Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.008%

Price spread now: Bybit against dYdX−0.129%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.129% cheaper against dYdX than usual: you would sell low and buy high (spread −0.129% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 4.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PEPE-USD	0.000004802	0	get 0.0000% / 1h	5m 05s	$18K	$95	10x
Short	Bybit 1000PEPEUSDT	0.000004796	0.0100	get 0.0100% / 8h	2h 05m	$87.2M	$275.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.129%Rate

Funding earned: $21
Price spread: −0.129% → 0.000%: −$12.94
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.94
Costs to cover: 0.210%
Break-even: 11.3 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 4 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.04 bp	10.7 bp −$11	18.7 bp −$187	42.4 bp −$4,239	248.4 bp −$124.2K

dYdX: 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-USDlong	0.0000%	1h	0.000004802	long leg	$18K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004794	−0.177%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004798	−0.088%	$58.4M	$72.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004808	+0.121%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004796	−0.129%	$87.2M	$275.7M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004794	−0.171%	$149.9M	$62.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004799	−0.065%	$24.8M	$53.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004797	−0.103%	$551K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004830	+0.573%	$27K	$340K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004806	+0.071%	$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	0.000004807	+0.100%	$553K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0183%	8h	0.000004799	−0.067%	$42.3M	$150.9M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0183%	8h	0.000004799	−0.067%	$41.4M	$484.6M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004802	−0.010%	$7K	—	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0215% / S −0.0088%	1h	0.000004000	−16.705%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0302%	8h	0.000004800	−0.046%	$3.9M	$21.8M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0422%	8h	0.000004801	−0.021%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004810	+0.162%	$575K	$25.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0517%	8h	0.000004809	+0.135%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0535%	8h	0.000004809	+0.144%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004813	+0.225%	$4K	$110K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0584%	1h	0.000004800	−0.046%	$81K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0721%	1h	0.000004802	+0.002%	$92K	$624K	15x	as long as short
Lighter 1000PEPE	+0.0736%	1h	0.000004803	+0.016%	$570K	$5.3M	10x	as long as short
Nado kPEPE-PERP	+0.0745%	1h	0.000004804	+0.032%	$188K	$848K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0749%	1h	0.000004799	−0.067%	$2K	$9K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0751%	1h	0.000004804	+0.037%	$102K	$763K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0763%	1h	0.000004798	−0.086%	$3.9M	$13.1M	50x	as long as short
BingX 1000PEPE-USDT	+0.0827%	8h	0.000004804	+0.039%	—	$254.7M	—	as long as short
Extended 1000PEPE-USD	+0.0872%	1h	0.000004797	−0.106%	$529K	$147K	25x	as long as short
MEXC PEPE_USDT	+0.0872%	8h	0.000004801	−0.025%	$91.2M	$292.6M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0872%	1h	0.000004804	+0.037%	$136K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0873%	8h	0.000004802	−0.015%	$128.0M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0899%	8h	0.000004806	+0.071%	$1.5M	$6.9M	50x	as long as short
01 Exchange kPEPEUSD	+0.1184%	1h	0.000004818	+0.329%	$552	$2K	10x	as long as short