Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0131%/8h= −14.4% APRpaid last 24h −0.001%

Price spread now: Coinbase International against BingX+0.116%53s7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.454% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 3 days (all we have)−0.097%−$10 · spread now +0.116%, 7d avg +0.027%

Together, before fees−0.183%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.089% dearer against BingX than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.027%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.086% in total) that is about 7.2 days. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX 1000PEPE-USDC	0.000004922	0.0499	pay 0.0499% / 8h	7h 35m	—	$2.3M	—
Short	Coinbase International 1000PEPE-PERP-INTX	0.000004928	0.0368	get 0.0046% / 1h	35m 18s	$588K	$26.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$27.55
Price spread: +0.116% → +0.027%: $8.85
Slippage, 4 orders: −$25.43
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$64.13
Costs to cover: 0.454%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Coinbase International: 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 BingX live order book, 8 min ago	0.82 bp	15.1 bp −$15	24.4 bp −$244	99.2 bp −$9,917	289.3 bp −$144.7K
Sell Coinbase International live order book, 4 min ago	2.04 bp	9.0 bp −$9	12.8 bp −$128	59.4 bp −$5,942	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	−0.0119%	1h	0.000004933	+0.217%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004928	+0.117%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004929	+0.126%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004931	+0.177%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004929	+0.138%	$90.4M	$301.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004920	−0.047%	$155.9M	$65.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004925	+0.055%	$25.4M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004930	+0.152%	$43.2M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−0.032%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.457%	$26K	$352K	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	0.000004927	+0.104%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004933	+0.217%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004929	+0.142%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004921	−0.024%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004934	+0.238%	$43.1M	$522.4M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004921	−0.023%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0197%	8h	0.000004928	+0.123%	$6K	$16	20x	as long as short
Hyperliquid kPEPE	+0.0212%	1h	0.000004930	+0.156%	$58.3M	$114.0M	10x	as long as short
Lighter 1000PEPE	+0.0272%	1h	0.000004933	+0.217%	$577K	$6.7M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0299%	8h	0.000004936	+0.282%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0307%	8h	0.000004937	+0.299%	$4.0M	$23.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0368%	1h	0.000004928	+0.116%	$588K	$26.7M	50x
Nado kPEPE-PERP	+0.0410%	1h	0.000004921	−0.033%	$192K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0455%	1h	0.000004932	+0.197%	$102K	$754K	25x	as long as short
01 Exchange kPEPEUSD	+0.0456%	1h	0.000004927	+0.095%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0462% / S −0.0690%	1h	0.000004000	−18.737%	$46K	—	100x	as long as short
BingX 1000PEPE-USDClong	+0.0499%	8h	0.000004922	long leg	—	$2.3M	—
Extended 1000PEPE-USD	+0.0504%	1h	0.000004932	+0.196%	$541K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0506%	8h	0.000004922	−0.004%	$97.5M	$282.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0508%	8h	0.000004931	+0.174%	$138.6M	$1.09B	75x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004935	+0.258%	$140K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0530%	8h	0.000004927	+0.101%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0570%	1h	0.000004926	+0.073%	$92K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004931	+0.177%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0765%	1h	0.000004932	+0.197%	$70K	$107K	25x	as long as short