Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h +0.027%

Price spread now: Reya against Variational Omni−0.064%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 Reya

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 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.064% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000005168	0.0100	pay 0.0100% / 8h	1h 01m	$607K	$5.3M	—
Short	Reya kPEPERUSDPERP	0.000005164	0.0189	get 0.0024% / 1h	1m 27s	$8K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.064%Rate

Funding earned: $18.69
Price spread: −0.064% → 0.000%: −$6.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $6.25
Costs to cover: 0.060%
Break-even: 4.7 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Reya: 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, 3 min ago	4.84 bp	doesn't fit	24.2 bp −$242	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Injective PEPE/USDC PERP	−0.0016%	1h	0.000005165	−0.050%	$8K	$120K	12x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005152	−0.302%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005146	−0.424%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005158	−0.186%	$60K	$182K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005167	−0.008%	$101.1M	$421.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005159	−0.166%	$164.2M	$97.9M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000005168	long leg	$607K	$5.3M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005170	+0.042%	$28K	$545K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005166	−0.027%	$2K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005156	−0.221%	$598K	$4.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PEPEUSDTM	+0.0109%	8h	0.000005166	−0.021%	$26.5M	$72.7M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0175%	1h	0.000005159	−0.166%	$2K	$11K	10x	as long as short
Reya kPEPERUSDPERPshort	+0.0189%	1h	0.000005164	−0.064%	$8K	—	15x
Bitget PEPEUSDT	+0.0282%	8h	0.000005161	−0.118%	$46.3M	$216.6M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0398%	8h	0.000005170	+0.047%	$47.6M	$738.6M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0402%	8h	0.000005167	−0.006%	$34K	$26K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0441%	1h	0.000005174	+0.124%	$150K	$830K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0453%	1h	0.000005157	−0.206%	$4.7M	$16.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0469%	1h	0.000005162	−0.108%	$74K	$866K	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0517%	8h	0.000005148	−0.379%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0520%	8h	0.000005172	+0.085%	$4.4M	$30.0M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0520%	8h	0.000005161	−0.124%	$2.4M	$8.0M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0526%	1h	0.000005157	−0.205%	$74K	$127K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0624%	1h	0.000005154	−0.263%	$689K	$39.0M	50x	as long as short
01 Exchange kPEPEUSD	+0.0680%	1h	0.000005169	+0.027%	$623	$3K	10x	as long as short
Nado kPEPE-PERP	+0.0705%	1h	0.000005163	−0.081%	$165K	$954K	10x	as long as short
BingX 1000PEPE-USDC	+0.0723%	8h	0.000005167	−0.017%	—	$2.3M	—	as long as short
Lighter 1000PEPE	+0.0728%	1h	0.000005161	−0.128%	$617K	$9.1M	10x	as long as short
Aster 1000PEPEUSDT	+0.0745%	8h	0.000005166	−0.034%	$1.8M	$11.7M	50x	as long as short
Binance 1000PEPEUSDT	+0.0756%	8h	0.000005170	+0.040%	$142.2M	$1.47B	75x	as long as short
MEXC PEPE_USDT	+0.0758%	8h	0.000005167	−0.012%	$100.6M	$307.5M	300x	as long as short
Extended 1000PEPE-USD	+0.0760%	1h	0.000005161	−0.127%	$541K	$286K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0760%	1h	0.000005163	−0.089%	$146K	—	3x	as long as short
Hyperliquid kPEPE	+0.0954%	1h	0.000005168	+0.008%	$53.7M	$156.9M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1132% / S −0.2249%	1h	0.000005000	−3.243%	$64K	—	100x	as long as short