Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.046%

Price spread now: Backpack against Paradex−0.113%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Backpack is 0.113% cheaper against Paradex than usual: you would sell low and buy high (spread −0.113% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 34 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex kPEPE-USD-PERP	0.000004794	0.0302	pay 0.0302% / 8h	1h 19m	$5K	$16	20x
Short	Backpack kPEPE_USDC_PERP	0.000004789	0.0568	get 0.0071% / 1h	19m 03s	$91K	$614K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now −0.113%Rate

Funding earned: $55.78
Price spread: −0.113% → 0.000%: −$11.33
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $30.46
Costs to cover: 0.140%
Break-even: 3.2 days

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 65 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 65 min ago	0.10 bp	5.4 bp −$5	17.0 bp −$170	doesn't fit	doesn't fit

Paradex: 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	0.000004790	−0.084%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004786	−0.174%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004789	−0.113%	$666K	$5.8M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004787	−0.155%	$62.0M	$81.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004793	−0.030%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004786	−0.165%	$86.6M	$281.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004784	−0.218%	$149.6M	$63.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004786	−0.182%	$24.7M	$54.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004812	+0.364%	$543K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004816	+0.443%	$27K	$344K	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	0.000004799	+0.104%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004788	−0.134%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004796	+0.033%	$541K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0126%	8h	0.000004788	−0.128%	$42.0M	$148.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004792	−0.043%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0205%	8h	0.000004791	−0.072%	$41.5M	$489.8M	50x	as long as short
Paradex kPEPE-USD-PERPlong	+0.0302%	8h	0.000004794	long leg	$5K	$16	20x
GMX PEPE/USD [ETH-USDC]	L +0.0316% / S −0.0336%	1h	0.000004000	−16.570%	$43K	—	100x	as long as short
BloFin PEPE-USDT	+0.0324%	8h	0.000004789	−0.113%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0362%	8h	0.000004783	−0.234%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0400%	1h	0.000004793	−0.030%	$549	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004795	+0.012%	$578K	$25.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0449%	8h	0.000004784	−0.213%	$29K	$11K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0542%	1h	0.000004816	+0.450%	$102K	$764K	25x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0568%	1h	0.000004789	−0.113%	$91K	$614K	15x
Nado kPEPE-PERP	+0.0761%	1h	0.000004792	−0.048%	$184K	$854K	10x	as long as short
BingX 1000PEPE-USDC	+0.0766%	8h	0.000004787	−0.161%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0781%	8h	0.000004786	−0.186%	$91.1M	$285.2M	300x	as long as short
Binance 1000PEPEUSDT	+0.0781%	8h	0.000004792	−0.059%	$129.9M	$1.04B	75x	as long as short
Extended 1000PEPE-USD	+0.0784%	1h	0.000004790	−0.101%	$526K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0784%	1h	0.000004792	−0.051%	$135K	—	3x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0795%	1h	0.000004789	−0.113%	$81K	$94K	25x	as long as short
Aster 1000PEPEUSDT	+0.0796%	8h	0.000004787	−0.164%	$1.5M	$7.1M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004843	+1.013%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1333%	1h	0.000004785	−0.189%	$3.9M	$13.3M	50x	as long as short