Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0752%/8h= −82.4% APRpaid last 24h −0.075%

Price spread now: Orderly against GMX+3.052%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 Orderly

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. Orderly is 3.052% dearer against GMX than usual: you sell high and buy low (spread +3.052% now, against zero (this spread has no 7-day history yet)): +$305 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.1133% / S −0.2351%	pay 0.0142% / 1h	47m 42s	$63K	—	100x
Short	Orderly PERP_1000PEPE_USDC	0.000005153	0.0380	get 0.0380% / 8h	1h 47m	$34K	$26K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +3.052%Rate

Funding earned: −$157.93
Price spread: +3.052% → 0.000%: $305.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $129.27
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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
Injective PEPE/USDC PERP	−0.0016%	1h	0.000005161	+3.220%	$10K	$119K	12x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005149	+2.972%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005145	+2.898%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005160	+3.200%	$60K	$180K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005152	+3.040%	$101.4M	$414.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005155	+3.100%	$164.1M	$96.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005159	+3.188%	$25.9M	$72.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005155	+3.093%	$615K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005165	+3.307%	$28K	$540K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005157	+3.140%	$2K	$2.6M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005152	+3.040%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005153	+3.066%	$594K	$4.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005151	+3.014%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0303%	8h	0.000005162	+3.248%	$46.2M	$214.2M	75x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0380%	8h	0.000005153	+3.052%	$34K	$26K	20x
OKX PEPE-USDT-SWAP	+0.0418%	8h	0.000005155	+3.100%	$48.5M	$724.2M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0434%	1h	0.000005156	+3.124%	$73K	$849K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.0453%	1h	0.000005151	+3.029%	$4.7M	$16.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0508%	8h	0.000005159	+3.179%	$6K	—	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0527%	1h	0.000005150	+3.000%	$73K	$127K	25x	as long as short
BloFin PEPE-USDT	+0.0542%	8h	0.000005145	+2.900%	$4.5M	$29.5M	75x	as long as short
Lighter 1000PEPE	+0.0560%	1h	0.000005160	+3.200%	$621K	$9.0M	10x	as long as short
Phemex u1000PEPEUSDT	+0.0581%	8h	0.000005151	+3.014%	$2.4M	$8.0M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0624%	1h	0.000005156	+3.120%	$668K	$38.6M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0629%	1h	0.000005167	+3.340%	$156K	$820K	25x	as long as short
01 Exchange kPEPEUSD	+0.0648%	1h	0.000005153	+3.060%	$622	$3K	10x	as long as short
Nado kPEPE-PERP	+0.0730%	1h	0.000005150	+2.993%	$163K	$956K	10x	as long as short
BingX 1000PEPE-USDT	+0.0743%	8h	0.000005158	+3.152%	—	$217.5M	—	as long as short
Binance 1000PEPEUSDT	+0.0774%	8h	0.000005157	+3.144%	$142.4M	$1.45B	75x	as long as short
Extended 1000PEPE-USD	+0.0776%	1h	0.000005158	+3.166%	$547K	$286K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0776%	1h	0.000005152	+3.040%	$146K	—	3x	as long as short
MEXC PEPE_USDT	+0.0778%	8h	0.000005161	+3.224%	$98.9M	$302.6M	300x	as long as short
Aster 1000PEPEUSDT	+0.0789%	8h	0.000005154	+3.072%	$1.8M	$11.6M	50x	as long as short
Hyperliquid kPEPE	+0.0964%	1h	0.000005165	+3.300%	$55.2M	$154.6M	10x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.1133% / S −0.2351%	1h	0.000005000	long leg	$63K	—	100x