Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.082%

Price spread now: Bybit against GMX+20.400%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bybit

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—needs both histories

The price spread pays, funding is against you. Bybit is 20.400% dearer against GMX than usual: you sell high and buy low (spread +20.400% now, against zero (this spread has no 7-day history yet)): +$2,040 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 20 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000004000	L +0.0215% / S −0.0088%	pay 0.0027% / 1h	3m 05s	$55K	—	100x
Short	Bybit 1000PEPEUSDT	0.000004816	0.0100	get 0.0100% / 8h	2h 03m	$87.5M	$275.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now +20.400%Rate

Funding earned: −$24.11
Price spread: +20.400% → 0.000%: $2,040
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $1,992.89
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 1 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.04 bp	9.0 bp −$9	16.7 bp −$167	44.1 bp −$4,412	258.0 bp −$129.0K

GMX: 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	0.000004824	+20.606%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0005%	1h	0.000004820	+20.505%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004817	+20.425%	$58.8M	$73.2M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004825	+20.625%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004816	+20.400%	$87.5M	$275.9M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004815	+20.375%	$150.5M	$62.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004820	+20.490%	$25.0M	$53.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004797	+19.932%	$551K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004808	+20.192%	$27K	$342K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004844	+21.113%	$2K	$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	0.000004823	+20.568%	$555K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0183%	8h	0.000004817	+20.435%	$42.5M	$151.0M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004818	+20.450%	$41.5M	$486.7M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004828	+20.704%	$7K	—	15x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0215% / S −0.0088%	1h	0.000004000	long leg	$55K	—	100x
BloFin PEPE-USDT	+0.0305%	8h	0.000004819	+20.475%	$3.9M	$21.9M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0424%	8h	0.000004825	+20.630%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004823	+20.575%	$577K	$25.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0505%	8h	0.000004820	+20.495%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0537%	8h	0.000004829	+20.735%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004823	+20.575%	$4K	$110K	12x	as long as short
Nado kPEPE-PERP	+0.0735%	1h	0.000004833	+20.824%	$189K	$848K	10x	as long as short
Lighter 1000PEPE	+0.0736%	1h	0.000004825	+20.625%	$573K	$5.3M	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0746%	1h	0.000004808	+20.200%	$102K	$764K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0748%	1h	0.000004821	+20.528%	$93K	$624K	15x	as long as short
SoDEX 1000PEPE-USD	+0.0758%	1h	0.000004821	+20.525%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0759%	1h	0.000004822	+20.550%	$3.9M	$13.1M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0788%	1h	0.000004823	+20.575%	$82K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0828%	8h	0.000004821	+20.535%	—	$254.7M	—	as long as short
Extended 1000PEPE-USD	+0.0872%	1h	0.000004817	+20.424%	$529K	$147K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0872%	1h	0.000004825	+20.625%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0874%	8h	0.000004821	+20.520%	$91.6M	$292.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0875%	8h	0.000004821	+20.520%	$128.9M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0900%	8h	0.000004822	+20.540%	$1.5M	$6.9M	50x	as long as short
01 Exchange kPEPEUSD	+0.1176%	1h	0.000004843	+21.075%	$555	$2K	10x	as long as short