Funding you earn now, next payment 23:00 UTC−0.0093%/8h= −10.2% APRnext payment −$0.12 per $10,000 · paid last 24h −0.047%
Price spread now: Coinbase International against Backpack−0.247%7-day average +0.010% · you buy dearer than you sell
Net, funding: paid 7d − costs−$63as in the Funding arb table
Net, price: spread back to 7d avg − costs−$69as in the Price arb table
costs, in and out, $10k−$440.435% of the position
Funding, last 7 days−0.193%−$19 on $10k
+Price spread, last 3 days (all we have)+0.243%+$24 · spread now −0.247%, 7d avg +0.010%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Coinbase International is 0.257% cheaper against Backpack than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.010%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack kPEPE_USDC_PERP | 0.000004813 | 0.0493 | pay 0.0062% / 1h | 59m 03s | $93K | $615K | 15x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004801 | 0.0400 | get 0.0050% / 1h | 59m 03s | $586K | $25.7M | 50x |
Backpack kPEPE_USDC_PERP
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$19.47
- Price spread: −0.247% → +0.010%
- −$25.69
- Slippage, 4 orders
- −$23.51
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$88.68
- Costs to cover
- 0.435%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 20 min ago; Coinbase International: live order book, 5 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, 20 min ago | 3.23 bp | 11.8 bp −$12 | 30.4 bp −$304 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 5 min ago | 4.17 bp | 11.2 bp −$11 | 14.3 bp −$143 | 45.4 bp −$4,541 | 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 | 0.000004787 | −0.531% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004799 | −0.287% | $14K | — | 150x | as long as short |
| Hyperliquid kPEPE | +0.0059% | 1h | 0.000004806 | −0.143% | $64.4M | $85.6M | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0066% | 1h | 0.000004805 | −0.169% | $3.9M | $13.4M | 50x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004792 | −0.434% | $59K | $114K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004816 | +0.064% | $87.0M | $286.0M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004808 | −0.102% | $150.8M | $63.6M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004805 | −0.164% | $24.8M | $54.1M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004818 | +0.112% | $42.5M | $149.2M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004783 | −0.624% | $548K | $4.0M | — | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Hyperliquid kPEPE
Kraken Futures PF_PEPEUSD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPEShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004802 | −0.232% | $27K | $346K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004801 | −0.243% | $1K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004807 | −0.123% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004803 | −0.212% | $544K | $3.5M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004794 | −0.384% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0222% | 8h | 0.000004819 | +0.127% | $41.5M | $496.6M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0238% | 8h | 0.000004788 | −0.512% | $5K | $16 | 20x | as long as short |
| Phemex u1000PEPEUSDT | +0.0303% | 8h | 0.000004801 | −0.253% | $2.3M | $6.4M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0340% | 8h | 0.000004802 | −0.226% | $3.9M | $22.3M | 75x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0342% / S −0.0374% | 1h | 0.000004000 | −16.890% | $42K | — | 100x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0400% | 1h | 0.000004801 | −0.247% | $586K | $25.7M | 50x | |
| 01 Exchange kPEPEUSD | +0.0416% | 1h | 0.000004791 | −0.455% | $549 | $2K | 10x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0420% | 1h | 0.000004802 | −0.226% | $102K | $762K | 25x | as long as short |
| Injective PEPE/USDC PERP | +0.0437% | 1h | 0.000004794 | −0.393% | $4K | $102K | 12x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0446% | 8h | 0.000004803 | −0.197% | $29K | $11K | 20x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0493% | 1h | 0.000004813 | long leg | $93K | $615K | 15x | |
| BingX 1000PEPE-USDC | +0.0708% | 8h | 0.000004798 | −0.308% | — | $2.3M | — | as long as short |
| Binance 1000PEPEUSDT | +0.0719% | 8h | 0.000004818 | +0.098% | $131.9M | $1.05B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0720% | 1h | 0.000004806 | −0.153% | $526K | $148K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0720% | 8h | 0.000004813 | 0.000% | $93.1M | $277.5M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0720% | 1h | 0.000004819 | +0.127% | $136K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0727% | 8h | 0.000004803 | −0.206% | $1.5M | $7.2M | 50x | as long as short |
| Lighter 1000PEPE | +0.0840% | 1h | 0.000004806 | −0.143% | $665K | $6.0M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0966% | 1h | 0.000004791 | −0.463% | $183K | $845K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.1001% | 1h | 0.000004803 | −0.206% | $81K | $94K | 25x | as long as short |
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
Paradex kPEPE-USD-PERP
Phemex u1000PEPEUSDT
BloFin PEPE-USDT
GMX PEPE/USD [ETH-USDC]
01 Exchange kPEPEUSD
ApeX Omni 1000PEPEUSDT
Injective PEPE/USDC PERP
Orderly PERP_1000PEPE_USDC
BingX 1000PEPE-USDC
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
Lighter 1000PEPE
Nado kPEPE-PERP
Deribit 1000PEPE_USDC-PERPETUAL