Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.107%

Price spread now: Lighter against Bybit+0.063%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$290.285% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 7 days−0.242%−$24 · spread now +0.063%, 7d avg +0.050%

Together, before fees−0.034%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 1000PEPEUSDT	0.000004739	0.0100	pay 0.0100% / 8h	18m 29s	$86.2M	$292.2M	50x
Short	Lighter 1000PEPE	0.000004742	0.0104	get 0.0013% / 1h	18m 29s	$592K	$6.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.063%Rate

Funding earned: $0.84
Price spread: +0.063% → +0.050%: $1.34
Slippage, 4 orders: −$17.54
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$26.37
Costs to cover: 0.285%
Break-even: 226.7 days

Slippage from Bybit: live order book, 6 min ago; Lighter: live order book, 5 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 Bybit live order book, 6 min ago	1.05 bp	6.6 bp −$7	10.9 bp −$109	30.7 bp −$3,066	doesn't fit
Sell Lighter live order book, 5 min ago	6.33 bp	7.8 bp −$8	15.9 bp −$159	40.1 bp −$4,015	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
Hyperliquid kPEPE	−0.0244%	1h	0.000004731	−0.169%	$68.2M	$95.0M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004738	−0.015%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004736	−0.061%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004738	−0.018%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004740	+0.021%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDTlong	+0.0100%	8h	0.000004739	long leg	$86.2M	$292.2M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004738	−0.021%	$149.4M	$64.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004741	+0.044%	$24.1M	$54.6M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004741	+0.034%	$41.9M	$150.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004733	−0.130%	$570K	$4.2M	—	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	0.000004744	+0.114%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004745	+0.127%	$99K	$755K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004747	+0.177%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004740	+0.021%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004739	−0.002%	$534K	$3.5M	75x	as long as short
Lighter 1000PEPEshort	+0.0104%	1h	0.000004742	+0.063%	$592K	$6.5M	10x
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004742	+0.061%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004740	+0.015%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0194%	8h	0.000004742	+0.068%	$2.3M	$6.5M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0204%	8h	0.000004743	+0.084%	$41.1M	$494.5M	50x	as long as short
01 Exchange kPEPEUSD	+0.0288%	1h	0.000004745	+0.127%	$544	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0322%	8h	0.000004736	−0.063%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0369%	8h	0.000004741	+0.034%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0386% / S −0.0311%	1h	0.000004000	−15.594%	$49K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004741	+0.042%	$579K	$25.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004736	−0.063%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0553%	1h	0.000004742	+0.065%	$90K	$601K	15x	as long as short
BingX 1000PEPE-USDC	+0.0582%	8h	0.000004737	−0.053%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0584%	8h	0.000004739	+0.003%	$1.5M	$7.3M	50x	as long as short
Binance 1000PEPEUSDT	+0.0588%	8h	0.000004742	+0.063%	$131.2M	$1.07B	75x	as long as short
MEXC PEPE_USDT	+0.0590%	8h	0.000004741	+0.051%	$88.0M	$282.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0592%	1h	0.000004741	+0.035%	$521K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0592%	1h	0.000004739	0.000%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0640%	1h	0.000004742	+0.073%	$179K	$850K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0806%	1h	0.000004739	0.000%	$76K	$98K	25x	as long as short