Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0416%/8h= −45.6% APRpaid last 24h −0.061%

Price spread now: Binance against Backpack−0.574%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 4 days (all we have)+0.565%+$56 · spread now −0.574%, 7d avg +0.016%

Together, before fees+0.394%+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Binance is 0.590% cheaper against Backpack than usual: you would sell low and buy high (−$59 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.171% in total (about -8.9% 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	Backpack kPEPE_USDC_PERP	0.000005084	0.0943	pay 0.0118% / 1h	25m 42s	$101K	$616K	15x
Short	Binance 1000PEPEUSDT	0.000005054	0.0526	get 0.0526% / 8h	6h 25m	$142.8M	$1.17B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.574%Rate

Funding earned: −$87.44
Price spread: −0.574% → +0.016%: −$59.01
Slippage, 4 orders: −$23.2
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$189.65
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from Backpack: live order book, 43 min ago; Binance: live order book, 3 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 Backpack live order book, 43 min ago	4.93 bp	15.3 bp −$15	43.2 bp −$432	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.10 bp	7.6 bp −$8	12.7 bp −$127	42.3 bp −$4,229	doesn't fit

PEPE on 34 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	0.000005048	−0.698%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005091	+0.151%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005058	−0.504%	$61K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005050	−0.671%	$98.1M	$323.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005052	−0.622%	$161.2M	$70.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005063	−0.413%	$25.1M	$60.5M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005062	−0.421%	$46.8M	$160.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005092	+0.159%	$624K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005065	−0.360%	$27K	$406K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005100	+0.319%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005092	+0.175%	$576K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0163%	8h	0.000005095	+0.222%	$2.4M	$6.9M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005100	+0.320%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0232%	8h	0.000005059	−0.484%	$45.2M	$567.5M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0277%	8h	0.000005100	+0.332%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0321%	1h	0.000005065	−0.366%	$107K	$746K	25x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0339%	1h	0.000005098	+0.283%	$62K	$114K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005103	+0.382%	$660K	$29.5M	50x	as long as short
BingX 1000PEPE-USDT	+0.0486%	8h	0.000005058	−0.500%	—	$258.9M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0511% / S −0.0869%	1h	0.000005000	−1.645%	$48K	—	100x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000005110	+0.519%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0526%	8h	0.000005056	−0.541%	$94.4M	$290.5M	300x	as long as short
Binance 1000PEPEUSDTshort	+0.0526%	8h	0.000005054	−0.574%	$142.8M	$1.17B	75x
Extended 1000PEPE-USD	+0.0528%	1h	0.000005059	−0.490%	$557K	$199K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0546%	8h	0.000005058	−0.505%	$6K	$16	20x	as long as short
Nado kPEPE-PERP	+0.0595%	1h	0.000005104	+0.406%	$183K	$881K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0599%	1h	0.000005098	+0.283%	$2K	$12K	10x	as long as short
Aster 1000PEPEUSDT	+0.0629%	8h	0.000005075	−0.177%	$1.7M	$8.2M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0817%	1h	0.000005095	+0.220%	$4.0M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005070	−0.268%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0943%	1h	0.000005084	long leg	$101K	$616K	15x
01 Exchange kPEPEUSD	+0.0976%	1h	0.000005061	−0.445%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1520%	1h	0.000005074	−0.189%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2226%	1h	0.000005074	−0.189%	$56.1M	$135.9M	10x	as long as short