Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.019%

Price spread now: BloFin against Coinbase International+0.077%58s7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as 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−$470.474% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now +0.077%, 7d avg −0.039%

Together, before fees+0.223%+$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.117% dearer against Coinbase International than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of −0.039%): +$12 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.209%, so the current rate has only just turned against you. The two prices were read 58 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	Coinbase International 1000PEPE-PERP-INTX	0.000005166	0.0672	pay 0.0084% / 1h	15m 59s	$967K	$34.2M	50x
Short	BloFin PEPE-USDT	0.000005170	0.0510	get 0.0510% / 8h	4h 15m	$4.4M	$26.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$34
Price spread: +0.077% → −0.039%: $11.68
Slippage, 4 orders: −$25.41
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$69.74
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; BloFin: live order book, 3 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, 3 min ago	3.89 bp	13.8 bp −$14	19.3 bp −$193	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	4.86 bp	11.2 bp −$11	14.6 bp −$146	26.4 bp −$2,641	99.4 bp −$49.7K

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	0.000005159	−0.134%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005161	−0.101%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005165	−0.019%	$66K	$146K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005158	−0.153%	$99.5M	$359.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005156	−0.194%	$167.9M	$82.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005164	−0.035%	$26.3M	$65.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005163	−0.066%	$807K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005148	−0.339%	$42K	$465K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005169	+0.058%	$2K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005171	+0.091%	$600K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005164	−0.034%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0210%	8h	0.000005165	−0.029%	$47.7M	$180.2M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	+0.136%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0356%	8h	0.000005173	+0.130%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0392%	8h	0.000005166	0.000%	$48.4M	$631.6M	50x	as long as short
BloFin PEPE-USDTshort	+0.0510%	8h	0.000005170	+0.077%	$4.4M	$26.7M	75x
Phemex u1000PEPEUSDT	+0.0581%	8h	0.000005167	+0.023%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0672%	1h	0.000005166	long leg	$967K	$34.2M	50x
BingX 1000PEPE-USDC	+0.0707%	8h	0.000005170	+0.074%	—	$2.3M	—	as long as short
SoDEX 1000PEPE-USD	+0.0732%	1h	0.000005172	+0.116%	$2K	$10K	10x	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000005165	−0.013%	$547K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0744%	1h	0.000005203	+0.716%	$147K	—	3x	as long as short
MEXC PEPE_USDT	+0.0747%	8h	0.000005167	+0.019%	$99.2M	$292.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0747%	8h	0.000005168	+0.039%	$147.1M	$1.26B	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0790%	8h	0.000005163	−0.064%	$6K	—	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0798% / S −0.1602%	1h	0.000005000	−3.213%	$63K	—	100x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0806%	1h	0.000005163	−0.058%	$101K	$743K	25x	as long as short
Lighter 1000PEPE	+0.0816%	1h	0.000005170	+0.077%	$614K	$8.3M	10x	as long as short
Aster 1000PEPEUSDT	+0.0857%	8h	0.000005169	+0.061%	$1.8M	$9.6M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0912%	1h	0.000005171	+0.097%	$73K	$125K	25x	as long as short
Nado kPEPE-PERP	+0.0932%	1h	0.000005166	+0.001%	$185K	$903K	10x	as long as short
01 Exchange kPEPEUSD	+0.1096%	1h	0.000005176	+0.194%	$624	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1156%	1h	0.000005163	−0.068%	$63K	$685K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1260%	1h	0.000005170	+0.083%	$4.7M	$16.0M	50x	as long as short
Hyperliquid kPEPE	+0.1567%	1h	0.000005165	−0.019%	$55.7M	$142.2M	10x	as long as short