Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h −0.064%

Price spread now: Orderly against ApeX Omni−1.084%70s7-day average — · you buy dearer than you sell

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

Long on ApeX Omni 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

Funding pays, the price is against you. Orderly is 1.084% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −1.084% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$108 on $10k: about 4 months of funding at the current rate (+$1 a day). The two prices were read 70 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	0.000005219	0.0378	pay 0.0047% / 1h	37m 41s	$151K	$833K	25x
Short	Orderly PERP_1000PEPE_USDC	0.000005162	0.0412	get 0.0412% / 8h	37m 41s	$34K	$26K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.084%Rate

Funding earned: $6.99
Price spread: −1.084% → 0.000%: −$108.45
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$117.46
Costs to cover: 0.160%
Break-even: 124.6 days

Slippage unknown: ApeX Omni: live order book, 66 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 ApeX Omni live order book, 66 min ago	2.51 bp	11.1 bp −$11	55.9 bp −$559	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
dYdX PEPE-USD	0.0000%	1h	0.000005157	−1.189%	$19K	$649	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005156	−1.213%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005165	−1.035%	$60K	$183K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005162	−1.088%	$99.3M	$427.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005160	−1.130%	$163.4M	$98.8M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005207	−0.221%	$652K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005222	+0.057%	$29K	$545K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005171	−0.925%	$1K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005170	−0.943%	$601K	$4.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0128%	8h	0.000005159	−1.148%	$26.8M	$73.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005164	−1.061%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0269%	8h	0.000005176	−0.828%	$46.4M	$219.3M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0303%	1h	0.000005159	−1.150%	$2K	$11K	10x	as long as short
ApeX Omni 1000PEPEUSDTlong	+0.0378%	1h	0.000005219	long leg	$151K	$833K	25x
OKX PEPE-USDT-SWAP	+0.0379%	8h	0.000005171	−0.920%	$47.5M	$746.9M	50x	as long as short
Injective PEPE/USDC PERP	+0.0404%	1h	0.000005156	−1.207%	$8K	$120K	12x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0412%	8h	0.000005162	−1.084%	$34K	$26K	20x
Paradex kPEPE-USD-PERP	+0.0481%	8h	0.000005169	−0.958%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0501%	8h	0.000005162	−1.092%	$4.4M	$30.3M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0516%	1h	0.000005158	−1.176%	$78K	$877K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0526%	1h	0.000005161	−1.111%	$74K	$127K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0535%	8h	0.000005160	−1.134%	$2.4M	$8.1M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0544%	1h	0.000005164	−1.054%	$644K	$39.7M	50x	as long as short
Lighter 1000PEPE	+0.0584%	1h	0.000005167	−0.996%	$620K	$9.0M	10x	as long as short
Nado kPEPE-PERP	+0.0707%	1h	0.000005160	−1.122%	$165K	$956K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0711%	1h	0.000005158	−1.174%	$4.7M	$16.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0712%	8h	0.000005174	−0.868%	—	$218.5M	—	as long as short
01 Exchange kPEPEUSD	+0.0720%	1h	0.000005166	−1.016%	$623	$2K	10x	as long as short
Aster 1000PEPEUSDT	+0.0729%	8h	0.000005164	−1.048%	$1.8M	$11.8M	50x	as long as short
Binance 1000PEPEUSDT	+0.0743%	8h	0.000005165	−1.035%	$142.4M	$1.49B	75x	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000005174	−0.853%	$542K	$284K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0744%	1h	0.000005164	−1.054%	$146K	—	3x	as long as short
MEXC PEPE_USDT	+0.0745%	8h	0.000005169	−0.962%	$100.8M	$305.8M	300x	as long as short
Hyperliquid kPEPE	+0.0939%	1h	0.000005166	−1.016%	$53.8M	$157.7M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1133% / S −0.2351%	1h	0.000005000	−4.196%	$63K	—	100x	as long as short