Funding you earn now, next payment 07:00 UTC−0.0084%/8h= −9.2% APRnext payment −$0.11 per $10,000 · paid last 24h −0.056%
Price spread now: Deribit against Backpack+0.147%50s7-day average −0.007% · you sell dearer than you buy
Net, funding: paid 7d − costs−$94as 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−$730.731% of the position
Funding, last 7 days−0.208%−$21 on $10k
+Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.147%, 7d avg −0.007%
=The price spread pays, funding is against you. Deribit is 0.154% dearer against Backpack than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of −0.007%): +$15 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.1 days. The two prices were read 50 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 | Backpack kPEPE_USDC_PERP | 0.000005153 | 0.0416 | pay 0.0052% / 1h | 43m 14s | $74K | $855K | 15x |
| Short | Deribit 1000PEPE_USDC-PERPETUAL | 0.000005161 | 0.0332 | get 0.0041% / 1h | 43m 14s | $74K | $127K | 25x |
Backpack kPEPE_USDC_PERP
Deribit 1000PEPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$17.7
- Price spread: +0.147% → −0.007%
- $15.44
- Slippage, 4 orders
- −$56.06
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$75.33
- Costs to cover
- 0.731%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 66 min ago; Deribit: live order book, 31 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, 66 min ago | 0.10 bp | 6.2 bp −$6 | 25.3 bp −$253 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 31 min ago | 27.35 bp | 30.8 bp −$31 | doesn't fit | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective PEPE/USDC PERP | −0.0016% | 1h | 0.000005154 | +0.012% | $10K | $119K | 12x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000005159 | +0.101% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0008% | 1h | 0.000005160 | +0.128% | $4K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005166 | +0.244% | $60K | $180K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005158 | +0.089% | $101.6M | $415.6M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005162 | +0.167% | $164.7M | $96.4M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005165 | +0.225% | $26.0M | $72.1M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005133 | −0.404% | $612K | $5.3M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005145 | −0.158% | $28K | $543K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005171 | +0.336% | $1K | $2.6M | 20x | as long as short |
Injective PEPE/USDC PERP
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005164 | +0.206% | $595K | $4.2M | 75x | as long as short |
| SoDEX 1000PEPE-USD | +0.0105% | 1h | 0.000005157 | +0.070% | $2K | $11K | 10x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005163 | +0.179% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0297% | 8h | 0.000005161 | +0.155% | $46.2M | $214.6M | 75x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUALshort | +0.0332% | 1h | 0.000005161 | +0.147% | $74K | $127K | 25x | |
| Orderly PERP_1000PEPE_USDC | +0.0383% | 8h | 0.000005163 | +0.194% | $34K | $26K | 20x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0416% | 1h | 0.000005153 | long leg | $74K | $855K | 15x | |
| OKX PEPE-USDT-SWAP | +0.0417% | 8h | 0.000005162 | +0.167% | $48.2M | $728.5M | 50x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0452% | 1h | 0.000005159 | +0.117% | $4.7M | $16.8M | 50x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0456% | 1h | 0.000005149 | −0.085% | $156K | $821K | 25x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0502% | 8h | 0.000005159 | +0.110% | $6K | — | 20x | as long as short |
| Lighter 1000PEPE | +0.0528% | 1h | 0.000005163 | +0.186% | $620K | $9.0M | 10x | as long as short |
| BloFin PEPE-USDT | +0.0542% | 8h | 0.000005159 | +0.109% | $4.6M | $29.6M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0563% | 8h | 0.000005159 | +0.103% | $2.4M | $8.0M | 50x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0624% | 1h | 0.000005164 | +0.206% | $673K | $38.8M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0656% | 1h | 0.000005183 | +0.574% | $625 | $3K | 10x | as long as short |
| Nado kPEPE-PERP | +0.0730% | 1h | 0.000005162 | +0.165% | $164K | $957K | 10x | as long as short |
| BingX 1000PEPE-USDC | +0.0743% | 8h | 0.000005161 | +0.149% | — | $2.3M | — | as long as short |
| Aevo 1000PEPE-PERP | +0.0768% | 1h | 0.000005167 | +0.264% | $146K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0773% | 8h | 0.000005169 | +0.299% | $99.9M | $303.1M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0773% | 8h | 0.000005159 | +0.118% | $142.9M | $1.45B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0776% | 1h | 0.000005162 | +0.160% | $547K | $286K | 25x | as long as short |
| Aster 1000PEPEUSDT | +0.0785% | 8h | 0.000005165 | +0.221% | $1.8M | $11.7M | 50x | as long as short |
| Hyperliquid kPEPE | +0.0983% | 1h | 0.000005171 | +0.342% | $55.4M | $154.8M | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.1133% / S −0.2351% | 1h | 0.000005000 | −2.977% | $64K | — | 100x | as long as short |
HTX PEPE-USDT
SoDEX 1000PEPE-USD
Reya kPEPERUSDPERP
Bitget PEPEUSDT
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
Kraken Futures PF_PEPEUSD
ApeX Omni 1000PEPEUSDT
Paradex kPEPE-USD-PERP
Lighter 1000PEPE
BloFin PEPE-USDT
Phemex u1000PEPEUSDT
Coinbase International 1000PEPE-PERP-INTX
01 Exchange kPEPEUSD
Nado kPEPE-PERP
BingX 1000PEPE-USDC
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Aster 1000PEPEUSDT
Hyperliquid kPEPE
GMX PEPE/USD [ETH-USDC]