Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.006%

Price spread now: Variational Omni against dYdX−0.028%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Variational Omni is 0.028% cheaper against dYdX than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 23 hours 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	0.000004734	0	get 0.0000% / 1h	21m 08s	$17K	$95	10x
Short	Variational Omni 1000PEPE	0.000004733	0.0100	get 0.0100% / 8h	21m 08s	$570K	$4.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.028%Rate

Funding earned: $21
Price spread: −0.028% → 0.000%: −$2.82
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $8.18
Costs to cover: 0.100%
Break-even: 4.3 days

Slippage unknown: dYdX: no order-book sample; Variational Omni: RFQ quote, 3 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 Variational Omni RFQ quote, 3 min ago	5.28 bp	doesn't fit	15.8 bp −$158	doesn't fit	doesn't fit

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
Hyperliquid kPEPE	−0.0216%	1h	0.000004721	−0.279%	$67.7M	$94.4M	10x	as long as short
dYdX PEPE-USDlong	0.0000%	1h	0.000004734	long leg	$17K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004726	−0.169%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004725	−0.201%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004737	+0.059%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004726	−0.173%	$85.8M	$291.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004724	−0.215%	$148.8M	$64.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004726	−0.175%	$24.1M	$54.5M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004730	−0.080%	$41.8M	$150.4M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004733	−0.028%	$570K	$4.2M	—

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004744	+0.216%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004745	+0.228%	$99K	$755K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004742	+0.173%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004728	−0.131%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004733	−0.017%	$534K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0120%	1h	0.000004730	−0.089%	$608K	$6.5M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004737	+0.061%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004734	−0.013%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0201%	8h	0.000004730	−0.089%	$41.0M	$493.0M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0203%	8h	0.000004726	−0.163%	$2.3M	$6.5M	50x	as long as short
01 Exchange kPEPEUSD	+0.0272%	1h	0.000004738	+0.080%	$543	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0321%	8h	0.000004731	−0.067%	$3.9M	$22.2M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0376%	8h	0.000004728	−0.135%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0384% / S −0.0441%	1h	0.000004000	−15.508%	$42K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004732	−0.046%	$578K	$25.4M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004756	+0.461%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0562%	1h	0.000004730	−0.084%	$90K	$602K	15x	as long as short
BingX 1000PEPE-USDT	+0.0582%	8h	0.000004733	−0.029%	—	$257.0M	—	as long as short
Aster 1000PEPEUSDT	+0.0593%	8h	0.000004732	−0.053%	$1.5M	$7.3M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0597%	1h	0.000004728	−0.131%	$76K	$98K	25x	as long as short
MEXC PEPE_USDT	+0.0597%	8h	0.000004725	−0.205%	$88.1M	$281.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0598%	8h	0.000004730	−0.095%	$130.8M	$1.07B	75x	as long as short
Extended 1000PEPE-USD	+0.0600%	1h	0.000004726	−0.163%	$521K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0600%	1h	0.000004729	−0.110%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0649%	1h	0.000004737	+0.066%	$181K	$849K	10x	as long as short