Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0813%/8h= −89.0% APRpaid last 24h −0.070%

Price spread now: dYdX against Paradex−0.082%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 dYdX

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

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and dYdX is 0.082% cheaper against Paradex than usual: you would sell low and buy high (−$8 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	Paradex kPEPE-USD-PERP	0.000005113	0.0813	pay 0.0813% / 8h	4h 37m	$6K	—	20x
Short	dYdX PEPE-USD	0.000005109	0	get 0.0000% / 1h	37m 57s	$19K	$95	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$170.77
Price spread: −0.082% → 0.000%: −$8.17
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$192.94
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; dYdX: 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 Paradex no order-book sample	—	—	—	—	—
Sell dYdX no order-book sample	—	—	—	—	—

Paradex and dYdX: 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-USDshort	0.0000%	1h	0.000005109	−0.082%	$19K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005123	+0.196%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005116	+0.054%	$65K	$141K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005133	+0.386%	$100.3M	$347.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005126	+0.249%	$170.4M	$76.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005131	+0.339%	$26.3M	$64.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005091	−0.444%	$688K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005091	−0.444%	$31K	$451K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005140	+0.515%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005147	+0.654%	$589K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDT	+0.0177%	8h	0.000005136	+0.445%	$46.8M	$175.5M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005141	+0.550%	$8K	—	15x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005044	−1.355%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0336%	8h	0.000005132	+0.363%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0368%	8h	0.000005136	+0.445%	$46.7M	$610.0M	50x	as long as short
BloFin PEPE-USDT	+0.0488%	8h	0.000005096	−0.338%	$4.3M	$25.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0566%	8h	0.000005123	+0.187%	$2.4M	$7.1M	50x	as long as short
BingX 1000PEPE-USDT	+0.0647%	8h	0.000005130	+0.335%	—	$261.9M	—	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005136	+0.445%	$973K	$32.4M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0677% / S −0.0932%	1h	0.000005000	−2.215%	$46K	—	100x	as long as short
Aevo 1000PEPE-PERP	+0.0696%	1h	0.000005124	+0.210%	$145K	—	3x	as long as short
MEXC PEPE_USDT	+0.0699%	8h	0.000005134	+0.396%	$94.9M	$288.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0702%	8h	0.000005138	+0.481%	$145.7M	$1.23B	75x	as long as short
Extended 1000PEPE-USD	+0.0704%	1h	0.000005133	+0.382%	$544K	$226K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0759%	1h	0.000005133	+0.386%	$2K	$12K	10x	as long as short
Nado kPEPE-PERP	+0.0768%	1h	0.000005142	+0.570%	$202K	$881K	10x	as long as short
Aster 1000PEPEUSDT	+0.0795%	8h	0.000005134	+0.409%	$1.8M	$9.3M	50x	as long as short
Paradex kPEPE-USD-PERPlong	+0.0813%	8h	0.000005113	long leg	$6K	—	20x
ApeX Omni 1000PEPEUSDT	+0.0824%	1h	0.000005099	−0.279%	$101K	$743K	25x	as long as short
Lighter 1000PEPE	+0.0912%	1h	0.000005128	+0.288%	$581K	$8.2M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0921%	1h	0.000005130	+0.327%	$72K	$124K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0981%	1h	0.000005135	+0.423%	$101K	$657K	15x	as long as short
01 Exchange kPEPEUSD	+0.1064%	1h	0.000005134	+0.406%	$619	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1269%	1h	0.000005131	+0.341%	$4.5M	$15.5M	50x	as long as short
Hyperliquid kPEPE	+0.1498%	1h	0.000005132	+0.366%	$55.1M	$140.5M	10x	as long as short