.0646%	1h	0.000004978	+0.688%	$60.1M	$118.9M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0756%	1h	0.000004973	+0.587%	$68K	$110K	25x	as long as short