Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0403%/8h= −44.2% APRpaid last 24h −0.052%

Price spread now: Paradex against Backpack+0.089%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.089% dearer against Backpack than usual: you sell high and buy low (spread +0.089% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000004748	0.0584	pay 0.0073% / 1h	24m 52s	$90K	$602K	15x
Short	Paradex kPEPE-USD-PERP	0.000004753	0.0180	get 0.0180% / 8h	24m 52s	$5K	$16	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$84.7
Price spread: +0.089% → 0.000%: $8.91
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$89.79
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 54 min ago; Paradex: 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 Backpack live order book, 54 min ago	3.23 bp	11.8 bp −$12	30.4 bp −$304	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Hyperliquid kPEPE	−0.0184%	1h	0.000004741	−0.154%	$66.4M	$93.2M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004750	+0.033%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004741	−0.160%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004750	+0.043%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004750	+0.036%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004748	−0.015%	$85.8M	$291.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004745	−0.069%	$149.2M	$64.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004745	−0.076%	$24.1M	$54.5M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004748	−0.015%	$41.9M	$150.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004753	+0.098%	$536K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004770	+0.458%	$25K	$348K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004769	+0.436%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004759	+0.234%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004751	+0.057%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004738	−0.221%	$537K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0120%	1h	0.000004751	+0.057%	$588K	$6.4M	10x	as long as short
Paradex kPEPE-USD-PERPshort	+0.0180%	8h	0.000004753	+0.089%	$5K	$16	20x
Phemex u1000PEPEUSDT	+0.0186%	8h	0.000004750	+0.025%	$2.3M	$6.5M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004745	−0.068%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0204%	8h	0.000004749	+0.015%	$41.2M	$494.3M	50x	as long as short
01 Exchange kPEPEUSD	+0.0264%	1h	0.000004742	−0.133%	$543	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0326%	8h	0.000004743	−0.112%	$3.9M	$22.2M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0381% / S −0.0343%	1h	0.000004000	−15.759%	$46K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0383%	8h	0.000004748	−0.006%	$30K	$12K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004752	+0.078%	$560K	$25.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004768	+0.415%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0584%	1h	0.000004748	long leg	$90K	$602K	15x
BingX 1000PEPE-USDT	+0.0585%	8h	0.000004747	−0.021%	—	$256.9M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0593%	1h	0.000004748	−0.006%	$76K	$98K	25x	as long as short
Binance 1000PEPEUSDT	+0.0605%	8h	0.000004750	+0.043%	$130.9M	$1.06B	75x	as long as short
Aster 1000PEPEUSDT	+0.0605%	8h	0.000004750	+0.044%	$1.5M	$7.3M	50x	as long as short
Extended 1000PEPE-USD	+0.0608%	1h	0.000004748	−0.007%	$521K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0608%	1h	0.000004751	+0.057%	$134K	—	3x	as long as short
MEXC PEPE_USDT	+0.0609%	8h	0.000004749	+0.019%	$89.9M	$281.4M	300x	as long as short
Nado kPEPE-PERP	+0.0666%	1h	0.000004742	−0.135%	$181K	$849K	10x	as long as short