Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0268%/8h= −29.3% APRpaid last 24h −0.040%

Price spread now: Phemex against Coinbase International−0.271%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

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

costs, in and out, $10k−$720.719% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 3 days (all we have)+0.367%+$37 · spread now −0.271%, 7d avg +0.031%

Together, before fees+0.317%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.302% 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 +0.031%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.050% in total (about -2.6% 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	0.000004975	0.0368	pay 0.0046% / 1h	27m 04s	$675K	$27.1M	50x
Short	Phemex u1000PEPEUSDT	0.000004961	0.0100	get 0.0100% / 8h	7h 27m	$2.4M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.271%Rate

Funding earned: −$56.28
Price spread: −0.271% → +0.031%: −$30.22
Slippage, 4 orders: −$49.93
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$158.43
Costs to cover: 0.719%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Phemex: live order book, 2 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	4.02 bp	12.5 bp −$13	18.1 bp −$181	98.6 bp −$9,863	doesn't fit
Sell Phemex live order book, 2 min ago	13.69 bp	23.7 bp −$24	42.9 bp −$429	doesn't fit	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
Kraken Futures PF_PEPEUSD	−0.0118%	1h	0.000004970	−0.097%	$3.9M	$14.1M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004940	−0.703%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004968	−0.139%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004944	−0.623%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004965	−0.201%	$92.2M	$304.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004964	−0.221%	$157.4M	$66.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004971	−0.082%	$25.1M	$56.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004966	−0.187%	$43.2M	$152.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	−0.307%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004970	−0.099%	$52K	$377K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004978	+0.050%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004969	−0.121%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004973	−0.042%	$558K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDTshort	+0.0100%	8h	0.000004961	−0.271%	$2.4M	$6.6M	50x
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004969	−0.121%	$43.7M	$529.3M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004961	−0.276%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0205%	8h	0.000004943	−0.650%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0287%	8h	0.000004972	−0.056%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0301%	8h	0.000004972	−0.060%	$4.0M	$23.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0348%	1h	0.000004968	−0.141%	$103K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0368%	1h	0.000004975	long leg	$675K	$27.1M	50x
Lighter 1000PEPE	+0.0376%	1h	0.000004974	−0.020%	$583K	$6.7M	10x	as long as short
Nado kPEPE-PERP	+0.0471%	1h	0.000004966	−0.183%	$191K	$857K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0479% / S −0.0383%	1h	0.000004000	−19.598%	$62K	—	100x	as long as short
BingX 1000PEPE-USDT	+0.0479%	8h	0.000004967	−0.153%	—	$257.2M	—	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004954	−0.422%	$1K	$2K	10x	as long as short
Extended 1000PEPE-USD	+0.0488%	1h	0.000004971	−0.087%	$546K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000004966	−0.181%	$140K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0489%	8h	0.000004974	−0.015%	$138.7M	$1.10B	75x	as long as short
MEXC PEPE_USDT	+0.0494%	8h	0.000004964	−0.213%	$97.8M	$285.2M	300x	as long as short
Aster 1000PEPEUSDT	+0.0518%	8h	0.000004970	−0.097%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0557%	1h	0.000004972	−0.070%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004937	−0.764%	$4K	$102K	12x	as long as short
Hyperliquid kPEPE	+0.0750%	1h	0.000004979	+0.080%	$59.2M	$120.0M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0958%	1h	0.000004973	−0.040%	$68K	$110K	25x	as long as short