Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0294%/8hpaid last 24h +0.067%

Price spread now: Backpack against BingX0.000%7-day average — · you sell dearer than you buy

to open and close $10k−$36fees + slippage, both legs, in and out

costs, in % of the position0.361%what the two incomes have to cover

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.134% in total (about 7.0% 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	BingX 1000PEPE-USDT	0.000004939	0.0749	pay 0.0749% / 8h	4h 34m	—	$250.8M	—
Short	Backpack kPEPE_USDC_PERP	0.000004939	0.1043	get 0.0130% / 1h	34m 21s	$94K	$572K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $61.64
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: −$16.09
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $25.55
Costs to cover: 0.361%
Break-even: 4.1 days

Slippage from BingX: live order book, 7 min ago; Backpack: live order book, 7 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 BingX live order book, 7 min ago	0.10 bp	5.5 bp −$6	7.8 bp −$78	18.0 bp −$1,799	45.5 bp −$22.8K
Sell Backpack live order book, 7 min ago	0.10 bp	10.6 bp −$11	25.9 bp −$259	doesn't fit	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
dYdX PEPE-USD	0.0000%	1h	0.000004934	−0.117%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004935	−0.093%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004937	−0.047%	$62K	$99K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004934	−0.109%	$88.1M	$254.2M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004940	+0.014%	$43.1M	$477.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004934	−0.107%	$151.4M	$57.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004935	−0.085%	$24.9M	$45.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004932	−0.157%	$750K	$3.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004963	+0.476%	$28K	$329K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004946	+0.136%	$2K	$2.3M	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	0.000004941	+0.034%	$571K	$3.7M	75x	as long as short
Bitget PEPEUSDT	+0.0126%	8h	0.000004937	−0.047%	$46.6M	$134.6M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0170% / S −0.0036%	1h	0.000004000	−19.017%	$56K	—	100x	as long as short
Reya kPEPERUSDPERP	+0.0188%	1h	0.000004937	−0.042%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004946	+0.136%	$4.2M	$20.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0251%	1h	0.000004958	+0.379%	$92K	$754K	25x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0266%	8h	0.000004942	+0.061%	$30K	$9K	20x	as long as short
SoDEX 1000PEPE-USD	+0.0346%	1h	0.000004941	+0.034%	$2K	$9K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0496%	1h	0.000004938	−0.026%	$675K	$24.5M	50x	as long as short
Hyperliquid kPEPE	+0.0515%	1h	0.000004935	−0.087%	$56.5M	$61.1M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0523%	8h	0.000004939	−0.013%	$6K	$26	20x	as long as short
Phemex u1000PEPEUSDT	+0.0537%	8h	0.000004941	+0.028%	$2.4M	$6.1M	50x	as long as short
Lighter 1000PEPE	+0.0672%	1h	0.000004941	+0.034%	$598K	$5.0M	10x	as long as short
Nado kPEPE-PERP	+0.0696%	1h	0.000004935	−0.083%	$204K	$788K	10x	as long as short
BingX 1000PEPE-USDTlong	+0.0749%	8h	0.000004939	long leg	—	$250.8M	—
Deribit 1000PEPE_USDC-PERPETUAL	+0.0763%	1h	0.000004940	+0.014%	$84K	$86K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0784%	1h	0.000004940	+0.014%	$140K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0788%	8h	0.000004942	+0.061%	$129.6M	$942.2M	75x	as long as short
MEXC PEPE_USDT	+0.0788%	8h	0.000004940	+0.018%	$106.0M	$266.6M	300x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004935	−0.089%	$544K	$147K	25x	as long as short
01 Exchange kPEPEUSD	+0.0792%	1h	0.000004938	−0.026%	$566	$2K	10x	as long as short
Aster 1000PEPEUSDT	+0.0909%	8h	0.000004934	−0.108%	$1.5M	$6.3M	50x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.1043%	1h	0.000004939	0.000%	$94K	$572K	15x
Kraken Futures PF_PEPEUSD	+0.1534%	1h	0.000004940	+0.014%	$3.7M	$11.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.2268%	1h	0.000005000	+1.229%	$5K	$67K	12x	as long as short