Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h +0.037%

Price spread now: Coinbase International against SunX−0.168%7-day average −0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$151as in the Price arb table

costs, in and out, $10k−$1491.491% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 3 days (all we have)−0.133%−$13 · spread now −0.168%, 7d avg −0.153%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.153%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.051% in total (about -2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX 1000PEPE-USDT	0.000004748	0.0100	pay 0.0100% / 8h	23m 57s	$2K	$2.4M	20x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000004740	0.0400	get 0.0050% / 1h	23m 57s	$557K	$25.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.168%Rate

Funding earned: $63
Price spread: −0.168% → −0.153%: −$1.53
Slippage, 4 orders: −$131.08
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$87.61
Costs to cover: 1.491%
Break-even: 16.7 days

Slippage from SunX: live order book, 2 min ago; Coinbase International: live order book, 5 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 SunX live order book, 2 min ago	29.18 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	4.19 bp	11.3 bp −$11	15.2 bp −$152	48.1 bp −$4,813	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
Hyperliquid kPEPE	−0.0192%	1h	0.000004732	−0.337%	$66.3M	$93.3M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004738	−0.215%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004737	−0.240%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004739	−0.193%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004741	−0.147%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004737	−0.240%	$85.8M	$291.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004734	−0.295%	$148.7M	$64.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004738	−0.202%	$24.1M	$54.5M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004737	−0.234%	$41.8M	$150.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004753	+0.104%	$536K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004770	+0.464%	$25K	$348K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004769	+0.442%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDTlong	+0.0100%	8h	0.000004748	long leg	$2K	$2.4M	20x
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004739	−0.190%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004744	−0.084%	$534K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0104%	1h	0.000004741	−0.147%	$583K	$6.4M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0179%	8h	0.000004742	−0.129%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0183%	8h	0.000004739	−0.181%	$2.3M	$6.5M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004738	−0.200%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0202%	8h	0.000004738	−0.211%	$41.0M	$493.5M	50x	as long as short
01 Exchange kPEPEUSD	+0.0264%	1h	0.000004737	−0.232%	$543	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0326%	8h	0.000004743	−0.105%	$3.9M	$22.2M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0381%	8h	0.000004738	−0.213%	$29K	$12K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0381% / S −0.0343%	1h	0.000004000	−15.754%	$46K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0400%	1h	0.000004740	−0.168%	$557K	$25.4M	50x
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004768	+0.421%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0577%	1h	0.000004739	−0.187%	$90K	$602K	15x	as long as short
BingX 1000PEPE-USDC	+0.0598%	8h	0.000004738	−0.217%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0600%	8h	0.000004741	−0.156%	$1.5M	$7.3M	50x	as long as short
MEXC PEPE_USDT	+0.0605%	8h	0.000004740	−0.162%	$88.5M	$281.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0605%	8h	0.000004739	−0.194%	$130.6M	$1.06B	75x	as long as short
Extended 1000PEPE-USD	+0.0608%	1h	0.000004737	−0.224%	$521K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0608%	1h	0.000004743	−0.105%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0662%	1h	0.000004739	−0.199%	$181K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0806%	1h	0.000004742	−0.126%	$76K	$98K	25x	as long as short