Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0244%/8h= −26.8% APRpaid last 24h −0.021%

Price spread now: Phemex against Nado+0.136%7-day average +0.036% · 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−$43as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.240%+$24 · spread now +0.136%, 7d avg +0.036%

Together, before fees+0.203%+ Points / potential airdropNado: Active · farm board+$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.100% dearer against Nado than usual: you sell high and buy low (spread +0.136% now, against its 7-day average of +0.036%): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 3 days (−0.037% in total) that is about 8.3 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.037% in total (about -4.4% 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	0.000004958	0.0710	pay 0.0089% / 1h	31m 29s	$195K	$848K	10x
Short	Phemex u1000PEPEUSDT	0.000004965	0.0466	get 0.0466% / 8h	3h 31m	$2.4M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.136%Rate

Funding earned: −$51.31
Price spread: +0.136% → +0.036%: $10.05
Slippage, 4 orders: −$33.69
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$93.95
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from Nado: live order book, 17 min ago; Phemex: live order book, 3 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, 17 min ago	3.03 bp	12.4 bp −$12	28.6 bp −$286	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.40 bp	15.9 bp −$16	35.5 bp −$355	doesn't fit	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
dYdX PEPE-USD	0.0000%	1h	0.000004954	−0.080%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004967	+0.185%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004959	+0.025%	$59K	$106K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004953	−0.088%	$90.0M	$261.8M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004956	−0.035%	$43.7M	$489.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004958	+0.005%	$151.4M	$59.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004958	+0.005%	$25.2M	$47.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004982	+0.481%	$725K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004984	+0.535%	$28K	$333K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004979	+0.435%	$2K	$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	0.000004987	+0.586%	$574K	$3.7M	75x	as long as short
Bitget PEPEUSDT	+0.0168%	8h	0.000004955	−0.057%	$46.9M	$138.4M	75x	as long as short
Reya kPEPERUSDPERP	+0.0188%	1h	0.000004972	+0.289%	$8K	—	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0197% / S −0.0087%	1h	0.000004000	−19.318%	$55K	—	100x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004988	+0.610%	$4.1M	$21.6M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0291%	1h	0.000004971	+0.267%	$2K	$9K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0317%	8h	0.000004974	+0.330%	$31K	$10K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0445%	1h	0.000004982	+0.489%	$103K	$757K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004991	+0.671%	$645K	$25.4M	50x	as long as short
Phemex u1000PEPEUSDTshort	+0.0466%	8h	0.000004965	+0.136%	$2.4M	$6.2M	50x
Paradex kPEPE-USD-PERP	+0.0475%	8h	0.000004958	+0.007%	$6K	$26	20x	as long as short
Hyperliquid kPEPE	+0.0511%	1h	0.000004968	+0.207%	$56.8M	$62.9M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0555%	1h	0.000004975	+0.348%	$80K	$91K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0565%	1h	0.000004965	+0.148%	$99K	$576K	15x	as long as short
Nado kPEPE-PERPlong	+0.0710%	1h	0.000004958	long leg	$195K	$848K	10x
01 Exchange kPEPEUSD	+0.0752%	1h	0.000004959	+0.025%	$568	$2K	10x	as long as short
BingX 1000PEPE-USDC	+0.0778%	8h	0.000004961	+0.064%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0816%	1h	0.000004956	−0.036%	$546K	$145K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0816%	1h	0.000004977	+0.388%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0819%	8h	0.000004960	+0.039%	$118.0M	$269.5M	300x	as long as short
Binance 1000PEPEUSDT	+0.0819%	8h	0.000004959	+0.030%	$133.9M	$970.0M	75x	as long as short
Aster 1000PEPEUSDT	+0.0906%	8h	0.000004969	+0.234%	$1.5M	$6.6M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0911%	1h	0.000004972	+0.288%	$4.0M	$12.2M	50x	as long as short
Injective PEPE/USDC PERP	+0.1046%	1h	0.000004995	+0.751%	$5K	$81K	12x	as long as short
Lighter 1000PEPE	+0.1080%	1h	0.000004963	+0.106%	$600K	$4.9M	10x	as long as short