Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0883%/8h= +96.7% APRpaid last 24h −0.018%

Price spread now: Aster against Hyperliquid+0.172%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.266%−$27 on $10k

Price spread, last 7 days−0.095%−$10 · spread now +0.172%, 7d avg −0.036%

Together, before fees−0.361%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Aster is 0.208% dearer against Hyperliquid than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.036%. Mind the row above: over the last 7 days funding on this pair cost −0.266%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.266% in total (about -13.8% 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	Hyperliquid kPEPE	0.000004765	−0.0328	get 0.0041% / 1h	2m 31s	$69.1M	$99.6M	10x
Short	Aster 1000PEPEUSDT	0.000004773	0.0555	get 0.0555% / 8h	2m 31s	$1.5M	$7.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now +0.172%Rate

Funding earned: $185.53
Price spread: +0.172% → −0.036%: $20.84
Slippage, 4 orders: −$15.09
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: $174.28
Costs to cover: 0.321%
Break-even: 0.4 days

Slippage from Hyperliquid: live order book, 11 min ago; Aster: live order book, 1 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 Hyperliquid live order book, 11 min ago	1.06 bp	5.6 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell Aster live order book, 1 min ago	1.78 bp	5.9 bp −$6	8.0 bp −$80	doesn't fit	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
Hyperliquid kPEPElong	−0.0328%	1h	0.000004765	long leg	$69.1M	$99.6M	10x
dYdX PEPE-USD	0.0000%	1h	0.000004768	+0.064%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004760	−0.113%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004763	−0.044%	$3.9M	$13.9M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004771	+0.126%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004769	+0.084%	$87.3M	$295.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004767	+0.042%	$151.1M	$65.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004772	+0.145%	$24.4M	$54.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004771	+0.126%	$42.1M	$151.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004725	−0.842%	$544K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004725	−0.845%	$25K	$351K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004740	−0.525%	$99K	$755K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004770	+0.107%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004763	−0.042%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004762	−0.067%	$538K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0162%	8h	0.000004768	+0.069%	$2.3M	$6.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0178%	8h	0.000004767	+0.049%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0184%	1h	0.000004772	+0.147%	$576K	$6.6M	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004765	−0.003%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0194%	8h	0.000004773	+0.168%	$42.5M	$501.0M	50x	as long as short
BloFin PEPE-USDT	+0.0315%	8h	0.000004763	−0.042%	$3.9M	$22.5M	75x	as long as short
01 Exchange kPEPEUSD	+0.0320%	1h	0.000004771	+0.126%	$547	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0344%	8h	0.000004764	−0.013%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0395% / S −0.0434%	1h	0.000004000	−16.055%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004753	−0.252%	$558K	$25.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004746	−0.399%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0536%	1h	0.000004768	+0.055%	$93K	$603K	15x	as long as short
BingX 1000PEPE-USDT	+0.0540%	8h	0.000004771	+0.118%	—	$257.4M	—	as long as short
Aster 1000PEPEUSDTshort	+0.0555%	8h	0.000004773	+0.172%	$1.5M	$7.3M	50x
Binance 1000PEPEUSDT	+0.0558%	8h	0.000004771	+0.136%	$134.2M	$1.07B	75x	as long as short
Extended 1000PEPE-USD	+0.0560%	1h	0.000004769	+0.081%	$524K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0560%	8h	0.000004773	+0.162%	$90.2M	$283.8M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000004768	+0.063%	$135K	—	3x	as long as short
Nado kPEPE-PERP	+0.0583%	1h	0.000004771	+0.120%	$180K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0800%	1h	0.000004765	0.000%	$77K	$98K	25x	as long as short