Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0028%/8h= +3.0% APRpaid last 24h +0.147%

Price spread now: Lighter against Phemex−0.012%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.248%+$25 on $10k

Price spread, last 4 days (all we have)−0.042%−$4 · spread now −0.012%, 7d avg +0.031%

Together, before fees+0.207%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.043% cheaper against Phemex than usual: you would sell low and buy high (spread −0.012% now, against its 7-day average of +0.031%). If the spread goes back, that is −$4 on $10k: about 5.1 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.248% in total) that is about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000005084	0.0588	pay 0.0588% / 8h	1h 27m	$2.4M	$8.0M	50x
Short	Lighter 1000PEPE	0.000005083	0.0616	get 0.0077% / 1h	27m 58s	$605K	$9.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.012%Rate

Funding earned: $5.85
Price spread: −0.012% → +0.031%: −$4.27
Slippage, 4 orders: −$33.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.27
Costs to cover: 0.458%
Break-even: 60.0 days

Slippage from Phemex: live order book, 6 min ago; Lighter: live order book, 10 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, 6 min ago	4.72 bp	15.1 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 10 min ago	1.95 bp	3.0 bp −$3	14.9 bp −$149	45.7 bp −$4,571	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
Injective PEPE/USDC PERP	−0.0016%	1h	0.000005102	+0.362%	$9K	$120K	12x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005070	−0.274%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005077	−0.122%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005086	+0.047%	$59K	$181K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005084	+0.016%	$99.1M	$419.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005079	−0.090%	$161.6M	$97.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005087	+0.077%	$25.8M	$72.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005079	−0.098%	$595K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005076	−0.156%	$28K	$543K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005089	+0.110%	$2K	$2.7M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005081	−0.051%	$588K	$4.2M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0167%	1h	0.000005080	−0.071%	$2K	$11K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005091	+0.140%	$8K	—	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0230%	1h	0.000005079	−0.090%	$154K	$822K	25x	as long as short
Bitget PEPEUSDT	+0.0289%	8h	0.000005086	+0.055%	$45.4M	$215.7M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0341%	1h	0.000005080	−0.071%	$72K	$127K	25x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0390%	8h	0.000005080	−0.065%	$33K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0409%	8h	0.000005088	+0.087%	$47.2M	$722.2M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0419%	1h	0.000005084	+0.010%	$73K	$859K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.0459%	1h	0.000005079	−0.083%	$4.6M	$16.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0501%	8h	0.000005080	−0.067%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0533%	8h	0.000005094	+0.205%	$4.6M	$29.3M	75x	as long as short
Phemex u1000PEPEUSDTlong	+0.0588%	8h	0.000005084	long leg	$2.4M	$8.0M	50x
Lighter 1000PEPEshort	+0.0616%	1h	0.000005083	−0.012%	$605K	$9.1M	10x
Coinbase International 1000PEPE-PERP-INTX	+0.0624%	1h	0.000005088	+0.087%	$684K	$38.5M	50x	as long as short
01 Exchange kPEPEUSD	+0.0656%	1h	0.000005089	+0.106%	$813	$3K	10x	as long as short
BingX 1000PEPE-USDC	+0.0731%	8h	0.000005086	+0.043%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0760%	1h	0.000005085	+0.028%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0764%	8h	0.000005089	+0.098%	$98.3M	$304.8M	300x	as long as short
Aster 1000PEPEUSDT	+0.0767%	8h	0.000005088	+0.090%	$1.7M	$11.8M	50x	as long as short
Binance 1000PEPEUSDT	+0.0767%	8h	0.000005087	+0.077%	$139.6M	$1.46B	75x	as long as short
Nado kPEPE-PERP	+0.0767%	1h	0.000005082	−0.027%	$163K	$959K	10x	as long as short
Extended 1000PEPE-USD	+0.0768%	1h	0.000005083	−0.003%	$538K	$280K	25x	as long as short
Hyperliquid kPEPE	+0.0947%	1h	0.000005087	+0.067%	$52.6M	$156.4M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1130% / S −0.2257%	1h	0.000005000	−1.645%	$63K	—	100x	as long as short