Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.006%

Price spread now: dYdX against Variational Omni−0.413%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on dYdX

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 airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.413% cheaper against Variational Omni than usual: you would sell low and buy high (−$41 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000004753	0.0100	pay 0.0100% / 8h	22m 25s	$536K	$4.1M	—
Short	dYdX PEPE-USD	0.000004733	0	get 0.0000% / 1h	22m 25s	$17K	$95	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.413%Rate

Funding earned: −$21
Price spread: −0.413% → 0.000%: −$41.27
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$72.27
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; dYdX: no order-book sample. 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, 2 min ago	5.28 bp	doesn't fit	13.7 bp −$137	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
Hyperliquid kPEPE	−0.0202%	1h	0.000004732	−0.441%	$66.7M	$93.7M	10x	as long as short
dYdX PEPE-USDshort	0.0000%	1h	0.000004733	−0.413%	$17K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004734	−0.403%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004752	−0.012%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004735	−0.378%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004738	−0.315%	$86.0M	$291.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004736	−0.357%	$149.0M	$64.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004739	−0.291%	$24.2M	$54.5M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004738	−0.310%	$41.9M	$150.4M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000004753	long leg	$536K	$4.1M	—

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004750	−0.071%	$25K	$349K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004745	−0.167%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004754	+0.018%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004752	−0.020%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004750	−0.060%	$534K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0112%	1h	0.000004740	−0.273%	$585K	$6.4M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0178%	8h	0.000004736	−0.353%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0184%	8h	0.000004758	+0.102%	$2.3M	$6.5M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004737	−0.326%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0201%	8h	0.000004740	−0.273%	$41.1M	$493.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.0272%	1h	0.000004740	−0.273%	$543	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0322%	8h	0.000004749	−0.083%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0378%	8h	0.000004738	−0.323%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0383% / S −0.0439%	1h	0.000004000	−15.842%	$42K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004745	−0.167%	$560K	$25.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004755	+0.043%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0573%	1h	0.000004754	+0.024%	$90K	$602K	15x	as long as short
BingX 1000PEPE-USDT	+0.0582%	8h	0.000004737	−0.331%	—	$257.0M	—	as long as short
Aster 1000PEPEUSDT	+0.0593%	8h	0.000004739	−0.287%	$1.5M	$7.3M	50x	as long as short
Binance 1000PEPEUSDT	+0.0598%	8h	0.000004737	−0.333%	$130.5M	$1.06B	75x	as long as short
MEXC PEPE_USDT	+0.0599%	8h	0.000004739	−0.289%	$88.3M	$281.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0600%	1h	0.000004739	−0.302%	$521K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0608%	1h	0.000004739	−0.294%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0653%	1h	0.000004741	−0.258%	$181K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0806%	1h	0.000004741	−0.251%	$76K	$98K	25x	as long as short