Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0096%/8h= +10.6% APRpaid last 24h +0.033%

Price spread now: GMX against Orderly−19.553%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 19.553% cheaper against Orderly than usual: you would sell low and buy high (spread −19.553% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,955 on $10k: about 23 months of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000004972	0.0287	pay 0.0287% / 8h	7h 27m	$31K	$14K	20x
Short	GMX PEPE/USD [ETH-USDC]	0.000004000	L +0.0479% / S −0.0383%	get 0.0048% / 1h	27m 02s	$62K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −19.553%Rate

Funding earned: $20.24
Price spread: −19.553% → 0.000%: −$1,955.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,953.03
Costs to cover: 0.180%
Break-even: 682.5 days

Slippage unknown: Orderly: no order-book sample; GMX: no order-book sample. 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 GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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
Kraken Futures PF_PEPEUSD	−0.0118%	1h	0.000004970	−0.041%	$3.9M	$14.1M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004940	−0.647%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004968	−0.082%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004944	−0.567%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004965	−0.145%	$92.2M	$304.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004964	−0.165%	$157.4M	$66.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004971	−0.026%	$25.1M	$56.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004966	−0.131%	$43.2M	$152.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	−0.251%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004970	−0.043%	$52K	$377K	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	0.000004978	+0.107%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004969	−0.064%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004973	+0.014%	$558K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004961	−0.215%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004969	−0.064%	$43.7M	$529.3M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004961	−0.220%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0205%	8h	0.000004943	−0.594%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0287%	8h	0.000004972	long leg	$31K	$14K	20x
BloFin PEPE-USDT	+0.0301%	8h	0.000004972	−0.004%	$4.0M	$23.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0348%	1h	0.000004968	−0.084%	$103K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004975	+0.056%	$675K	$27.1M	50x	as long as short
Lighter 1000PEPE	+0.0376%	1h	0.000004974	+0.036%	$583K	$6.7M	10x	as long as short
Nado kPEPE-PERP	+0.0471%	1h	0.000004966	−0.127%	$191K	$857K	10x	as long as short
GMX PEPE/USD [ETH-USDC]short	L +0.0479% / S −0.0383%	1h	0.000004000	−19.553%	$62K	—	100x
BingX 1000PEPE-USDT	+0.0479%	8h	0.000004967	−0.097%	—	$257.2M	—	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004954	−0.366%	$1K	$2K	10x	as long as short
Extended 1000PEPE-USD	+0.0488%	1h	0.000004971	−0.031%	$546K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000004966	−0.125%	$140K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0489%	8h	0.000004974	+0.041%	$138.7M	$1.10B	75x	as long as short
MEXC PEPE_USDT	+0.0494%	8h	0.000004964	−0.157%	$97.8M	$285.2M	300x	as long as short
Aster 1000PEPEUSDT	+0.0518%	8h	0.000004970	−0.041%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0557%	1h	0.000004972	−0.014%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004937	−0.708%	$4K	$102K	12x	as long as short
Hyperliquid kPEPE	+0.0750%	1h	0.000004979	+0.137%	$59.2M	$120.0M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0958%	1h	0.000004973	+0.016%	$68K	$110K	25x	as long as short