Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h +0.044%

Price spread now: Lighter against Binance+0.007%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$250.247% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 7 days−0.228%−$23 · spread now +0.007%, 7d avg −0.022%

Together, before fees−0.132%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.029% dearer against Binance than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.022%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 20 hours. Mind the row above: over the last 7 days funding on this pair paid +0.096%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 1000PEPEUSDT	0.000004971	0.0497	pay 0.0497% / 8h	7h 29m	$138.6M	$1.10B	75x
Short	Lighter 1000PEPE	0.000004971	0.0384	get 0.0048% / 1h	29m 04s	$583K	$6.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$23.83
Price spread: +0.007% → −0.022%: $2.85
Slippage, 4 orders: −$14.67
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$45.64
Costs to cover: 0.247%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Lighter: live order book, 4 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 Binance live order book, 15 min ago	0.10 bp	5.4 bp −$5	6.4 bp −$64	30.6 bp −$3,061	doesn't fit
Sell Lighter live order book, 4 min ago	4.05 bp	9.9 bp −$10	24.2 bp −$242	54.3 bp −$5,433	doesn't fit

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	−0.027%	$3.9M	$14.0M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004969	−0.029%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004966	−0.104%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004973	+0.047%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004963	−0.154%	$92.2M	$303.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004963	−0.154%	$158.0M	$66.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004970	−0.011%	$25.3M	$56.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004968	−0.052%	$43.2M	$152.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	−0.220%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004971	+0.012%	$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	+0.166%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004969	−0.033%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004963	−0.154%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004962	−0.172%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004966	−0.094%	$43.7M	$528.3M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004968	−0.044%	$8K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0206%	8h	0.000004971	+0.014%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0289%	8h	0.000004974	+0.073%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0302%	8h	0.000004974	+0.067%	$4.0M	$23.6M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004974	+0.067%	$634K	$27.0M	50x	as long as short
Lighter 1000PEPEshort	+0.0384%	1h	0.000004971	+0.007%	$583K	$6.7M	10x
Nado kPEPE-PERP	+0.0436%	1h	0.000004972	+0.031%	$193K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0440%	1h	0.000004944	−0.536%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0477% / S −0.0730%	1h	0.000004000	−19.528%	$48K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004975	+0.087%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0480%	8h	0.000004965	−0.106%	—	$257.1M	—	as long as short
Extended 1000PEPE-USD	+0.0496%	1h	0.000004970	−0.006%	$546K	$148K	25x	as long as short
Binance 1000PEPEUSDTlong	+0.0497%	8h	0.000004971	long leg	$138.6M	$1.10B	75x
MEXC PEPE_USDT	+0.0501%	8h	0.000004971	+0.003%	$100.6M	$284.3M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0504%	1h	0.000004988	+0.349%	$141K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0530%	8h	0.000004971	+0.015%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0568%	1h	0.000004968	−0.062%	$94K	$601K	15x	as long as short
Hyperliquid kPEPE	+0.0625%	1h	0.000004980	+0.188%	$60.1M	$118.8M	10x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004983	+0.248%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0756%	1h	0.000004973	+0.047%	$68K	$110K	25x	as long as short