Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.101%

Price spread now: Kraken Futures against BingX−0.099%53s7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$480.482% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 3 days (all we have)+0.248%+$25 · spread now −0.099%, 7d avg −0.009%

Together, before fees+0.293%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.090% cheaper against BingX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.009%). Swap the legs. The two prices were read 53 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	BingX 1000PEPE-USDT	0.000004855	0.0787	pay 0.0787% / 8h	2h 25m	—	$255.0M	—
Short	Kraken Futures PF_PEPEUSD	0.000004851	0.0755	get 0.0094% / 1h	25m 22s	$3.9M	$13.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$6.74
Price spread: −0.099% → −0.009%: −$9.03
Slippage, 4 orders: −$28.23
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$64.01
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Kraken Futures: live order book, 4 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 BingX live order book, 9 min ago	4.87 bp	9.9 bp −$10	14.3 bp −$143	23.0 bp −$2,300	41.8 bp −$20.9K
Sell Kraken Futures live order book, 4 min ago	7.70 bp	12.9 bp −$13	19.1 bp −$191	92.5 bp −$9,254	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	0.000004842	−0.282%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004845	−0.206%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004853	−0.051%	$57.8M	$70.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004851	−0.093%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004851	−0.093%	$88.0M	$274.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004849	−0.134%	$151.1M	$62.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004862	+0.134%	$25.2M	$53.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	−1.158%	$702K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004818	−0.773%	$27K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004861	+0.107%	$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	0.000004856	+0.014%	$559K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0148%	8h	0.000004854	−0.031%	$41.7M	$489.7M	50x	as long as short
Bitget PEPEUSDT	+0.0178%	8h	0.000004861	+0.119%	$43.5M	$151.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004854	−0.027%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0260%	8h	0.000004813	−0.875%	$3.9M	$21.7M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0319% / S −0.0217%	1h	0.000004000	−17.619%	$53K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0392%	8h	0.000004857	+0.023%	$30K	$11K	20x	as long as short
Lighter 1000PEPE	+0.0440%	1h	0.000004850	−0.113%	$620K	$5.2M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0449%	8h	0.000004850	−0.120%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0457%	8h	0.000004853	−0.049%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004853	−0.051%	$582K	$25.4M	50x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004809	−0.958%	$4K	$110K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0611%	1h	0.000004852	−0.062%	$95K	$623K	15x	as long as short
Nado kPEPE-PERP	+0.0682%	1h	0.000004864	+0.184%	$192K	$855K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0736%	1h	0.000004809	−0.958%	$100K	$760K	25x	as long as short
Kraken Futures PF_PEPEUSDshort	+0.0755%	1h	0.000004851	−0.099%	$3.9M	$13.1M	50x
BingX 1000PEPE-USDTlong	+0.0787%	8h	0.000004855	long leg	—	$255.0M	—
SoDEX 1000PEPE-USD	+0.0812%	1h	0.000004851	−0.093%	$2K	$9K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0832%	1h	0.000004840	−0.319%	$137K	—	3x	as long as short
MEXC PEPE_USDT	+0.0836%	8h	0.000004857	+0.029%	$91.2M	$290.6M	300x	as long as short
Extended 1000PEPE-USD	+0.0840%	1h	0.000004862	+0.124%	$534K	$147K	25x	as long as short
Binance 1000PEPEUSDT	+0.0845%	8h	0.000004857	+0.023%	$129.2M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0886%	8h	0.000004864	+0.167%	$1.5M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0988%	1h	0.000004854	−0.031%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1256%	1h	0.000004880	+0.505%	$559	$2K	10x	as long as short