Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0539%/8h= −59.0% APRpaid last 24h −0.146%

Price spread now: KuCoin against Backpack+0.095%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.256%−$26 on $10k

Price spread, last 4 days (all we have)−0.107%−$11 · spread now +0.095%, 7d avg +0.004%

Together, before fees−0.364%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.091% dearer against Backpack than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of +0.004%): +$9 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.256% in total) that is about 2.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.256% in total (about -13.4% 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	0.000005047	0.0639	pay 0.0080% / 1h	22m 04s	$73K	$832K	15x
Short	KuCoin PEPEUSDTM	0.000005051	0.0100	get 0.0100% / 8h	2h 22m	$25.0M	$71.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$113.17
Price spread: +0.095% → +0.004%: $9.14
Slippage, 4 orders: −$21.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$147.62
Costs to cover: 0.436%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; KuCoin: 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, 27 min ago	0.10 bp	6.2 bp −$6	25.3 bp −$253	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	1.89 bp	13.2 bp −$13	25.4 bp −$254	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	0.000005017	−0.579%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0001%	1h	0.000005035	−0.228%	$6K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005024	−0.450%	$57K	$177K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005054	+0.139%	$99.0M	$405.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005044	−0.054%	$161.7M	$94.4M	75x	as long as short
KuCoin PEPEUSDTMshort	+0.0100%	8h	0.000005051	+0.095%	$25.0M	$71.0M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000005002	−0.892%	$598K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004994	−1.044%	$27K	$537K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005049	+0.048%	$1K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005040	−0.137%	$564K	$4.1M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005042	−0.094%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0221%	1h	0.000005048	+0.026%	$2K	$10K	10x	as long as short
Bitget PEPEUSDT	+0.0332%	8h	0.000005057	+0.198%	$45.4M	$210.6M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0396%	8h	0.000005044	−0.061%	$33K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0420%	8h	0.000005059	+0.244%	$46.7M	$693.2M	50x	as long as short
BloFin PEPE-USDT	+0.0549%	8h	0.000005021	−0.509%	$4.4M	$28.0M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0564%	8h	0.000005021	−0.518%	$6K	—	20x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0639%	1h	0.000005047	long leg	$73K	$832K	15x
Phemex u1000PEPEUSDT	+0.0649%	8h	0.000005040	−0.137%	$2.4M	$7.9M	50x	as long as short
Lighter 1000PEPE	+0.0656%	1h	0.000005054	+0.145%	$600K	$9.0M	10x	as long as short
01 Exchange kPEPEUSD	+0.0672%	1h	0.000005031	−0.311%	$607	$3K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005045	−0.034%	$643K	$37.1M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0689%	1h	0.000005000	−0.925%	$154K	$813K	25x	as long as short
Nado kPEPE-PERP	+0.0707%	1h	0.000005043	−0.070%	$165K	$943K	10x	as long as short
BingX 1000PEPE-USDC	+0.0756%	8h	0.000005044	−0.048%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000005046	−0.005%	$533K	$277K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000005042	−0.093%	$143K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0792%	8h	0.000005057	+0.195%	$141.8M	$1.41B	75x	as long as short
MEXC PEPE_USDT	+0.0793%	8h	0.000005047	−0.002%	$96.0M	$302.3M	300x	as long as short
Aster 1000PEPEUSDT	+0.0839%	8h	0.000005046	−0.008%	$1.8M	$11.2M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0846%	1h	0.000005049	+0.037%	$4.6M	$16.7M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0941%	1h	0.000005042	−0.093%	$72K	$127K	25x	as long as short
Hyperliquid kPEPE	+0.0986%	1h	0.000005049	+0.046%	$53.5M	$152.6M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1129% / S −0.2171%	1h	0.000005000	−0.925%	$63K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000004992	−1.084%	$3K	$111K	12x	as long as short