Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Bybit against Phemex+0.091%7-day average −0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$520.522% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 3 days (all we have)−0.185%−$19 · spread now +0.091%, 7d avg −0.081%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.171% dearer against Phemex than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000004960	0.0100	pay 0.0100% / 8h	7h 31m	$2.4M	$6.6M	50x
Short	Bybit 1000PEPEUSDT	0.000004964	0.0100	get 0.0100% / 8h	7h 31m	$91.2M	$302.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now +0.091%Rate

Funding earned: $0
Price spread: +0.091% → −0.081%: $17.15
Slippage, 4 orders: −$29.23
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.08
Costs to cover: 0.522%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Bybit: live order book, 3 min ago.

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 Phemex live order book, 3 min ago	3.24 bp	19.0 bp −$19	34.0 bp −$340	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.01 bp	9.4 bp −$9	13.0 bp −$130	41.1 bp −$4,106	doesn't fit

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	0.000004961	+0.025%	$3.9M	$14.0M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004974	+0.290%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004961	+0.024%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004981	+0.427%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004964	+0.091%	$91.2M	$302.4M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004960	+0.004%	$157.4M	$66.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004962	+0.044%	$25.5M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004963	+0.058%	$43.2M	$152.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	−0.001%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004925	−0.707%	$26K	$353K	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	0.000004967	+0.147%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004962	+0.044%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004964	+0.087%	$561K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDTlong	+0.0100%	8h	0.000004960	long leg	$2.4M	$6.6M	50x
OKX PEPE-USDT-SWAP	+0.0182%	8h	0.000004965	+0.105%	$43.5M	$527.7M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004963	+0.057%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0206%	8h	0.000004979	+0.382%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0291%	8h	0.000004962	+0.054%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0303%	8h	0.000004961	+0.024%	$4.0M	$23.5M	75x	as long as short
Lighter 1000PEPE	+0.0368%	1h	0.000004966	+0.125%	$582K	$6.7M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004965	+0.105%	$594K	$26.9M	50x	as long as short
Nado kPEPE-PERP	+0.0402%	1h	0.000004962	+0.046%	$194K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0440%	1h	0.000004944	−0.319%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0470% / S −0.0704%	1h	0.000004000	−19.352%	$47K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004986	+0.528%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0483%	8h	0.000004963	+0.056%	—	$257.0M	—	as long as short
Hyperliquid kPEPE	+0.0500%	1h	0.000004973	+0.266%	$59.7M	$117.8M	10x	as long as short
MEXC PEPE_USDT	+0.0501%	8h	0.000004962	+0.050%	$97.5M	$283.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0501%	8h	0.000004960	−0.003%	$139.4M	$1.09B	75x	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004961	+0.017%	$546K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0504%	1h	0.000004976	+0.327%	$141K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0526%	8h	0.000004967	+0.139%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0573%	1h	0.000004963	+0.073%	$94K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004986	+0.528%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0758%	1h	0.000004964	+0.085%	$71K	$107K	25x	as long as short