Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1044%/8h= +114.3% APRpaid last 24h +0.117%

Price spread now: Backpack against Orderly−0.116%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.116% cheaper against Orderly than usual: you would sell low and buy high (spread −0.116% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 9 hours of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005335	0.0375	pay 0.0375% / 8h	3h 53m	$36K	$26K	20x
Short	Backpack kPEPE_USDC_PERP	0.000005329	0.1419	get 0.0177% / 1h	53m 07s	$74K	$720K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.116%Rate

Funding earned: $219.22
Price spread: −0.116% → 0.000%: −$11.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $191.6
Costs to cover: 0.160%
Break-even: 0.9 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 66 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 66 min ago	0.10 bp	6.1 bp −$6	23.8 bp −$238	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000005289	−0.858%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005321	−0.264%	$15K	—	150x	as long as short
Injective PEPE/USDC PERP	+0.0092%	1h	0.000005258	−1.441%	$3K	$110K	12x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005293	−0.785%	$70K	$152K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005316	−0.349%	$104.0M	$367.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005314	−0.392%	$174.4M	$85.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005320	−0.287%	$27.0M	$67.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005279	−1.056%	$747K	$5.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005275	−1.127%	$38K	$491K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005338	+0.052%	$1K	$2.5M	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	0.000005342	+0.135%	$618K	$3.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005320	−0.279%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0245%	8h	0.000005322	−0.247%	$49.0M	$183.7M	75x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0375%	8h	0.000005335	long leg	$36K	$26K	20x
OKX PEPE-USDT-SWAP	+0.0409%	8h	0.000005321	−0.261%	$52.1M	$669.3M	50x	as long as short
BloFin PEPE-USDT	+0.0527%	8h	0.000005323	−0.223%	$4.6M	$27.9M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0589%	8h	0.000005329	−0.118%	$2.6M	$7.4M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0712%	1h	0.000005337	+0.039%	$758K	$36.1M	50x	as long as short
BingX 1000PEPE-USDC	+0.0742%	8h	0.000005321	−0.251%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000005335	+0.002%	$563K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000005334	−0.017%	$151K	—	3x	as long as short
MEXC PEPE_USDT	+0.0793%	8h	0.000005330	−0.084%	$104.1M	$291.5M	300x	as long as short
Binance 1000PEPEUSDT	+0.0794%	8h	0.000005326	−0.176%	$155.3M	$1.30B	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0800%	8h	0.000005291	−0.830%	$6K	—	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0873% / S −0.1721%	1h	0.000005000	−6.278%	$65K	—	100x	as long as short
Nado kPEPE-PERP	+0.0896%	1h	0.000005321	−0.264%	$188K	$912K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0911%	1h	0.000005332	−0.054%	$2K	$10K	10x	as long as short
Aster 1000PEPEUSDT	+0.0913%	8h	0.000005326	−0.162%	$1.9M	$9.8M	50x	as long as short
Lighter 1000PEPE	+0.0984%	1h	0.000005337	+0.039%	$615K	$8.5M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1065%	1h	0.000005332	−0.054%	$76K	$126K	25x	as long as short
01 Exchange kPEPEUSD	+0.1336%	1h	0.000005321	−0.261%	$642	$3K	10x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.1419%	1h	0.000005329	−0.116%	$74K	$720K	15x
Kraken Futures PF_PEPEUSD	+0.1530%	1h	0.000005335	0.000%	$4.9M	$16.2M	50x	as long as short
Hyperliquid kPEPE	+0.1711%	1h	0.000005327	−0.148%	$58.0M	$143.7M	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.1840%	1h	0.000005272	−1.179%	$174K	$798K	25x	as long as short