Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0636%/8h= −69.6% APRpaid last 24h −0.099%

Price spread now: Bybit against Lighter−0.042%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

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

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.200%−$20 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.042%, 7d avg −0.052%

Together, before fees−0.119%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.052%, so right now this pair is about funding alone: −$19 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.200% in total (about -10.4% 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	0.000004811	0.0736	pay 0.0092% / 1h	4m 32s	$571K	$5.3M	10x
Short	Bybit 1000PEPEUSDT	0.000004809	0.0100	get 0.0100% / 8h	2h 04m	$87.4M	$275.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$133.56
Price spread: −0.042% → −0.052%: $1.03
Slippage, 4 orders: −$21.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$164.65
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Bybit: 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 Lighter live order book, 3 min ago	3.11 bp	5.7 bp −$6	15.9 bp −$159	52.0 bp −$5,198	doesn't fit
Sell Bybit live order book, 5 min ago	1.04 bp	10.7 bp −$11	18.7 bp −$187	42.4 bp −$4,239	248.4 bp −$124.2K

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	0.000004800	−0.234%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004807	−0.083%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004815	+0.083%	$58.7M	$73.1M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004807	−0.083%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004809	−0.042%	$87.4M	$275.7M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004806	−0.104%	$150.3M	$62.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004809	−0.048%	$24.9M	$53.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004797	−0.285%	$551K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004830	+0.389%	$27K	$340K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004806	−0.112%	$1K	$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	0.000004807	−0.083%	$553K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0182%	8h	0.000004812	+0.025%	$42.5M	$150.9M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0185%	8h	0.000004813	+0.042%	$41.4M	$486.1M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004817	+0.119%	$7K	—	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0215% / S −0.0088%	1h	0.000004000	−16.857%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0302%	8h	0.000004800	−0.229%	$3.9M	$21.8M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0422%	8h	0.000004801	−0.204%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004810	−0.021%	$575K	$25.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0517%	8h	0.000004809	−0.048%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0533%	8h	0.000004810	−0.019%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004813	+0.042%	$4K	$110K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0584%	1h	0.000004800	−0.229%	$81K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0721%	1h	0.000004802	−0.181%	$92K	$624K	15x	as long as short
Lighter 1000PEPElong	+0.0736%	1h	0.000004811	long leg	$571K	$5.3M	10x
Nado kPEPE-PERP	+0.0744%	1h	0.000004813	+0.042%	$188K	$848K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0749%	1h	0.000004799	−0.249%	$2K	$9K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0751%	1h	0.000004804	−0.145%	$102K	$763K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0763%	1h	0.000004798	−0.269%	$3.9M	$13.1M	50x	as long as short
BingX 1000PEPE-USDT	+0.0828%	8h	0.000004815	+0.085%	—	$254.7M	—	as long as short
Extended 1000PEPE-USD	+0.0872%	1h	0.000004812	+0.017%	$529K	$147K	25x	as long as short
MEXC PEPE_USDT	+0.0872%	8h	0.000004820	+0.187%	$91.6M	$292.7M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0872%	1h	0.000004804	−0.145%	$136K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0875%	8h	0.000004811	+0.004%	$128.2M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0900%	8h	0.000004810	−0.016%	$1.5M	$6.9M	50x	as long as short
01 Exchange kPEPEUSD	+0.1176%	1h	0.000004820	+0.187%	$552	$2K	10x	as long as short