Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0561%/8h= +61.5% APRpaid last 24h +0.042%

Price spread now: Nado against OKX+0.155%49s7-day average +0.020% · 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—prices read too far apart to compare

costs, in and out, $10k−$340.344% of the position

Long on OKX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now +0.155%, 7d avg +0.020%

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

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Nado is 0.134% dearer against OKX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.020%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.063% in total (about 7.3% 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	OKX PEPE-USDT-SWAP	0.000004834	0.0206	pay 0.0206% / 8h	1h 44m	$41.5M	$490.5M	50x
Short	Nado kPEPE-PERP	0.000004841	0.0768	get 0.0096% / 1h	44m 34s	$186K	$854K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.155%Rate

Funding earned: $117.91
Price spread: +0.155% → +0.020%: $13.41
Slippage, 4 orders: −$17.41
Fee OKX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $96.91
Costs to cover: 0.344%
Break-even: 1.2 days

Slippage from OKX: live order book, 5 min ago; Nado: live order book, 39 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	1.03 bp	6.0 bp −$6	8.9 bp −$89	33.4 bp −$3,343	doesn't fit
Sell Nado live order book, 39 min ago	4.12 bp	8.6 bp −$9	26.8 bp −$268	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	0.000004827	−0.136%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004831	−0.068%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004832	−0.041%	$628K	$5.4M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004826	−0.165%	$60.6M	$76.4M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004831	−0.062%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004833	−0.021%	$87.9M	$278.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004834	0.000%	$150.9M	$62.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004830	−0.079%	$25.0M	$53.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	+0.228%	$545K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004853	+0.400%	$27K	$343K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004848	+0.285%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004835	+0.021%	$2K	$9K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004839	+0.101%	$549K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0169%	8h	0.000004835	+0.025%	$42.6M	$151.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004841	+0.155%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAPlong	+0.0206%	8h	0.000004834	long leg	$41.5M	$490.5M	50x
GMX PEPE/USD [ETH-USDC]	L +0.0316% / S −0.0215%	1h	0.000004000	−17.253%	$52K	—	100x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004836	+0.041%	$3.9M	$22.1M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0435%	8h	0.000004826	−0.163%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0439%	8h	0.000004835	+0.014%	$30K	$11K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0443%	8h	0.000004838	+0.089%	$2.3M	$6.4M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004840	+0.124%	$660K	$25.5M	50x	as long as short
01 Exchange kPEPEUSD	+0.0544%	1h	0.000004837	+0.062%	$554	$2K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0701%	1h	0.000004834	−0.002%	$92K	$614K	15x	as long as short
Nado kPEPE-PERPshort	+0.0768%	1h	0.000004841	+0.155%	$186K	$854K	10x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0785%	1h	0.000004837	+0.062%	$82K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0830%	8h	0.000004835	+0.019%	—	$256.0M	—	as long as short
Binance 1000PEPEUSDT	+0.0856%	8h	0.000004832	−0.035%	$130.2M	$1.03B	75x	as long as short
MEXC PEPE_USDT	+0.0860%	8h	0.000004839	+0.103%	$91.8M	$282.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0864%	1h	0.000004833	−0.011%	$532K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0864%	1h	0.000004838	+0.083%	$137K	—	3x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004868	+0.703%	$4K	$103K	12x	as long as short
Aster 1000PEPEUSDT	+0.0886%	8h	0.000004832	−0.046%	$1.5M	$7.0M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.1140%	1h	0.000004853	+0.393%	$103K	$764K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1319%	1h	0.000004834	+0.010%	$4.0M	$13.2M	50x	as long as short