PEPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0127%/8h= −13.9% APRnext payment −$0.16 per $10,000 · paid last 24h 0.000%

Price spread now: Injective against Backpack+0.185%48s7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as 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−$1081.076% of the position

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.185% dearer against Backpack than usual: you sell high and buy low (spread +0.185% now, against zero (this spread has no 7-day history yet)): +$19 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.195%, so the current rate has only just turned against you. The two prices were read 48 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	0.000004808	0.0682	pay 0.0085% / 1h	15m 13s	$93K	$622K	15x
Short	Injective PEPE/USDC PERP	0.000004817	0.0555	get 0.0069% / 1h	15m 13s	$4K	$110K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Backpack. 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 BackpackbpFee InjectivebpOrdersPrice spread, now +0.185%Rate

Funding earned: −$26.67
Price spread: +0.185% → 0.000%: $18.51
Slippage, 4 orders: −$97.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$115.78
Costs to cover: 1.076%
Break-even: never at this rate

Slippage from Backpack: live order book, 9 min ago; Injective: live order book, 8 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, 9 min ago	0.10 bp	13.7 bp −$14	36.5 bp −$365	doesn't fit	doesn't fit
Sell Injective live order book, 8 min ago	22.68 bp	22.7 bp −$23	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
dYdX PEPE-USD	0.0000%	1h	0.000004810	+0.034%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004813	+0.110%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004814	+0.123%	$58.1M	$71.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004818	+0.206%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004818	+0.198%	$88.2M	$274.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004810	+0.040%	$150.3M	$62.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004815	+0.139%	$25.1M	$53.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004810	+0.045%	$559K	$3.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004820	+0.243%	$27K	$341K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004820	+0.245%	$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	0.000004822	+0.299%	$555K	$3.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0164%	8h	0.000004823	+0.310%	$41.5M	$486.1M	50x	as long as short
Bitget PEPEUSDT	+0.0178%	8h	0.000004821	+0.270%	$42.6M	$151.0M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004818	+0.201%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0279%	8h	0.000004829	+0.435%	$3.9M	$21.8M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.807%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0407%	8h	0.000004824	+0.331%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004811	+0.060%	$579K	$25.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0467%	8h	0.000004821	+0.268%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0507%	8h	0.000004816	+0.157%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERPshort	+0.0555%	1h	0.000004817	+0.185%	$4K	$110K	12x
Lighter 1000PEPE	+0.0584%	1h	0.000004831	+0.476%	$606K	$5.2M	10x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0682%	1h	0.000004808	long leg	$93K	$622K	15x
Nado kPEPE-PERP	+0.0738%	1h	0.000004817	+0.180%	$188K	$848K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0748%	1h	0.000004821	+0.268%	$102K	$762K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0760%	1h	0.000004821	+0.261%	$3.9M	$13.1M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0808%	1h	0.000004823	+0.310%	$2K	$9K	10x	as long as short
BingX 1000PEPE-USDT	+0.0813%	8h	0.000004824	+0.322%	—	$254.8M	—	as long as short
Extended 1000PEPE-USD	+0.0856%	1h	0.000004822	+0.285%	$529K	$147K	25x	as long as short
MEXC PEPE_USDT	+0.0856%	8h	0.000004822	+0.279%	$91.7M	$291.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0856%	1h	0.000004828	+0.414%	$136K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0859%	8h	0.000004830	+0.463%	$128.5M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0889%	8h	0.000004819	+0.223%	$1.5M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0996%	1h	0.000004822	+0.289%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1216%	1h	0.000004823	+0.310%	$552	$2K	10x	as long as short