Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.2168%/8hpaid last 24h +0.052%

Price spread now: Injective against Variational Omni−0.411%76s7-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 Injective

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

Funding pays, the price is against you. Injective is 0.411% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.411% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$41 on $10k: about 15 hours of funding at the current rate (+$65 a day). The two prices were read 76 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	Variational Omni 1000PEPE	0.000004976	0.0100	pay 0.0100% / 8h	4h 06m	$704K	$3.5M	—
Short	Injective PEPE/USDC PERP	0.000004956	0.2268	get 0.0283% / 1h	6m 10s	$5K	$68K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.411%Rate

Funding earned: $455.25
Price spread: −0.411% → 0.000%: −$41.14
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $414.09
Costs to cover: 0.000%
Break-even: 0.6 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Injective: 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	5.02 bp	doesn't fit	19.1 bp −$191	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	0.000004961	−0.312%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004961	−0.307%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004968	−0.170%	$59K	$105K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004963	−0.277%	$89.4M	$256.4M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004966	−0.210%	$43.6M	$484.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004964	−0.251%	$151.3M	$58.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004965	−0.225%	$25.6M	$46.0M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000004976	long leg	$704K	$3.5M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004990	+0.268%	$28K	$330K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004974	−0.050%	$2K	$2.4M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004970	−0.132%	$571K	$3.7M	75x	as long as short
Bitget PEPEUSDT	+0.0139%	8h	0.000004968	−0.164%	$46.9M	$136.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0188%	1h	0.000004968	−0.175%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004975	−0.030%	$4.1M	$21.3M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0268%	1h	0.000004965	−0.231%	$2K	$9K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0289%	8h	0.000004967	−0.184%	$31K	$10K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0292% / S −0.0262%	1h	0.000004000	−19.622%	$46K	—	100x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0314%	1h	0.000004989	+0.252%	$103K	$758K	25x	as long as short
Hyperliquid kPEPE	+0.0471%	1h	0.000004971	−0.110%	$56.8M	$61.7M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0480%	8h	0.000004969	−0.158%	$6K	$26	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0496%	1h	0.000004967	−0.190%	$634K	$25.0M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0511%	8h	0.000004968	−0.166%	$2.4M	$6.1M	50x	as long as short
Nado kPEPE-PERP	+0.0631%	1h	0.000004970	−0.136%	$200K	$795K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0731%	1h	0.000004967	−0.186%	$97K	$573K	15x	as long as short
01 Exchange kPEPEUSD	+0.0736%	1h	0.000004973	−0.070%	$570	$2K	10x	as long as short
Lighter 1000PEPE	+0.0744%	1h	0.000004971	−0.110%	$600K	$5.0M	10x	as long as short
BingX 1000PEPE-USDC	+0.0752%	8h	0.000004968	−0.170%	—	$2.3M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0758%	1h	0.000004966	−0.210%	$84K	$87K	25x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000004965	−0.232%	$549K	$145K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004971	−0.110%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0801%	8h	0.000004970	−0.122%	$114.1M	$270.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0802%	8h	0.000004967	−0.192%	$131.6M	$954.5M	75x	as long as short
Aster 1000PEPEUSDT	+0.0902%	8h	0.000004970	−0.121%	$1.5M	$6.4M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.1525%	1h	0.000004968	−0.178%	$4.0M	$12.0M	50x	as long as short
Injective PEPE/USDC PERPshort	+0.2268%	1h	0.000004956	−0.411%	$5K	$68K	12x