Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0387%/8h= −42.4% APRpaid last 24h +0.121%

Price spread now: Kraken Futures against Orderly−0.330%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 Kraken Futures

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

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Kraken Futures is 0.330% cheaper against Orderly than usual: you would sell low and buy high (−$33 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005001	0.0269	pay 0.0269% / 8h	7h 01m	$32K	$22K	20x
Short	Kraken Futures PF_PEPEUSD	0.000004984	−0.0117	pay 0.0015% / 1h	1m 57s	$3.9M	$14.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.330%Rate

Funding earned: −$81.25
Price spread: −0.330% → 0.000%: −$33.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$130.26
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	8.07 bp	16.0 bp −$16	21.0 bp −$210	70.6 bp −$7,057	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
Kraken Futures PF_PEPEUSDshort	−0.0117%	1h	0.000004984	−0.330%	$3.9M	$14.3M	50x
dYdX PEPE-USD	0.0000%	1h	0.000005002	+0.021%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0009%	1h	0.000004996	−0.094%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005002	+0.028%	$59K	$120K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004978	−0.454%	$95.0M	$312.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004987	−0.272%	$159.9M	$69.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004983	−0.350%	$25.2M	$58.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004984	−0.338%	$44.2M	$156.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005053	+1.039%	$591K	$4.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005083	+1.653%	$46K	$386K	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	0.000004990	−0.210%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004987	−0.272%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004998	−0.054%	$559K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004991	−0.184%	$2.4M	$6.8M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004985	−0.312%	$44.1M	$543.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004998	−0.054%	$8K	—	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0235%	1h	0.000005063	+1.248%	$111K	$752K	25x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0269%	8h	0.000005001	long leg	$32K	$22K	20x
Paradex kPEPE-USD-PERP	+0.0307%	8h	0.000004990	−0.216%	$6K	$16	20x	as long as short
BloFin PEPE-USDT	+0.0313%	8h	0.000005013	+0.248%	$4.1M	$24.4M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0351%	1h	0.000004990	−0.212%	$61K	$114K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004991	−0.192%	$626K	$27.9M	50x	as long as short
BingX 1000PEPE-USDC	+0.0459%	8h	0.000004995	−0.106%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0472%	1h	0.000004985	−0.316%	$549K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0472%	1h	0.000004998	−0.052%	$141K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0473%	8h	0.000004979	−0.427%	$137.0M	$1.14B	75x	as long as short
MEXC PEPE_USDT	+0.0475%	8h	0.000004986	−0.286%	$95.9M	$293.6M	300x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0500% / S −0.0406%	1h	0.000004000	−20.010%	$62K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0530%	8h	0.000004992	−0.176%	$1.7M	$7.8M	50x	as long as short
Nado kPEPE-PERP	+0.0598%	1h	0.000004994	−0.134%	$184K	$867K	10x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000005069	+1.368%	$4K	$102K	12x	as long as short
Lighter 1000PEPE	+0.0656%	1h	0.000004995	−0.112%	$647K	$6.9M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0661%	1h	0.000004985	−0.318%	$96K	$607K	15x	as long as short
01 Exchange kPEPEUSD	+0.0672%	1h	0.000004996	−0.092%	$1K	$2K	10x	as long as short
Hyperliquid kPEPE	+0.2299%	1h	0.000005004	+0.068%	$55.5M	$133.3M	10x	as long as short