Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0566%/8h= −62.0% APRpaid last 24h −0.041%

Price spread now: Bitget against Nado+0.120%7-day average +0.011% · 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−$29as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.056%−$6 on $10k

Price spread, last 3 days (all we have)−0.189%−$19 · spread now +0.120%, 7d avg +0.011%

Together, before fees−0.246%+ Points / potential airdropNado: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.109% dearer against Nado than usual: you sell high and buy low (spread +0.120% now, against its 7-day average of +0.011%): +$11 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 3 days (−0.056% in total) that is about 6.2 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.056% in total (about -6.4% 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	Nado kPEPE-PERP	0.000004742	0.0666	pay 0.0083% / 1h	24m 55s	$181K	$849K	10x
Short	Bitget PEPEUSDT	0.000004748	0.0100	get 0.0100% / 8h	24m 55s	$41.9M	$150.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.120%Rate

Funding earned: −$118.88
Price spread: +0.120% → +0.011%: $10.93
Slippage, 4 orders: −$20.63
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$147.58
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Nado: live order book, 53 min ago; Bitget: live order book, 4 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, 53 min ago	3.13 bp	8.8 bp −$9	27.1 bp −$271	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.52 bp	9.4 bp −$9	11.0 bp −$110	21.1 bp −$2,113	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
Hyperliquid kPEPE	−0.0184%	1h	0.000004741	−0.019%	$66.4M	$93.2M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004750	+0.168%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004741	−0.025%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004750	+0.178%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004750	+0.171%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004748	+0.120%	$85.8M	$291.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004745	+0.065%	$149.2M	$64.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004745	+0.059%	$24.1M	$54.5M	75x	as long as short
Bitget PEPEUSDTshort	+0.0100%	8h	0.000004748	+0.120%	$41.9M	$150.4M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000004753	+0.233%	$536K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004770	+0.593%	$25K	$348K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004769	+0.572%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004759	+0.369%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004751	+0.192%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004738	−0.086%	$537K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0120%	1h	0.000004751	+0.192%	$588K	$6.4M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0180%	8h	0.000004753	+0.224%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0186%	8h	0.000004750	+0.160%	$2.3M	$6.5M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004745	+0.067%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0204%	8h	0.000004749	+0.150%	$41.2M	$494.3M	50x	as long as short
01 Exchange kPEPEUSD	+0.0264%	1h	0.000004742	+0.002%	$543	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0326%	8h	0.000004743	+0.023%	$3.9M	$22.2M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0381% / S −0.0343%	1h	0.000004000	−15.646%	$46K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0383%	8h	0.000004748	+0.129%	$30K	$12K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004752	+0.213%	$560K	$25.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004768	+0.550%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0584%	1h	0.000004748	+0.135%	$90K	$602K	15x	as long as short
BingX 1000PEPE-USDT	+0.0585%	8h	0.000004747	+0.114%	—	$256.9M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0593%	1h	0.000004748	+0.129%	$76K	$98K	25x	as long as short
Binance 1000PEPEUSDT	+0.0605%	8h	0.000004750	+0.178%	$130.9M	$1.06B	75x	as long as short
Aster 1000PEPEUSDT	+0.0605%	8h	0.000004750	+0.179%	$1.5M	$7.3M	50x	as long as short
Extended 1000PEPE-USD	+0.0608%	1h	0.000004748	+0.128%	$521K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0608%	1h	0.000004751	+0.192%	$134K	—	3x	as long as short
MEXC PEPE_USDT	+0.0609%	8h	0.000004749	+0.154%	$89.9M	$281.4M	300x	as long as short
Nado kPEPE-PERPlong	+0.0666%	1h	0.000004742	long leg	$181K	$849K	10x