Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0700%/8h= +76.6% APRpaid last 24h +0.060%

Price spread now: Aevo against Variational Omni+0.127%48s7-day average +0.091% · you sell dearer than you buy

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

Long on Variational Omni Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.090%+$9 on $10k

Price spread, last 3 days (all we have)+0.152%+$15 · spread now +0.127%, 7d avg +0.091%

Together, before fees+0.242%+ Points / potential airdropVariational Omni: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Aevo is 0.036% dearer against Variational Omni than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.091%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.090% in total (about 10.1% 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	Variational Omni 1000PEPE	0.000004818	0.0100	pay 0.0100% / 8h	1h 26m	$574K	$4.0M	—
Short	Aevo 1000PEPE-PERP	0.000004824	0.0800	get 0.0100% / 1h	26m 23s	$136K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Variational Omni. 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 Variational OmnibpFee AevobpOrdersPrice spread, now +0.127%Rate

Funding earned: $147
Price spread: +0.127% → +0.091%: $3.56
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: $134.56
Costs to cover: 0.160%
Break-even: 0.6 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Aevo: live order book, 57 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 Variational Omni RFQ quote, 3 min ago	6.22 bp	doesn't fit	16.6 bp −$166	doesn't fit	doesn't fit
Sell Aevo live order book, 57 min ago	408.35 bp	2936.7 bp −$2,937	doesn't fit	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	0.000004803	−0.305%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004804	−0.295%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004811	−0.143%	$578K	$5.6M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004804	−0.288%	$62.6M	$80.2M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004810	−0.164%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004805	−0.276%	$87.1M	$281.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004807	−0.226%	$149.6M	$63.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004813	−0.100%	$24.8M	$54.0M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000004818	long leg	$574K	$4.0M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004819	+0.021%	$27K	$342K	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	0.000004827	+0.195%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004822	+0.085%	$3K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004817	−0.021%	$543K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0138%	8h	0.000004805	−0.261%	$42.3M	$151.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004807	−0.229%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0207%	8h	0.000004808	−0.205%	$41.8M	$491.6M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0212% / S −0.0091%	1h	0.000004000	−16.976%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0323%	8h	0.000004823	+0.106%	$3.9M	$22.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0335%	8h	0.000004806	−0.243%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0375%	8h	0.000004828	+0.203%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0424%	1h	0.000004813	−0.102%	$551	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0447%	8h	0.000004808	−0.212%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004822	+0.085%	$600K	$25.7M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0580%	1h	0.000004821	+0.064%	$81K	$94K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0596%	1h	0.000004818	+0.002%	$102K	$763K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0597%	1h	0.000004821	+0.064%	$92K	$615K	15x	as long as short
Nado kPEPE-PERP	+0.0748%	1h	0.000004811	−0.145%	$186K	$853K	10x	as long as short
BingX 1000PEPE-USDT	+0.0780%	8h	0.000004807	−0.218%	—	$256.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0797%	8h	0.000004809	−0.195%	$130.3M	$1.04B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000004810	−0.155%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERPshort	+0.0800%	1h	0.000004824	+0.127%	$136K	—	3x
MEXC PEPE_USDT	+0.0803%	8h	0.000004810	−0.164%	$91.4M	$284.5M	300x	as long as short
Aster 1000PEPEUSDT	+0.0824%	8h	0.000004815	−0.058%	$1.5M	$7.1M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004833	+0.313%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1323%	1h	0.000004820	+0.053%	$3.9M	$13.3M	50x	as long as short