Funding you earn now, next payment 00:00 UTC−0.0465%/8h= −50.9% APRnext payment −$0.58 per $10,000 · paid last 24h +0.048%
Price spread now: Kraken Futures against Backpack−0.069%7-day average −0.010% · you buy dearer than you sell
Net, funding: paid 7d − costs−$56as in the Funding arb table
Net, price: spread back to 7d avg − costs−$53as in the Price arb table
costs, in and out, $10k−$470.470% of the position
Funding, last 7 days−0.087%−$9 on $10k
+Price spread, last 3 days (all we have)+0.144%+$14 · spread now −0.069%, 7d avg −0.010%
=Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Kraken Futures is 0.060% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.010%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.087% in total (about -4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.58 per $10,000. 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 | 0.000004761 | 0.0532 | pay 0.0067% / 1h | 3m 59s | $93K | $603K | 15x |
| Short | Kraken Futures PF_PEPEUSD | 0.000004758 | 0.0067 | get 0.0008% / 1h | 3m 59s | $3.8M | $13.9M | 50x |
Backpack kPEPE_USDC_PERP
Kraken Futures PF_PEPEUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$97.69
- Price spread: −0.069% → −0.010%
- −$5.97
- Slippage, 4 orders
- −$27.05
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$150.7
- Costs to cover
- 0.470%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 10 min ago; Kraken Futures: 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, 10 min ago | 2.22 bp | 14.2 bp −$14 | 38.6 bp −$386 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 5 min ago | 4.55 bp | 11.1 bp −$11 | 17.1 bp −$171 | 68.8 bp −$6,877 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid kPEPE | −0.0327% | 1h | 0.000004753 | −0.172% | $68.9M | $99.3M | 10x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004750 | −0.240% | $17K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004754 | −0.149% | $14K | — | 150x | as long as short |
| Kraken Futures PF_PEPEUSDshort | +0.0067% | 1h | 0.000004758 | −0.069% | $3.8M | $13.9M | 50x | |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004753 | −0.172% | $56K | $119K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004759 | −0.046% | $87.3M | $295.3M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004757 | −0.088% | $150.8M | $65.1M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004760 | −0.019% | $24.5M | $54.9M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004760 | −0.034% | $42.0M | $151.1M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004725 | −0.763% | $544K | $4.2M | — | as long as short |
Hyperliquid kPEPE
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
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 | 0.000004725 | −0.765% | $25K | $351K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004720 | −0.865% | $99K | $755K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004765 | +0.086% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004759 | −0.046% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004759 | −0.055% | $538K | $3.5M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0165% | 8h | 0.000004761 | −0.002% | $2.3M | $6.5M | 50x | as long as short |
| Lighter 1000PEPE | +0.0176% | 1h | 0.000004761 | −0.004% | $575K | $6.6M | 10x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0177% | 8h | 0.000004755 | −0.120% | $5K | $16 | 20x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004757 | −0.083% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0195% | 8h | 0.000004762 | +0.017% | $42.3M | $499.4M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0312% | 1h | 0.000004759 | −0.046% | $545 | $2K | 10x | as long as short |
| BloFin PEPE-USDT | +0.0318% | 8h | 0.000004739 | −0.466% | $3.9M | $22.3M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0345% | 8h | 0.000004756 | −0.101% | $29K | $13K | 20x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0394% / S −0.0432% | 1h | 0.000004000 | −15.988% | $43K | — | 100x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0400% | 1h | 0.000004753 | −0.172% | $558K | $25.6M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0437% | 1h | 0.000004728 | −0.697% | $4K | $102K | 12x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0532% | 1h | 0.000004761 | long leg | $93K | $603K | 15x | |
| BingX 1000PEPE-USDC | +0.0548% | 8h | 0.000004760 | −0.029% | — | $2.3M | — | as long as short |
| Aster 1000PEPEUSDT | +0.0555% | 8h | 0.000004763 | +0.046% | $1.5M | $7.3M | 50x | as long as short |
| Extended 1000PEPE-USD | +0.0560% | 1h | 0.000004758 | −0.074% | $521K | $148K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0560% | 1h | 0.000004762 | +0.017% | $135K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0562% | 8h | 0.000004759 | −0.038% | $89.9M | $283.7M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0563% | 8h | 0.000004762 | +0.025% | $133.9M | $1.07B | 75x | as long as short |
| Nado kPEPE-PERP | +0.0594% | 1h | 0.000004756 | −0.112% | $180K | $849K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.1012% | 1h | 0.000004759 | −0.046% | $77K | $98K | 25x | as long as short |
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Lighter 1000PEPE
Paradex kPEPE-USD-PERP
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
01 Exchange kPEPEUSD
BloFin PEPE-USDT
Orderly PERP_1000PEPE_USDC
GMX PEPE/USD [ETH-USDC]
Coinbase International 1000PEPE-PERP-INTX
Injective PEPE/USDC PERP
BingX 1000PEPE-USDC
Aster 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Nado kPEPE-PERP
Deribit 1000PEPE_USDC-PERPETUAL