Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.078%

Price spread now: Hyperliquid against SunX−0.262%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1401.403% of the position

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.364%+$36 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.262%, 7d avg −0.048%

Together, before fees+0.447%+ Points / potential airdropHyperliquid: Season 2 · farm board+$45 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: Hyperliquid is 0.213% cheaper against SunX than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX 1000PEPE-USDT	0.000004817	0.0100	pay 0.0100% / 8h	2h 28m	$2K	$2.4M	20x
Short	Hyperliquid kPEPE	0.000004804	0.0100	get 0.0013% / 1h	28m 49s	$57.1M	$70.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.262%Rate

Funding earned: $0
Price spread: −0.262% → −0.048%: −$21.34
Slippage, 4 orders: −$123.31
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$161.66
Costs to cover: 1.403%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Hyperliquid: 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, 7 min ago	29.13 bp	47.1 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.04 bp	9.3 bp −$9	14.5 bp −$145	doesn't fit	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
dYdX PEPE-USD	0.0000%	1h	0.000004799	−0.365%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004800	−0.349%	$14K	—	150x	as long as short
Hyperliquid kPEPEshort	+0.0100%	1h	0.000004804	−0.262%	$57.1M	$70.5M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004807	−0.199%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004801	−0.324%	$88.6M	$273.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004800	−0.345%	$149.3M	$61.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004805	−0.235%	$25.3M	$53.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	−0.360%	$702K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004804	−0.272%	$27K	$338K	20x	as long as short
SunX 1000PEPE-USDTlong	+0.0100%	8h	0.000004817	long leg	$2K	$2.4M	20x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004810	−0.141%	$554K	$3.6M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0136%	8h	0.000004805	−0.241%	$41.3M	$488.4M	50x	as long as short
Bitget PEPEUSDT	+0.0173%	8h	0.000004801	−0.326%	$43.1M	$152.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004806	−0.219%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0255%	8h	0.000004802	−0.303%	$3.9M	$21.7M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.954%	$52K	—	100x	as long as short
Lighter 1000PEPE	+0.0360%	1h	0.000004805	−0.241%	$591K	$5.1M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0384%	8h	0.000004806	−0.212%	$29K	$11K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0408%	8h	0.000004806	−0.210%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0463%	8h	0.000004802	−0.295%	$2.3M	$6.4M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004797	−0.407%	$574K	$25.3M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0540%	1h	0.000004804	−0.260%	$95K	$622K	15x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004804	−0.262%	$4K	$92K	12x	as long as short
Nado kPEPE-PERP	+0.0697%	1h	0.000004809	−0.158%	$180K	$859K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0726%	1h	0.000004803	−0.282%	$99K	$759K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0730%	1h	0.000004806	−0.220%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004806	−0.225%	$3.9M	$13.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0774%	8h	0.000004807	−0.195%	—	$254.9M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0792%	1h	0.000004805	−0.241%	$81K	$94K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0816%	1h	0.000004806	−0.220%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0819%	8h	0.000004809	−0.156%	$90.5M	$290.0M	300x	as long as short
Extended 1000PEPE-USD	+0.0824%	1h	0.000004805	−0.235%	$526K	$147K	25x	as long as short
Binance 1000PEPEUSDT	+0.0826%	8h	0.000004808	−0.189%	$127.8M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0862%	8h	0.000004808	−0.187%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1232%	1h	0.000004820	+0.071%	$552	$2K	10x	as long as short