Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0143%/8h= −15.7% APRpaid last 24h +0.141%

Price spread now: Kraken Futures against OKX−0.343%55s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.454% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 3 days (all we have)+0.415%+$42 · spread now −0.343%, 7d avg +0.011%

Together, before fees+0.535%+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Kraken Futures is 0.354% cheaper against OKX than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of +0.011%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.120%, so the current rate has only just turned against you. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PEPE-USDT-SWAP	0.000004793	0.0210	pay 0.0210% / 8h	39m 29s	$41.6M	$497.8M	50x
Short	Kraken Futures PF_PEPEUSD	0.000004777	0.0067	get 0.0008% / 1h	39m 29s	$3.8M	$13.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.343%Rate

Funding earned: −$30.11
Price spread: −0.343% → +0.011%: −$35.39
Slippage, 4 orders: −$25.39
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$110.89
Costs to cover: 0.454%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 5 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 OKX live order book, 5 min ago	1.04 bp	7.3 bp −$7	10.1 bp −$101	32.0 bp −$3,197	doesn't fit
Sell Kraken Futures live order book, 5 min ago	5.09 bp	13.7 bp −$14	18.3 bp −$183	69.9 bp −$6,995	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	−0.0173%	1h	0.000004787	−0.125%	$65.1M	$91.4M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004789	−0.090%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004787	−0.121%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSDshort	+0.0067%	1h	0.000004777	−0.343%	$3.8M	$13.6M	50x
Pacifica kPEPE	+0.0100%	1h	0.000004793	0.000%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004789	−0.083%	$86.1M	$289.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004788	−0.104%	$149.8M	$64.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004790	−0.071%	$24.5M	$54.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004790	−0.058%	$42.3M	$150.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004793	−0.002%	$587K	$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	0.000004796	+0.066%	$26K	$348K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004796	+0.063%	$101K	$760K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004780	−0.267%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004776	−0.355%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004780	−0.269%	$541K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0160%	1h	0.000004794	+0.021%	$607K	$6.3M	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004793	+0.009%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0196%	8h	0.000004786	−0.155%	$5K	$16	20x	as long as short
OKX PEPE-USDT-SWAPlong	+0.0210%	8h	0.000004793	long leg	$41.6M	$497.8M	50x
Phemex u1000PEPEUSDT	+0.0210%	8h	0.000004778	−0.305%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0232%	1h	0.000004791	−0.042%	$549	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0332%	8h	0.000004795	+0.042%	$3.9M	$22.3M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0370% / S −0.0417%	1h	0.000004000	−16.545%	$42K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004783	−0.209%	$577K	$25.6M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0407%	8h	0.000004792	−0.017%	$30K	$12K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0426%	1h	0.000004777	−0.323%	$91K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004797	+0.083%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0588%	1h	0.000004778	−0.313%	$81K	$94K	25x	as long as short
Binance 1000PEPEUSDT	+0.0649%	8h	0.000004790	−0.063%	$131.3M	$1.06B	75x	as long as short
Extended 1000PEPE-USD	+0.0656%	1h	0.000004789	−0.077%	$526K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0656%	8h	0.000004798	+0.096%	$92.6M	$280.4M	300x	as long as short
BingX 1000PEPE-USDC	+0.0656%	8h	0.000004785	−0.159%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0657%	8h	0.000004787	−0.120%	$1.5M	$7.2M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0664%	1h	0.000004780	−0.271%	$135K	—	3x	as long as short
Nado kPEPE-PERP	+0.0784%	1h	0.000004789	−0.076%	$183K	$849K	10x	as long as short