Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0476%/8h= +52.1% APRpaid last 24h −0.024%

Price spread now: Phemex against Reya−0.484%46s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Phemex is 0.484% cheaper against Reya than usual: you would sell low and buy high (spread −0.484% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$48 on $10k: about 3.4 days of funding at the current rate (+$14 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya kPEPERUSDPERP	0.000005054	0.0189	pay 0.0024% / 1h	46m 29s	$8K	—	15x
Short	Phemex u1000PEPEUSDT	0.000005030	0.0665	get 0.0665% / 8h	2h 46m	$2.4M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now −0.484%Rate

Funding earned: $99.92
Price spread: −0.484% → 0.000%: −$48.45
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $33.47
Costs to cover: 0.180%
Break-even: 4.7 days

Slippage unknown: Reya: no order-book sample; Phemex: 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	4.66 bp	18.5 bp −$19	45.3 bp −$453	doesn't fit	doesn't fit

Reya: 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	0.000005042	−0.248%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005022	−0.639%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005042	−0.239%	$59K	$176K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005049	−0.107%	$99.1M	$400.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005039	−0.298%	$161.7M	$92.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005043	−0.221%	$25.2M	$70.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005035	−0.385%	$596K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005016	−0.755%	$28K	$537K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005033	−0.415%	$2K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005030	−0.473%	$562K	$4.1M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERPlong	+0.0189%	1h	0.000005054	long leg	$8K	—	15x
SoDEX 1000PEPE-USD	+0.0253%	1h	0.000005030	−0.477%	$2K	$10K	10x	as long as short
Bitget PEPEUSDT	+0.0343%	8h	0.000005057	+0.058%	$45.7M	$208.9M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0412%	8h	0.000005030	−0.479%	$33K	$27K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0413%	8h	0.000005053	−0.021%	$46.8M	$683.9M	50x	as long as short
BloFin PEPE-USDT	+0.0533%	8h	0.000005033	−0.417%	$4.5M	$27.9M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0546%	1h	0.000005028	−0.516%	$72K	$127K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0549%	8h	0.000005049	−0.099%	$6K	—	20x	as long as short
Phemex u1000PEPEUSDTshort	+0.0665%	8h	0.000005030	−0.484%	$2.4M	$7.8M	50x
01 Exchange kPEPEUSD	+0.0680%	1h	0.000005059	+0.097%	$610	$3K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005034	−0.397%	$622K	$36.8M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0683%	1h	0.000005029	−0.498%	$73K	$827K	15x	as long as short
Nado kPEPE-PERP	+0.0775%	1h	0.000005055	+0.009%	$170K	$940K	10x	as long as short
Lighter 1000PEPE	+0.0776%	1h	0.000005052	−0.041%	$602K	$9.0M	10x	as long as short
BingX 1000PEPE-USDC	+0.0778%	8h	0.000005052	−0.041%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0808%	8h	0.000005050	−0.086%	$142.7M	$1.39B	75x	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000005049	−0.105%	$533K	$262K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0808%	1h	0.000005030	−0.477%	$142K	—	3x	as long as short
MEXC PEPE_USDT	+0.0809%	8h	0.000005058	+0.075%	$97.9M	$299.1M	300x	as long as short
Kraken Futures PF_PEPEUSD	+0.0849%	1h	0.000005029	−0.494%	$4.6M	$16.7M	50x	as long as short
Aster 1000PEPEUSDT	+0.0876%	8h	0.000005053	−0.024%	$1.8M	$11.0M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0914%	1h	0.000005024	−0.595%	$154K	$812K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1060% / S −0.1968%	1h	0.000005000	−1.070%	$64K	—	100x	as long as short
Hyperliquid kPEPE	+0.1144%	1h	0.000005059	+0.097%	$53.6M	$150.7M	10x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005013	−0.813%	$3K	$111K	12x	as long as short