Funding you earn now, next payment 06:00 UTC−0.0535%/8h= −58.6% APRpaid last 24h −0.147%
Price spread now: Bybit against Backpack−0.160%45s7-day average −0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$290.294% of the position
Funding, last 7 days−0.331%−$33 on $10k
+Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.160%, 7d avg −0.021%
=Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Bybit is 0.139% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.021%). Swap the legs. The two prices were read 45 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 7 days it paid -0.331% in total (about -17.2% 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 | Backpack kPEPE_USDC_PERP | 0.000005002 | 0.0635 | pay 0.0079% / 1h | 32m 19s | $73K | $830K | 15x |
| Short | Bybit 1000PEPEUSDT | 0.000004994 | 0.0100 | get 0.0100% / 8h | 2h 32m | $98.3M | $403.5M | 50x |
Backpack kPEPE_USDC_PERP
Bybit 1000PEPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$112.3
- Price spread: −0.160% → −0.021%
- −$13.85
- Slippage, 4 orders
- −$8.38
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$155.53
- Costs to cover
- 0.294%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 17 min ago; Bybit: live order book, 2 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 Backpack live order book, 17 min ago | 0.10 bp | 6.2 bp −$6 | 25.3 bp −$253 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 2 min ago | 1.00 bp | 9.9 bp −$10 | 14.9 bp −$149 | 33.3 bp −$3,329 | 179.9 bp −$90.0K |
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 | 0.000005002 | +0.005% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0001% | 1h | 0.000004992 | −0.194% | $6K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005009 | +0.140% | $57K | $177K | 10x | as long as short |
| Bybit 1000PEPEUSDTshort | +0.0100% | 8h | 0.000004994 | −0.160% | $98.3M | $403.5M | 50x | |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004994 | −0.160% | $161.2M | $93.9M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004997 | −0.100% | $24.9M | $70.8M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004997 | −0.105% | $599K | $5.4M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005018 | +0.317% | $28K | $538K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005009 | +0.142% | $1K | $2.6M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005006 | +0.076% | $560K | $4.1M | 75x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
HTX PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SoDEX 1000PEPE-USD | +0.0160% | 1h | 0.000005003 | +0.020% | $2K | $10K | 10x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004997 | −0.093% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0336% | 8h | 0.000004997 | −0.094% | $45.0M | $209.5M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0403% | 8h | 0.000004994 | −0.162% | $33K | $26K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0419% | 8h | 0.000004994 | −0.160% | $46.3M | $681.1M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0537% | 8h | 0.000005010 | +0.152% | $6K | — | 20x | as long as short |
| BloFin PEPE-USDT | +0.0545% | 8h | 0.000005007 | +0.100% | $4.4M | $27.9M | 75x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0550% | 1h | 0.000005001 | −0.020% | $71K | $127K | 25x | as long as short |
| Lighter 1000PEPE | +0.0608% | 1h | 0.000005012 | +0.200% | $595K | $9.0M | 10x | as long as short |
| Phemex u1000PEPEUSDT | +0.0634% | 8h | 0.000004997 | −0.110% | $2.4M | $7.9M | 50x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0635% | 1h | 0.000005002 | long leg | $73K | $830K | 15x | |
| 01 Exchange kPEPEUSD | +0.0640% | 1h | 0.000005014 | +0.240% | $605 | $3K | 10x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0680% | 1h | 0.000005006 | +0.080% | $636K | $36.7M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0740% | 1h | 0.000005002 | +0.009% | $165K | $942K | 10x | as long as short |
| BingX 1000PEPE-USDC | +0.0769% | 8h | 0.000004999 | −0.060% | — | $2.3M | — | as long as short |
| Binance 1000PEPEUSDT | +0.0793% | 8h | 0.000004998 | −0.076% | $140.4M | $1.41B | 75x | as long as short |
| MEXC PEPE_USDT | +0.0796% | 8h | 0.000005000 | −0.048% | $95.7M | $301.2M | 300x | as long as short |
| Extended 1000PEPE-USD | +0.0800% | 1h | 0.000005007 | +0.094% | $530K | $277K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0800% | 1h | 0.000004999 | −0.060% | $141K | — | 3x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0843% | 1h | 0.000005021 | +0.380% | $154K | $814K | 25x | as long as short |
| Aster 1000PEPEUSDT | +0.0847% | 8h | 0.000005002 | −0.005% | $1.7M | $11.2M | 50x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0854% | 1h | 0.000005000 | −0.032% | $4.6M | $16.7M | 50x | as long as short |
| Hyperliquid kPEPE | +0.1015% | 1h | 0.000005004 | +0.040% | $52.7M | $151.9M | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.1106% / S −0.2070% | 1h | 0.000004000 | −20.032% | $64K | — | 100x | as long as short |
| Injective PEPE/USDC PERP | +0.1379% | 1h | 0.000005034 | +0.640% | $3K | $111K | 12x | as long as short |
SoDEX 1000PEPE-USD
Reya kPEPERUSDPERP
Bitget PEPEUSDT
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
Paradex kPEPE-USD-PERP
BloFin PEPE-USDT
Deribit 1000PEPE_USDC-PERPETUAL
Lighter 1000PEPE
Phemex u1000PEPEUSDT
01 Exchange kPEPEUSD
Coinbase International 1000PEPE-PERP-INTX
Nado kPEPE-PERP
BingX 1000PEPE-USDC
Binance 1000PEPEUSDT
MEXC PEPE_USDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
ApeX Omni 1000PEPEUSDT
Aster 1000PEPEUSDT
Kraken Futures PF_PEPEUSD
Hyperliquid kPEPE
GMX PEPE/USD [ETH-USDC]
Injective PEPE/USDC PERP