Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.066%

Price spread now: Orderly against Lighter−0.056%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.056% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000004983	0.0376	pay 0.0047% / 1h	26m 03s	$584K	$6.7M	10x
Short	Orderly PERP_1000PEPE_USDC	0.000004980	0.0285	get 0.0285% / 8h	7h 26m	$31K	$14K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.056%Rate

Funding earned: −$19.09
Price spread: −0.056% → 0.000%: −$5.62
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.71
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 7 min ago; Orderly: no order-book sample. 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 Lighter live order book, 7 min ago	4.05 bp	4.0 bp −$4	16.0 bp −$160	38.8 bp −$3,880	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_PEPEUSD	−0.0118%	1h	0.000004979	−0.079%	$3.9M	$14.1M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004976	−0.146%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004976	−0.140%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004983	0.000%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004970	−0.257%	$92.3M	$304.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004971	−0.241%	$157.8M	$66.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004976	−0.146%	$25.2M	$56.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004977	−0.122%	$43.4M	$152.8M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004973	−0.207%	$612K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004970	−0.260%	$52K	$377K	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	0.000004987	+0.080%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004980	−0.060%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004976	−0.144%	$558K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004971	−0.233%	$2.4M	$6.7M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0183%	8h	0.000004974	−0.181%	$43.8M	$530.2M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004976	−0.131%	$8K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0208%	8h	0.000004978	−0.092%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0285%	8h	0.000004980	−0.056%	$31K	$14K	20x
BloFin PEPE-USDT	+0.0301%	8h	0.000004972	−0.221%	$4.0M	$23.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0348%	1h	0.000004968	−0.301%	$103K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004982	−0.020%	$675K	$27.2M	50x	as long as short
Lighter 1000PEPElong	+0.0376%	1h	0.000004983	long leg	$584K	$6.7M	10x
Nado kPEPE-PERP	+0.0455%	1h	0.000004980	−0.063%	$192K	$857K	10x	as long as short
BingX 1000PEPE-USDT	+0.0479%	8h	0.000004974	−0.177%	—	$257.2M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0480% / S −0.0383%	1h	0.000004000	−19.727%	$62K	—	100x	as long as short
Extended 1000PEPE-USD	+0.0488%	1h	0.000004972	−0.213%	$546K	$148K	25x	as long as short
01 Exchange kPEPEUSD	+0.0488%	1h	0.000004988	+0.100%	$1K	$2K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000004977	−0.120%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0489%	8h	0.000004973	−0.191%	$98.3M	$285.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0489%	8h	0.000004979	−0.077%	$138.8M	$1.10B	75x	as long as short
Aster 1000PEPEUSDT	+0.0518%	8h	0.000004980	−0.051%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0564%	1h	0.000004976	−0.151%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004937	−0.923%	$4K	$102K	12x	as long as short
Hyperliquid kPEPE	+0.0818%	1h	0.000004989	+0.120%	$59.2M	$120.3M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0957%	1h	0.000004979	−0.080%	$68K	$110K	25x	as long as short