Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h −0.052%

Price spread now: Bybit against Coinbase International−0.354%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$400.395% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 3 days (all we have)+0.339%+$34 · spread now −0.354%, 7d avg −0.053%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bybit is 0.301% cheaper against Coinbase International than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000005089	0.0424	pay 0.0053% / 1h	3m 07s	$926K	$30.6M	50x
Short	Bybit 1000PEPEUSDT	0.000005071	0.0100	get 0.0100% / 8h	6h 03m	$98.9M	$326.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.354%Rate

Funding earned: −$68.04
Price spread: −0.354% → −0.053%: −$30.09
Slippage, 4 orders: −$18.5
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$137.63
Costs to cover: 0.395%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Bybit: live order book, 1 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, 6 min ago	4.91 bp	9.9 bp −$10	18.9 bp −$189	132.1 bp −$13.2K	doesn't fit
Sell Bybit live order book, 1 min ago	0.98 bp	8.2 bp −$8	13.7 bp −$137	36.6 bp −$3,659	doesn't fit

PEPE on 34 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	0.000005071	−0.354%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005073	−0.318%	$18K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005081	−0.157%	$62K	$127K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000005071	−0.354%	$98.9M	$326.8M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005076	−0.255%	$163.1M	$72.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005077	−0.234%	$25.5M	$61.4M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005078	−0.216%	$47.3M	$167.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005096	+0.130%	$681K	$4.6M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005115	+0.511%	$27K	$422K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005091	+0.031%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005089	+0.002%	$580K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005075	−0.267%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0267%	8h	0.000005076	−0.255%	$45.8M	$577.6M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0290%	8h	0.000005084	−0.106%	$33K	$24K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0424%	1h	0.000005089	long leg	$926K	$30.6M	50x
Phemex u1000PEPEUSDT	+0.0487%	8h	0.000005078	−0.208%	$2.4M	$7.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0520%	8h	0.000005076	−0.259%	—	$259.6M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0531% / S −0.0563%	1h	0.000005000	−1.749%	$57K	—	100x	as long as short
MEXC PEPE_USDT	+0.0557%	8h	0.000005080	−0.177%	$96.7M	$292.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0559%	8h	0.000005078	−0.215%	$143.4M	$1.18B	75x	as long as short
Extended 1000PEPE-USD	+0.0560%	1h	0.000005087	−0.030%	$559K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000005089	0.000%	$144K	—	3x	as long as short
SoDEX 1000PEPE-USD	+0.0602%	1h	0.000005088	−0.020%	$2K	$12K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0615%	1h	0.000005115	+0.511%	$106K	$749K	25x	as long as short
Aster 1000PEPEUSDT	+0.0661%	8h	0.000005085	−0.083%	$1.7M	$8.3M	50x	as long as short
Nado kPEPE-PERP	+0.0669%	1h	0.000005076	−0.246%	$192K	$881K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0679%	8h	0.000005083	−0.124%	$6K	—	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0735%	1h	0.000005082	−0.138%	$62K	$114K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0819%	1h	0.000005084	−0.090%	$4.0M	$14.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005109	+0.393%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0947%	1h	0.000005078	−0.218%	$98K	$609K	15x	as long as short
01 Exchange kPEPEUSD	+0.0968%	1h	0.000005081	−0.157%	$613	$3K	10x	as long as short
Lighter 1000PEPE	+0.1816%	1h	0.000005096	+0.138%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2032%	1h	0.000005085	−0.079%	$56.2M	$136.3M	10x	as long as short