Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.041%

Price spread now: Orderly against Coinbase International+0.210%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.210% dearer against Coinbase International than usual: you sell high and buy low (spread +0.210% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 20 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000004813	0.0464	pay 0.0058% / 1h	0m 11s	$576K	$25.1M	50x
Short	Orderly PERP_1000PEPE_USDC	0.000004823	0.0428	get 0.0428% / 8h	2h 00m	$29K	$11K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.210%Rate

Funding earned: −$7.48
Price spread: +0.210% → 0.000%: $20.98
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.49
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

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, 4 min ago	4.15 bp	12.8 bp −$13	17.4 bp −$174	53.5 bp −$5,352	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000004811	−0.046%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004815	+0.031%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004814	+0.021%	$58.9M	$73.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004817	+0.083%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004815	+0.042%	$87.5M	$276.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004814	+0.021%	$150.6M	$62.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004814	+0.021%	$25.0M	$53.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004813	+0.006%	$552K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004829	+0.335%	$27K	$343K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004828	+0.310%	$1K	$2.4M	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	0.000004814	+0.015%	$552K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0186%	8h	0.000004814	+0.029%	$42.6M	$151.1M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004825	+0.243%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0196%	8h	0.000004817	+0.083%	$41.4M	$486.8M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0214% / S −0.0087%	1h	0.000004000	−16.892%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0309%	8h	0.000004817	+0.083%	$3.9M	$21.9M	75x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0428%	8h	0.000004823	+0.210%	$29K	$11K	20x
Coinbase International 1000PEPE-PERP-INTXlong	+0.0464%	1h	0.000004813	long leg	$576K	$25.1M	50x
Phemex u1000PEPEUSDT	+0.0520%	8h	0.000004821	+0.160%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0546%	8h	0.000004820	+0.141%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004823	+0.208%	$4K	$110K	12x	as long as short
Lighter 1000PEPE	+0.0728%	1h	0.000004820	+0.145%	$572K	$5.3M	10x	as long as short
Nado kPEPE-PERP	+0.0736%	1h	0.000004825	+0.240%	$189K	$848K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0746%	1h	0.000004808	−0.104%	$102K	$764K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0750%	1h	0.000004819	+0.125%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0760%	1h	0.000004819	+0.135%	$3.9M	$13.1M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0768%	1h	0.000004819	+0.121%	$93K	$624K	15x	as long as short
BingX 1000PEPE-USDT	+0.0831%	8h	0.000004820	+0.148%	—	$255.4M	—	as long as short
Extended 1000PEPE-USD	+0.0880%	1h	0.000004820	+0.153%	$529K	$147K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0880%	1h	0.000004828	+0.312%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0881%	8h	0.000004817	+0.087%	$91.3M	$292.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0884%	8h	0.000004818	+0.108%	$128.8M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0908%	8h	0.000004824	+0.220%	$1.5M	$6.9M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0996%	1h	0.000004823	+0.208%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1168%	1h	0.000004831	+0.374%	$553	$2K	10x	as long as short