Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0325%/8h= −35.6% APRpaid last 24h +0.012%

Price spread now: Paradex against Deribit+0.196%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.196% dearer against Deribit than usual: you sell high and buy low (spread +0.196% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000PEPE_USDC-PERPETUAL	0.000004847	0.0783	pay 0.0098% / 1h	46m 58s	$82K	$94K	25x
Short	Paradex kPEPE-USD-PERP	0.000004856	0.0458	get 0.0458% / 8h	1h 46m	$5K	$16	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.196%Rate

Funding earned: −$68.25
Price spread: +0.196% → 0.000%: $19.56
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$59.69
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; Paradex: 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 Deribit no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

Deribit and Paradex: 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	0.000004852	+0.093%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004841	−0.122%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004849	+0.041%	$634K	$5.4M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004845	−0.041%	$60.6M	$76.0M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004854	+0.144%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004845	−0.039%	$88.1M	$278.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004843	−0.083%	$151.4M	$62.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004847	−0.006%	$25.0M	$53.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004869	+0.456%	$582K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004867	+0.421%	$27K	$342K	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	0.000004862	+0.316%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004856	+0.184%	$551K	$3.5M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0112%	1h	0.000004847	0.000%	$2K	$9K	10x	as long as short
Bitget PEPEUSDT	+0.0172%	8h	0.000004847	−0.008%	$42.7M	$151.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004850	+0.065%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0205%	8h	0.000004847	0.000%	$41.6M	$491.9M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0317% / S −0.0215%	1h	0.000004000	−17.475%	$52K	—	100x	as long as short
BloFin PEPE-USDT	+0.0324%	8h	0.000004845	−0.041%	$3.9M	$22.2M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0438%	8h	0.000004849	+0.033%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004853	+0.124%	$639K	$25.5M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0453%	8h	0.000004843	−0.080%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERPshort	+0.0458%	8h	0.000004856	+0.196%	$5K	$16	20x
01 Exchange kPEPEUSD	+0.0592%	1h	0.000004857	+0.206%	$556	$2K	10x	as long as short
Nado kPEPE-PERP	+0.0746%	1h	0.000004857	+0.197%	$187K	$854K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0761%	1h	0.000004848	+0.021%	$92K	$614K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0783%	1h	0.000004847	long leg	$82K	$94K	25x
BingX 1000PEPE-USDT	+0.0837%	8h	0.000004847	−0.002%	—	$256.0M	—	as long as short
Extended 1000PEPE-USD	+0.0864%	1h	0.000004847	−0.004%	$535K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0865%	8h	0.000004848	+0.021%	$130.4M	$1.03B	75x	as long as short
MEXC PEPE_USDT	+0.0870%	8h	0.000004849	+0.050%	$91.8M	$282.7M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0872%	1h	0.000004854	+0.144%	$137K	—	3x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004868	+0.433%	$4K	$103K	12x	as long as short
Aster 1000PEPEUSDT	+0.0896%	8h	0.000004850	+0.071%	$1.5M	$7.0M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.1302%	1h	0.000004870	+0.475%	$104K	$764K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1316%	1h	0.000004847	+0.002%	$4.0M	$13.2M	50x	as long as short