Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0276%/8h= +30.2% APRpaid last 24h +0.080%

Price spread now: Lighter against edgeX+0.079%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 3 days (all we have)−0.149%−$15 · spread now +0.079%, 7d avg +0.061%

Together, before fees−0.067%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.061%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.083% in total (about 4.3% 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	edgeX 1000PEPEUSDC	0.000004970	0.0100	pay 0.0050% / 4h	3h 27m	$52K	$377K	20x
Short	Lighter 1000PEPE	0.000004974	0.0376	get 0.0047% / 1h	27m 09s	$583K	$6.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.079%Rate

Funding earned: $57.96
Price spread: +0.079% → +0.061%: $1.82
Slippage, 4 orders: −$15.91
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $34.86
Costs to cover: 0.249%
Break-even: 2.8 days

Slippage from edgeX: live order book, 46 min ago; Lighter: live order book, 6 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 edgeX live order book, 46 min ago	0.85 bp	5.5 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	4.05 bp	9.9 bp −$10	24.2 bp −$242	54.3 bp −$5,433	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	+0.003%	$3.9M	$14.1M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004940	−0.604%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004968	−0.039%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004944	−0.524%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004965	−0.102%	$92.2M	$304.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004964	−0.122%	$157.4M	$66.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004971	+0.017%	$25.1M	$56.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004966	−0.088%	$43.2M	$152.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	−0.208%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDClong	+0.0100%	4h	0.000004970	long leg	$52K	$377K	20x

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	+0.150%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004969	−0.021%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004973	+0.057%	$558K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004961	−0.172%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004969	−0.021%	$43.7M	$529.3M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004961	−0.177%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0205%	8h	0.000004943	−0.551%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0287%	8h	0.000004972	+0.043%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0301%	8h	0.000004972	+0.039%	$4.0M	$23.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0348%	1h	0.000004968	−0.041%	$103K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004975	+0.100%	$675K	$27.1M	50x	as long as short
Lighter 1000PEPEshort	+0.0376%	1h	0.000004974	+0.079%	$583K	$6.7M	10x
Nado kPEPE-PERP	+0.0471%	1h	0.000004966	−0.084%	$191K	$857K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0479% / S −0.0383%	1h	0.000004000	−19.518%	$62K	—	100x	as long as short
BingX 1000PEPE-USDT	+0.0479%	8h	0.000004967	−0.053%	—	$257.2M	—	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004954	−0.323%	$1K	$2K	10x	as long as short
Extended 1000PEPE-USD	+0.0488%	1h	0.000004971	+0.013%	$546K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000004966	−0.082%	$140K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0489%	8h	0.000004974	+0.084%	$138.7M	$1.10B	75x	as long as short
MEXC PEPE_USDT	+0.0494%	8h	0.000004964	−0.114%	$97.8M	$285.2M	300x	as long as short
Aster 1000PEPEUSDT	+0.0518%	8h	0.000004970	+0.002%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0557%	1h	0.000004972	+0.029%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004937	−0.665%	$4K	$102K	12x	as long as short
Hyperliquid kPEPE	+0.0750%	1h	0.000004979	+0.180%	$59.2M	$120.0M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0958%	1h	0.000004973	+0.059%	$68K	$110K	25x	as long as short