Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0738%/8h= −80.8% APRpaid last 24h −0.124%

Price spread now: Variational Omni against GMX+23.431%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Variational Omni is 23.431% dearer against GMX than usual: you sell high and buy low (spread +23.431% now, against zero (this spread has no 7-day history yet)): +$2,343 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000004000	L +0.0838% / S −0.0953%	pay 0.0105% / 1h	55m 14s	$50K	—	100x
Short	Variational Omni 1000PEPE	0.000004937	0.0100	get 0.0100% / 8h	5h 55m	$643K	$5.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +23.431%Rate

Funding earned: −$155.05
Price spread: +23.431% → 0.000%: $2,343.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $2,176.06
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	5.05 bp	doesn't fit	15.1 bp −$151	doesn't fit	doesn't fit

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 exchanges

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	−0.0372%	1h	0.000004936	+23.398%	$4.6M	$16.6M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004938	+23.447%	$25K	$18K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	0.0000%	1h	0.000004937	+23.425%	$57K	$115K	25x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004951	+23.783%	$3K	—	150x	as long as short
01 Exchange kPEPEUSD	+0.0080%	1h	0.000004936	+23.400%	$595	$2K	10x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004938	+23.450%	$593K	$9.0M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004937	+23.425%	$49.9M	$156.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004940	+23.500%	$57K	$195K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004937	+23.415%	$94.0M	$441.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004936	+23.400%	$152.0M	$101.9M	75x	as long as short

Show all 35 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004935	+23.382%	$24.9M	$75.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004936	+23.403%	$43.7M	$229.4M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0100%	1h	0.000004927	+23.183%	$76K	$989K	15x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004937	+23.431%	$643K	$5.3M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004955	+23.885%	$27K	$569K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004977	+24.425%	$144K	$851K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004943	+23.583%	$1K	$2.5M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004936	+23.400%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004939	+23.467%	$579K	$4.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004933	+23.318%	$2.3M	$8.0M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0111%	8h	0.000004943	+23.579%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0132%	1h	0.000004936	+23.400%	$136K	$939K	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0142%	8h	0.000004939	+23.475%	$44.4M	$720.6M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004934	+23.348%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0266%	8h	0.000004936	+23.400%	$4.3M	$28.6M	75x	as long as short
Injective PEPE/USDC PERP	+0.0284%	1h	0.000004939	+23.475%	$4K	$122K	12x	as long as short
Binance 1000PEPEUSDT	+0.0287%	8h	0.000004935	+23.380%	$127.6M	$1.53B	75x	as long as short
Extended 1000PEPE-USD	+0.0288%	1h	0.000004934	+23.346%	$518K	$285K	25x	as long as short
MEXC PEPE_USDT	+0.0293%	8h	0.000004940	+23.508%	$100.9M	$294.8M	300x	as long as short
Aster 1000PEPEUSDT	+0.0299%	8h	0.000004939	+23.475%	$1.8M	$12.5M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0304%	1h	0.000004936	+23.400%	$140K	—	3x	as long as short
BingX 1000PEPE-USDC	+0.0310%	8h	0.000004940	+23.488%	—	$2.3M	—	as long as short
Orderly PERP_1000PEPE_USDC	+0.0348%	8h	0.000004937	+23.430%	$32K	$30K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004941	+23.525%	$760K	$38.7M	50x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0838% / S −0.0953%	1h	0.000004000	long leg	$50K	—	100x