Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h −0.013%

Price spread now: Binance against Coinbase International+0.149%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.149%, 7d avg +0.008%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 0.141% dearer against Coinbase International than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000005012	0.0424	pay 0.0053% / 1h	47m 09s	$646K	$28.7M	50x
Short	Binance 1000PEPEUSDT	0.000005019	0.0486	get 0.0486% / 8h	6h 47m	$139.1M	$1.16B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now +0.149%Rate

Funding earned: $13.05
Price spread: +0.149% → +0.008%: $14.13
Slippage, 4 orders: −$20.17
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$13
Costs to cover: 0.402%
Break-even: 14.0 days

Slippage from Coinbase International: live order book, 2 min ago; Binance: live order book, 12 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 Coinbase International live order book, 2 min ago	4.97 bp	14.1 bp −$14	21.6 bp −$216	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.30 bp	10.0 bp −$10	16.3 bp −$163	45.7 bp −$4,571	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	0.000005017	+0.093%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005015	+0.068%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005027	+0.299%	$62K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005013	+0.020%	$96.7M	$319.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005011	−0.020%	$159.6M	$69.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005018	+0.112%	$25.2M	$59.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005017	+0.094%	$44.6M	$158.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004998	−0.285%	$557K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005012	+0.003%	$46K	$388K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005029	+0.335%	$2K	$2.5M	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	0.000005020	+0.168%	$559K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005015	+0.056%	$2.4M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0150%	1h	0.000005007	−0.100%	$61K	$114K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005023	+0.223%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0209%	8h	0.000005021	+0.180%	$44.3M	$556.3M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0273%	8h	0.000005013	+0.026%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0289%	1h	0.000005006	−0.120%	$106K	$752K	25x	as long as short
BloFin PEPE-USDT	+0.0318%	8h	0.000005008	−0.080%	$4.2M	$24.6M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0406%	8h	0.000005029	+0.341%	$6K	$16	20x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0424%	1h	0.000005012	long leg	$646K	$28.7M	50x
BingX 1000PEPE-USDT	+0.0455%	8h	0.000005015	+0.054%	—	$258.0M	—	as long as short
Aevo 1000PEPE-PERP	+0.0480%	1h	0.000005016	+0.080%	$142K	—	3x	as long as short
MEXC PEPE_USDT	+0.0481%	8h	0.000005017	+0.108%	$95.5M	$288.0M	300x	as long as short
Binance 1000PEPEUSDTshort	+0.0486%	8h	0.000005019	+0.149%	$139.1M	$1.16B	75x
Extended 1000PEPE-USD	+0.0488%	1h	0.000005011	−0.019%	$552K	$199K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0505% / S −0.0410%	1h	0.000005000	−0.239%	$63K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0561%	8h	0.000005017	+0.106%	$1.7M	$8.0M	50x	as long as short
Nado kPEPE-PERP	+0.0597%	1h	0.000005028	+0.323%	$177K	$883K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0604%	1h	0.000005015	+0.060%	$2K	$12K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0831%	1h	0.000005013	+0.014%	$3.9M	$14.4M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0853%	1h	0.000005015	+0.070%	$102K	$625K	15x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005039	+0.539%	$4K	$102K	12x	as long as short
01 Exchange kPEPEUSD	+0.0960%	1h	0.000005039	+0.539%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1168%	1h	0.000005023	+0.219%	$650K	$6.8M	10x	as long as short
Hyperliquid kPEPE	+0.2575%	1h	0.000005025	+0.259%	$55.5M	$134.8M	10x	as long as short