Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0447%/8h= −49.0% APRpaid last 24h −0.002%

Price spread now: Aster against Lighter−0.021%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days+0.230%+$23 · spread now −0.021%, 7d avg +0.038%

Together, before fees+0.263%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Aster is 0.059% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% 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	Lighter 1000PEPE	0.000005009	0.1184	pay 0.0148% / 1h	13m 02s	$663K	$8.1M	10x
Short	Aster 1000PEPEUSDT	0.000005008	0.0737	get 0.0737% / 8h	5h 13m	$1.8M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$93.9
Price spread: −0.021% → +0.038%: −$5.88
Slippage, 4 orders: −$20.99
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$128.77
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Aster: live order book, 6 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 Lighter live order book, 5 min ago	2.99 bp	4.6 bp −$5	16.6 bp −$166	42.5 bp −$4,253	doesn't fit
Sell Aster live order book, 6 min ago	1.10 bp	6.8 bp −$7	11.1 bp −$111	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	0.000005017	+0.170%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005008	−0.026%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005022	+0.260%	$64K	$139K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005000	−0.172%	$97.0M	$340.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005004	−0.100%	$164.2M	$75.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004998	−0.216%	$25.7M	$63.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005042	+0.649%	$687K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005013	+0.073%	$27K	$445K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005029	+0.407%	$1K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005007	−0.048%	$569K	$3.6M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDT	+0.0127%	8h	0.000005000	−0.188%	$45.8M	$173.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005016	+0.149%	$8K	—	15x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0315%	8h	0.000005006	−0.058%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0342%	8h	0.000005003	−0.120%	$45.5M	$585.4M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0350%	1h	0.000005004	−0.100%	$71K	$124K	25x	as long as short
BloFin PEPE-USDT	+0.0462%	8h	0.000005002	−0.140%	$4.3M	$25.0M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0527%	1h	0.000005007	−0.040%	$2K	$12K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005012	+0.060%	$922K	$31.4M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0576%	1h	0.000005011	+0.040%	$99K	$755K	25x	as long as short
BingX 1000PEPE-USDC	+0.0605%	8h	0.000005001	−0.156%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0627% / S −0.1003%	1h	0.000005000	−0.180%	$49K	—	100x	as long as short
Binance 1000PEPEUSDT	+0.0639%	8h	0.000005001	−0.163%	$139.9M	$1.21B	75x	as long as short
MEXC PEPE_USDT	+0.0639%	8h	0.000004997	−0.238%	$94.6M	$290.3M	300x	as long as short
Extended 1000PEPE-USD	+0.0640%	1h	0.000004997	−0.235%	$530K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0640%	1h	0.000004980	−0.579%	$141K	—	3x	as long as short
Phemex u1000PEPEUSDT	+0.0734%	8h	0.000004997	−0.250%	$2.3M	$7.1M	50x	as long as short
Aster 1000PEPEUSDTshort	+0.0737%	8h	0.000005008	−0.021%	$1.8M	$9.2M	50x
Paradex kPEPE-USD-PERP	+0.0789%	8h	0.000005020	+0.213%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0791%	1h	0.000005025	+0.316%	$184K	$871K	10x	as long as short
01 Exchange kPEPEUSD	+0.0960%	1h	0.000005030	+0.419%	$607	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0965%	1h	0.000005002	−0.148%	$92K	$631K	15x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005011	+0.040%	$4K	$102K	12x	as long as short
Lighter 1000PEPElong	+0.1184%	1h	0.000005009	long leg	$663K	$8.1M	10x
Kraken Futures PF_PEPEUSD	+0.1390%	1h	0.000005006	−0.059%	$4.3M	$15.2M	50x	as long as short
Hyperliquid kPEPE	+0.1591%	1h	0.000005008	−0.020%	$53.5M	$139.6M	10x	as long as short