Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h −0.005%

Price spread now: BingX against Coinbase International−0.484%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$570.568% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)+0.466%+$47 · spread now −0.484%, 7d avg −0.027%

Together, before fees+0.547%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.457% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.484% now, against its 7-day average of −0.027%). If the spread goes back, that is −$46 on $10k: about 46 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000005038	0.0424	pay 0.0053% / 1h	42m 50s	$660K	$28.9M	50x
Short	BingX 1000PEPE-USDC	0.000005014	0.0457	get 0.0457% / 8h	6h 42m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.484%Rate

Funding earned: $6.93
Price spread: −0.484% → −0.027%: −$45.7
Slippage, 4 orders: −$36.77
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$95.54
Costs to cover: 0.568%
Break-even: 103.5 days

Slippage from Coinbase International: live order book, 1 min ago; BingX: live order book, 6 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, 1 min ago	4.96 bp	13.7 bp −$14	17.8 bp −$178	52.3 bp −$5,229	doesn't fit
Sell BingX live order book, 6 min ago	1.19 bp	15.2 bp −$15	22.6 bp −$226	92.4 bp −$9,238	207.9 bp −$104.0K

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	0.000005019	−0.372%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005030	−0.151%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005031	−0.139%	$62K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005010	−0.564%	$96.8M	$320.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005010	−0.556%	$159.3M	$69.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005018	−0.399%	$25.1M	$59.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005011	−0.530%	$44.5M	$158.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005015	−0.462%	$559K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005028	−0.200%	$46K	$388K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005042	+0.071%	$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	0.000005028	−0.193%	$565K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005034	−0.087%	$2.4M	$6.8M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0158%	1h	0.000005031	−0.139%	$107K	$752K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005032	−0.110%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0208%	8h	0.000005016	−0.437%	$44.3M	$557.2M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0275%	8h	0.000005034	−0.077%	$33K	$23K	20x	as long as short
BloFin PEPE-USDT	+0.0318%	8h	0.000005008	−0.595%	$4.2M	$24.6M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0347%	1h	0.000005030	−0.159%	$61K	$114K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0424%	1h	0.000005038	long leg	$660K	$28.9M	50x
Paradex kPEPE-USD-PERP	+0.0438%	8h	0.000005030	−0.153%	$6K	$16	20x	as long as short
BingX 1000PEPE-USDCshort	+0.0457%	8h	0.000005014	−0.484%	—	$2.3M	—
MEXC PEPE_USDT	+0.0488%	8h	0.000005014	−0.478%	$95.2M	$288.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000005037	−0.020%	$142K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0492%	8h	0.000005010	−0.550%	$140.0M	$1.16B	75x	as long as short
Extended 1000PEPE-USD	+0.0496%	1h	0.000005010	−0.546%	$552K	$199K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0506% / S −0.0411%	1h	0.000005000	−0.754%	$63K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0566%	8h	0.000005024	−0.269%	$1.7M	$8.0M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0566%	1h	0.000005034	−0.079%	$2K	$12K	10x	as long as short
Nado kPEPE-PERP	+0.0620%	1h	0.000005035	−0.063%	$178K	$884K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0828%	1h	0.000005032	−0.120%	$3.9M	$14.4M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005053	+0.298%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0921%	1h	0.000005027	−0.220%	$101K	$625K	15x	as long as short
01 Exchange kPEPEUSD	+0.0960%	1h	0.000005049	+0.218%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1288%	1h	0.000005040	+0.040%	$657K	$6.8M	10x	as long as short
Hyperliquid kPEPE	+0.2478%	1h	0.000005031	−0.139%	$55.6M	$135.1M	10x	as long as short