Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0703%/8h= +77.0% APRpaid last 24h −0.094%

Price spread now: MEXC against Hyperliquid−0.002%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$140.143% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.422%−$42 on $10k

Price spread, last 7 days−0.059%−$6 · spread now −0.002%, 7d avg −0.058%

Together, before fees−0.481%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and MEXC is 0.056% dearer against Hyperliquid than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.058%. Mind the row above: over the last 7 days funding on this pair cost −0.422%, 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 -0.422% in total (about -22.0% 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	0.000004802	0.0100	pay 0.0013% / 1h	26m 01s	$62.7M	$80.2M	10x
Short	MEXC PEPE_USDT	0.000004802	0.0803	get 0.0803% / 8h	1h 26m	$91.3M	$284.6M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.002%Rate

Funding earned: $147.63
Price spread: −0.002% → −0.058%: $5.6
Slippage, 4 orders: −$5.34
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: $138.89
Costs to cover: 0.143%
Break-even: 0.4 days

Slippage from Hyperliquid: live order book, 8 min ago; MEXC: live order book, 3 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, 8 min ago	1.04 bp	5.5 bp −$6	8.3 bp −$83	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.10 bp	0.9 bp −$1	11.3 bp −$113	49.7 bp −$4,972	80.4 bp −$40.2K

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	0.000004803	+0.025%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004804	+0.035%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004806	+0.083%	$599K	$5.7M	10x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004802	long leg	$62.7M	$80.2M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004810	+0.167%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004805	+0.054%	$87.1M	$281.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004801	−0.021%	$149.5M	$63.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004805	+0.058%	$24.8M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004818	+0.331%	$574K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004819	+0.353%	$27K	$342K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004813	+0.219%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004806	+0.083%	$3K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004815	+0.279%	$543K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0138%	8h	0.000004807	+0.100%	$42.3M	$151.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004807	+0.102%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0207%	8h	0.000004809	+0.146%	$41.8M	$491.8M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0212% / S −0.0091%	1h	0.000004000	−16.701%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0323%	8h	0.000004823	+0.437%	$3.9M	$22.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0335%	8h	0.000004806	+0.087%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0379%	8h	0.000004808	+0.133%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0424%	1h	0.000004813	+0.229%	$551	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0447%	8h	0.000004808	+0.119%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004806	+0.083%	$597K	$25.6M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0583%	1h	0.000004808	+0.125%	$81K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0591%	1h	0.000004806	+0.079%	$91K	$615K	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0596%	1h	0.000004818	+0.333%	$102K	$763K	25x	as long as short
Nado kPEPE-PERP	+0.0748%	1h	0.000004811	+0.185%	$186K	$853K	10x	as long as short
BingX 1000PEPE-USDT	+0.0780%	8h	0.000004805	+0.065%	—	$256.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0797%	8h	0.000004808	+0.129%	$130.3M	$1.04B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000004807	+0.102%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004810	+0.167%	$136K	—	3x	as long as short
MEXC PEPE_USDTshort	+0.0803%	8h	0.000004802	−0.002%	$91.3M	$284.6M	300x
Aster 1000PEPEUSDT	+0.0824%	8h	0.000004808	+0.129%	$1.5M	$7.1M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004833	+0.646%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1327%	1h	0.000004805	+0.073%	$3.9M	$13.3M	50x	as long as short