Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0432%/8h= +47.3% APRpaid last 24h −0.100%

Price spread now: OKX against Injective0.000%7-day average −0.550% · you sell dearer than you buy

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$1051.048% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now 0.000%, 7d avg −0.550%

Together, before fees−0.243%−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and OKX is 0.550% dearer against Injective than usual: you sell high and buy low: +$55 more if the spread goes back to its 7-day average of −0.550%. Mind the row above: over the last 7 days funding on this pair cost −0.389%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PEPE/USDC PERP	0.000005161	−0.0016	get 0.0002% / 1h	48m 48s	$10K	$119K	12x
Short	OKX PEPE-USDT-SWAP	0.000005161	0.0416	get 0.0416% / 8h	1h 48m	$48.3M	$724.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Injective. 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 InjectivebpFee OKXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $90.74
Price spread: 0.000% → −0.550%: $55.03
Slippage, 4 orders: −$94.74
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $41.01
Costs to cover: 1.048%
Break-even: 3.8 days

Slippage from Injective: live order book, 60 min ago; OKX: live order book, 5 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 Injective live order book, 60 min ago	16.91 bp	72.3 bp −$72	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.97 bp	9.2 bp −$9	13.7 bp −$137	37.9 bp −$3,793	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
Injective PEPE/USDC PERPlong	−0.0016%	1h	0.000005161	long leg	$10K	$119K	12x
dYdX PEPE-USD	0.0000%	1h	0.000005139	−0.426%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005145	−0.314%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005147	−0.271%	$60K	$180K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005157	−0.078%	$101.5M	$414.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005151	−0.194%	$164.0M	$96.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005159	−0.031%	$25.9M	$72.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005155	−0.123%	$615K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005165	+0.085%	$28K	$540K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005154	−0.130%	$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	0.000005149	−0.233%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005149	−0.229%	$594K	$4.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005146	−0.296%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0304%	8h	0.000005156	−0.087%	$46.2M	$214.2M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0380%	8h	0.000005153	−0.163%	$34K	$26K	20x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0416%	8h	0.000005161	0.000%	$48.3M	$724.7M	50x
Backpack kPEPE_USDC_PERP	+0.0433%	1h	0.000005156	−0.097%	$73K	$849K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.0454%	1h	0.000005146	−0.290%	$4.7M	$16.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0510%	8h	0.000005148	−0.254%	$6K	—	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0527%	1h	0.000005150	−0.213%	$73K	$127K	25x	as long as short
BloFin PEPE-USDT	+0.0542%	8h	0.000005145	−0.310%	$4.5M	$29.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0587%	8h	0.000005146	−0.283%	$2.4M	$8.0M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0624%	1h	0.000005147	−0.271%	$667K	$38.6M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0629%	1h	0.000005167	+0.116%	$156K	$820K	25x	as long as short
Lighter 1000PEPE	+0.0640%	1h	0.000005150	−0.213%	$619K	$9.0M	10x	as long as short
01 Exchange kPEPEUSD	+0.0656%	1h	0.000005146	−0.291%	$621	$3K	10x	as long as short
Nado kPEPE-PERP	+0.0711%	1h	0.000005164	+0.058%	$164K	$956K	10x	as long as short
BingX 1000PEPE-USDT	+0.0743%	8h	0.000005158	−0.056%	—	$217.5M	—	as long as short
Extended 1000PEPE-USD	+0.0776%	1h	0.000005156	−0.100%	$547K	$286K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0776%	1h	0.000005152	−0.174%	$146K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0779%	8h	0.000005156	−0.089%	$142.4M	$1.45B	75x	as long as short
MEXC PEPE_USDT	+0.0779%	8h	0.000005156	−0.095%	$98.6M	$302.5M	300x	as long as short
Aster 1000PEPEUSDT	+0.0795%	8h	0.000005156	−0.090%	$1.8M	$11.6M	50x	as long as short
Hyperliquid kPEPE	+0.0949%	1h	0.000005163	+0.039%	$55.2M	$154.6M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1132% / S −0.2351%	1h	0.000005000	−3.120%	$63K	—	100x	as long as short