Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0817%/8h= −89.5% APRpaid last 24h −0.111%

Price spread now: Bybit against Backpack+0.022%7-day average −0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 4 days (all we have)−0.454%−$45 · spread now +0.022%, 7d avg −0.043%

Together, before fees−0.749%−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.065% dearer against Backpack than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.043%): +$7 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.294% in total) that is about 37 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.294% in total (about -15.4% 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	0.000005027	0.0917	pay 0.0115% / 1h	38m 03s	$98K	$618K	15x
Short	Bybit 1000PEPEUSDT	0.000005029	0.0100	get 0.0100% / 8h	5h 38m	$98.4M	$334.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$171.66
Price spread: +0.022% → −0.043%: $6.53
Slippage, 4 orders: −$19.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$205.57
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from Backpack: live order book, 26 min ago; Bybit: live order book, 1 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, 26 min ago	0.89 bp	17.2 bp −$17	42.6 bp −$426	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.99 bp	9.1 bp −$9	14.8 bp −$148	39.1 bp −$3,905	232.8 bp −$116.4K

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	0.000005046	+0.378%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005032	+0.095%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005058	+0.607%	$64K	$136K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000005029	+0.022%	$98.4M	$334.2M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005029	+0.030%	$164.8M	$74.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005037	+0.193%	$25.3M	$62.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005034	+0.137%	$46.2M	$171.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005050	+0.438%	$680K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005056	+0.573%	$27K	$423K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005059	+0.625%	$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	0.000005031	+0.074%	$574K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005047	+0.384%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0309%	8h	0.000005035	+0.149%	$45.8M	$582.0M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0316%	8h	0.000005035	+0.157%	$33K	$24K	20x	as long as short
BloFin PEPE-USDT	+0.0424%	8h	0.000005043	+0.308%	$4.3M	$25.1M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0546%	1h	0.000005031	+0.070%	$61K	$114K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0556%	1h	0.000005035	+0.149%	$2K	$12K	10x	as long as short
BingX 1000PEPE-USDC	+0.0562%	8h	0.000005025	−0.048%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0574% / S −0.0885%	1h	0.000005000	−0.547%	$49K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005038	+0.209%	$836K	$30.9M	50x	as long as short
MEXC PEPE_USDT	+0.0604%	8h	0.000005034	+0.129%	$95.8M	$287.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0605%	8h	0.000005026	−0.037%	$140.9M	$1.20B	75x	as long as short
Extended 1000PEPE-USD	+0.0608%	1h	0.000005034	+0.137%	$533K	$221K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0608%	1h	0.000005036	+0.169%	$142K	—	3x	as long as short
Phemex u1000PEPEUSDT	+0.0639%	8h	0.000005038	+0.217%	$2.4M	$7.0M	50x	as long as short
Aster 1000PEPEUSDT	+0.0700%	8h	0.000005032	+0.087%	$1.8M	$9.0M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0755%	8h	0.000005050	+0.439%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0887%	1h	0.000005049	+0.423%	$184K	$866K	10x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0917%	1h	0.000005027	long leg	$98K	$618K	15x
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+1.542%	$4K	$102K	12x	as long as short
01 Exchange kPEPEUSD	+0.0976%	1h	0.000005058	+0.607%	$610	$3K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0992%	1h	0.000005065	+0.746%	$99K	$752K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1383%	1h	0.000005032	+0.080%	$4.2M	$15.1M	50x	as long as short
Lighter 1000PEPE	+0.1464%	1h	0.000005036	+0.169%	$715K	$8.0M	10x	as long as short
Hyperliquid kPEPE	+0.1787%	1h	0.000005035	+0.149%	$55.4M	$137.3M	10x	as long as short