Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.165%

Price spread now: Variational Omni against Lighter−0.015%7-day average −0.094% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.219%−$22 on $10k

Price spread, last 7 days+0.203%+$20 · spread now −0.015%, 7d avg −0.094%

Together, before fees−0.016%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.078% dearer against Lighter than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.094%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000004938	0.0096	pay 0.0012% / 1h	54m 56s	$593K	$9.0M	10x
Short	Variational Omni 1000PEPE	0.000004937	0.0100	get 0.0100% / 8h	5h 54m	$643K	$5.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.015%Rate

Funding earned: $0.84
Price spread: −0.015% → −0.094%: $7.83
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $8.67
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 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 Lighter live order book, 6 min ago	3.01 bp	5.5 bp −$5	16.9 bp −$169	42.8 bp −$4,281	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	5.05 bp	doesn't fit	15.1 bp −$151	doesn't fit	doesn't fit

PEPE on 35 exchanges

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	−0.0372%	1h	0.000004936	−0.042%	$4.6M	$16.6M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004938	−0.003%	$25K	$18K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	0.0000%	1h	0.000004937	−0.020%	$57K	$115K	25x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004951	+0.269%	$3K	—	150x	as long as short
01 Exchange kPEPEUSD	+0.0080%	1h	0.000004936	−0.041%	$595	$2K	10x	as long as short
Lighter 1000PEPElong	+0.0096%	1h	0.000004938	long leg	$593K	$9.0M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004939	+0.020%	$49.9M	$156.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004940	+0.041%	$57K	$195K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004935	−0.061%	$94.0M	$441.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004937	−0.020%	$152.1M	$101.9M	75x	as long as short

Show all 35 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004941	+0.069%	$25.0M	$75.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004937	−0.018%	$43.7M	$229.4M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0100%	1h	0.000004938	+0.004%	$75K	$990K	15x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004937	−0.015%	$643K	$5.3M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004955	+0.353%	$27K	$569K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004977	+0.790%	$144K	$851K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004943	+0.107%	$1K	$2.5M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004936	−0.041%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004939	+0.014%	$579K	$4.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004933	−0.107%	$2.3M	$8.0M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0111%	8h	0.000004943	+0.105%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0132%	1h	0.000004936	−0.041%	$136K	$939K	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0142%	8h	0.000004936	−0.041%	$44.4M	$720.2M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004934	−0.082%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0266%	8h	0.000004936	−0.041%	$4.3M	$28.6M	75x	as long as short
Injective PEPE/USDC PERP	+0.0284%	1h	0.000004939	+0.020%	$4K	$122K	12x	as long as short
Binance 1000PEPEUSDT	+0.0287%	8h	0.000004936	−0.045%	$128.0M	$1.53B	75x	as long as short
Extended 1000PEPE-USD	+0.0288%	1h	0.000004940	+0.038%	$518K	$285K	25x	as long as short
MEXC PEPE_USDT	+0.0293%	8h	0.000004941	+0.059%	$100.9M	$294.8M	300x	as long as short
Aster 1000PEPEUSDT	+0.0299%	8h	0.000004940	+0.041%	$1.8M	$12.5M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0304%	1h	0.000004936	−0.041%	$140K	—	3x	as long as short
BingX 1000PEPE-USDC	+0.0310%	8h	0.000004940	+0.036%	—	$2.3M	—	as long as short
Orderly PERP_1000PEPE_USDC	+0.0348%	8h	0.000004937	−0.016%	$32K	$30K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004941	+0.061%	$760K	$38.7M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0838% / S −0.0953%	1h	0.000004000	−18.996%	$50K	—	100x	as long as short