Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0610%/8h= +66.8% APRpaid last 24h +0.157%

Price spread now: Hyperliquid against Orderly−0.075%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 Hyperliquid

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—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding pays, the price is against you. Hyperliquid is 0.075% cheaper against Orderly than usual: you would sell low and buy high (spread −0.075% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 10 hours of funding at the current rate (+$18 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005084	0.0393	pay 0.0393% / 8h	2h 15m	$33K	$26K	20x
Short	Hyperliquid kPEPE	0.000005080	0.1003	get 0.0125% / 1h	15m 35s	$53.9M	$153.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.075%Rate

Funding earned: $128.15
Price spread: −0.075% → 0.000%: −$7.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $105.67
Costs to cover: 0.150%
Break-even: 1.2 days

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 8 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 Hyperliquid live order book, 8 min ago	3.97 bp	12.9 bp −$13	21.2 bp −$212	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	0.000005075	−0.180%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005080	−0.079%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005080	−0.075%	$58K	$178K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005091	+0.151%	$100.1M	$407.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005077	−0.134%	$162.6M	$94.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005076	−0.148%	$25.1M	$71.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005080	−0.081%	$607K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005083	−0.009%	$28K	$540K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005088	+0.087%	$1K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005083	−0.008%	$573K	$4.1M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005082	−0.029%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0220%	1h	0.000005083	−0.016%	$2K	$10K	10x	as long as short
Bitget PEPEUSDT	+0.0333%	8h	0.000005081	−0.059%	$45.3M	$211.4M	75x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0393%	8h	0.000005084	long leg	$33K	$26K	20x
OKX PEPE-USDT-SWAP	+0.0424%	8h	0.000005094	+0.201%	$46.8M	$701.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0538%	1h	0.000005082	−0.035%	$72K	$127K	25x	as long as short
BloFin PEPE-USDT	+0.0550%	8h	0.000005083	−0.016%	$4.4M	$28.6M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0570%	8h	0.000005081	−0.046%	$6K	—	20x	as long as short
Phemex u1000PEPEUSDT	+0.0623%	8h	0.000005083	−0.018%	$2.4M	$7.9M	50x	as long as short
Lighter 1000PEPE	+0.0640%	1h	0.000005083	−0.016%	$601K	$9.1M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0665%	1h	0.000005082	−0.039%	$70K	$840K	15x	as long as short
Nado kPEPE-PERP	+0.0673%	1h	0.000005087	+0.065%	$166K	$945K	10x	as long as short
01 Exchange kPEPEUSD	+0.0680%	1h	0.000005085	+0.024%	$613	$3K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005073	−0.212%	$655K	$37.3M	50x	as long as short
BingX 1000PEPE-USDC	+0.0761%	8h	0.000005079	−0.089%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0798%	8h	0.000005088	+0.080%	$142.3M	$1.42B	75x	as long as short
MEXC PEPE_USDT	+0.0799%	8h	0.000005084	0.000%	$97.8M	$303.3M	300x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005083	−0.016%	$539K	$277K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005086	+0.043%	$144K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0839%	8h	0.000005086	+0.041%	$1.8M	$11.3M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0840%	1h	0.000005081	−0.052%	$4.6M	$16.7M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0865%	1h	0.000005080	−0.075%	$156K	$815K	25x	as long as short
Hyperliquid kPEPEshort	+0.1003%	1h	0.000005080	−0.075%	$53.9M	$153.0M	10x
GMX PEPE/USD [ETH-USDC]	L +0.1130% / S −0.2171%	1h	0.000005000	−1.648%	$64K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005027	−1.117%	$3K	$111K	12x	as long as short