Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0462%/8h= −50.6% APRpaid last 24h −0.005%

Price spread now: Binance against Deribit+0.182%7-day average — · 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−$12as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

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. Binance is 0.182% dearer against Deribit than usual: you sell high and buy low (spread +0.182% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 31 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.025% in total (about 1.3% 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	Deribit 1000PEPE_USDC-PERPETUAL	0.000004938	0.0967	pay 0.0121% / 1h	33m 44s	$70K	$107K	25x
Short	Binance 1000PEPEUSDT	0.000004947	0.0505	get 0.0505% / 8h	7h 33m	$139.1M	$1.09B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.182%Rate

Funding earned: −$96.97
Price spread: +0.182% → 0.000%: $18.17
Slippage, 4 orders: −$12.93
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$108.73
Costs to cover: 0.299%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Binance: live order book, 10 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 Deribit live order book, 5 min ago	6.11 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.10 bp	5.3 bp −$5	9.8 bp −$98	30.2 bp −$3,020	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	−0.0119%	1h	0.000004935	−0.066%	$4.0M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004939	+0.024%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004932	−0.119%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004944	+0.122%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004937	−0.028%	$90.6M	$301.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004932	−0.122%	$156.4M	$65.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004937	−0.028%	$25.4M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004941	+0.065%	$43.3M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−0.350%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.774%	$26K	$352K	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	0.000004941	+0.065%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004934	−0.081%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004928	−0.207%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004930	−0.160%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0186%	8h	0.000004940	+0.041%	$43.4M	$523.1M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004928	−0.194%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0200%	8h	0.000004928	−0.206%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0298%	8h	0.000004939	+0.028%	$30K	$13K	20x	as long as short
Lighter 1000PEPE	+0.0304%	1h	0.000004948	+0.203%	$579K	$6.7M	10x	as long as short
BloFin PEPE-USDT	+0.0308%	8h	0.000004932	−0.122%	$4.0M	$23.4M	75x	as long as short
Hyperliquid kPEPE	+0.0324%	1h	0.000004949	+0.223%	$58.0M	$114.6M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004939	+0.020%	$588K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0414%	1h	0.000004928	−0.201%	$192K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0455%	1h	0.000004932	−0.122%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0464% / S −0.0693%	1h	0.000004000	−18.996%	$46K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0464%	1h	0.000004933	−0.101%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0488%	8h	0.000004938	−0.004%	—	$257.0M	—	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004933	−0.099%	$541K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0504%	8h	0.000004942	+0.079%	$97.3M	$282.8M	300x	as long as short
Binance 1000PEPEUSDTshort	+0.0505%	8h	0.000004947	+0.182%	$139.1M	$1.09B	75x
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004936	−0.041%	$140K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000004940	+0.040%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0555%	1h	0.000004935	−0.059%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004931	−0.142%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0967%	1h	0.000004938	long leg	$70K	$107K	25x