Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0455%/8h= −49.8% APRpaid last 24h −0.093%

Price spread now: Variational Omni against Injective−0.491%76s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Variational Omni is 0.491% cheaper against Injective than usual: you would sell low and buy high (−$49 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PEPE/USDC PERP	0.000004834	0.0555	pay 0.0069% / 1h	11m 56s	$4K	$110K	12x
Short	Variational Omni 1000PEPE	0.000004810	0.0100	get 0.0100% / 8h	2h 11m	$559K	$3.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.491%Rate

Funding earned: −$95.58
Price spread: −0.491% → 0.000%: −$49.06
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$144.67
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 12 min ago; 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 Injective live order book, 12 min ago	22.68 bp	65.8 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.22 bp	doesn't fit	29.0 bp −$290	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
dYdX PEPE-USD	0.0000%	1h	0.000004802	−0.656%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004804	−0.614%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004807	−0.559%	$58.1M	$72.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004810	−0.496%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004809	−0.517%	$87.5M	$275.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004804	−0.621%	$150.0M	$62.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004806	−0.581%	$24.8M	$53.2M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004810	−0.491%	$559K	$3.8M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004818	−0.333%	$27K	$342K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004817	−0.354%	$2K	$2.4M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004809	−0.509%	$554K	$3.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0168%	8h	0.000004814	−0.414%	$41.3M	$485.4M	50x	as long as short
Bitget PEPEUSDT	+0.0181%	8h	0.000004809	−0.523%	$42.4M	$150.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004811	−0.474%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0284%	8h	0.000004810	−0.496%	$3.8M	$21.8M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−17.253%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0412%	8h	0.000004811	−0.478%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004817	−0.352%	$579K	$25.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0501%	8h	0.000004809	−0.515%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0519%	8h	0.000004809	−0.514%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERPlong	+0.0555%	1h	0.000004834	long leg	$4K	$110K	12x
Lighter 1000PEPE	+0.0656%	1h	0.000004813	−0.434%	$602K	$5.3M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0699%	1h	0.000004809	−0.521%	$92K	$622K	15x	as long as short
Nado kPEPE-PERP	+0.0743%	1h	0.000004811	−0.473%	$188K	$848K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004807	−0.556%	$3.9M	$13.1M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0765%	1h	0.000004818	−0.331%	$102K	$761K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0789%	1h	0.000004809	−0.517%	$2K	$9K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0791%	1h	0.000004809	−0.517%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0819%	8h	0.000004810	−0.488%	—	$254.7M	—	as long as short
MEXC PEPE_USDT	+0.0863%	8h	0.000004810	−0.494%	$91.5M	$291.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0864%	1h	0.000004811	−0.470%	$529K	$147K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0864%	1h	0.000004797	−0.765%	$136K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0864%	8h	0.000004812	−0.459%	$128.2M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0891%	8h	0.000004811	−0.480%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1216%	1h	0.000004821	−0.269%	$552	$2K	10x	as long as short