Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0470%/8h= −51.4% APRpaid last 24h −0.009%

Price spread now: BingX against Nado+0.051%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Nado Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now +0.051%, 7d avg −0.021%

Together, before fees−0.154%+ Points / potential airdropNado: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.072% dearer against Nado than usual: you sell high and buy low (spread +0.051% now, against its 7-day average of −0.021%): +$7 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 12 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.007% in total (about 0.8% 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	Nado kPEPE-PERP	0.000005063	0.1008	pay 0.0126% / 1h	54m 21s	$194K	$861K	10x
Short	BingX 1000PEPE-USDC	0.000005066	0.0538	get 0.0538% / 8h	5h 54m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Nado. 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 NadobpFee BingXbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$98.6
Price spread: +0.051% → −0.021%: $7.17
Slippage, 4 orders: −$30.98
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$139.41
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from Nado: live order book, 9 min ago; BingX: live order book, 9 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 Nado live order book, 9 min ago	3.94 bp	10.9 bp −$11	38.0 bp −$380	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	1.18 bp	13.6 bp −$14	17.5 bp −$175	90.3 bp −$9,035	203.0 bp −$101.5K

PEPE on 34 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	0.000005096	+0.644%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0009%	1h	0.000005059	−0.091%	$18K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005098	+0.683%	$63K	$128K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005062	−0.022%	$98.8M	$329.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005061	−0.048%	$162.8M	$72.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005060	−0.074%	$25.3M	$61.6M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005077	+0.268%	$47.3M	$169.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005145	+1.604%	$696K	$4.6M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005103	+0.791%	$27K	$422K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005069	+0.116%	$1K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005125	+1.210%	$584K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005065	+0.029%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0289%	8h	0.000005074	+0.209%	$45.9M	$581.0M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0301%	8h	0.000005075	+0.219%	$33K	$24K	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0342%	1h	0.000005068	+0.090%	$61K	$114K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0527%	8h	0.000005110	+0.912%	$2.4M	$7.0M	50x	as long as short
BingX 1000PEPE-USDCshort	+0.0538%	8h	0.000005066	+0.051%	—	$2.3M	—
GMX PEPE/USD [ETH-USDC]	L +0.0546% / S −0.0828%	1h	0.000005000	−1.253%	$50K	—	100x	as long as short
MEXC PEPE_USDT	+0.0572%	8h	0.000005061	−0.050%	$96.5M	$285.9M	300x	as long as short
Extended 1000PEPE-USD	+0.0576%	1h	0.000005071	+0.150%	$539K	$219K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0576%	1h	0.000005108	+0.880%	$144K	—	3x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005077	+0.268%	$928K	$30.7M	50x	as long as short
Binance 1000PEPEUSDT	+0.0577%	8h	0.000005063	−0.016%	$143.4M	$1.18B	75x	as long as short
Aster 1000PEPEUSDT	+0.0685%	8h	0.000005091	+0.542%	$1.7M	$8.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0718%	8h	0.000005100	+0.732%	$6K	—	20x	as long as short
SoDEX 1000PEPE-USD	+0.0723%	1h	0.000005074	+0.209%	$2K	$12K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0934%	1h	0.000005098	+0.683%	$105K	$749K	25x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+0.821%	$4K	$102K	12x	as long as short
Nado kPEPE-PERPlong	+0.1008%	1h	0.000005063	long leg	$194K	$861K	10x
Backpack kPEPE_USDC_PERP	+0.1061%	1h	0.000005116	+1.038%	$99K	$610K	15x	as long as short
01 Exchange kPEPEUSD	+0.1144%	1h	0.000005093	+0.584%	$614	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1371%	1h	0.000005074	+0.215%	$4.2M	$14.9M	50x	as long as short
Lighter 1000PEPE	+0.1744%	1h	0.000005111	+0.940%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.1883%	1h	0.000005074	+0.209%	$56.1M	$136.6M	10x	as long as short