Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1277%/8h= +139.8% APRpaid last 24h +0.147%

Price spread now: Kraken Futures against Bitget−0.156%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$540.542% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.158%+$16 on $10k

Price spread, last 4 days (all we have)+0.421%+$42 · spread now −0.156%, 7d avg −0.021%

Together, before fees+0.579%+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.135% cheaper against Bitget than usual: you would sell low and buy high (spread −0.156% now, against its 7-day average of −0.021%). If the spread goes back, that is −$13 on $10k: about 8 hours of funding at the current rate (+$38 a day). At the pace of the last 7 days (+0.158% in total) that is about 6.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.158% in total (about 8.2% 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	Bitget PEPEUSDT	0.000005061	0.0100	pay 0.0100% / 8h	5h 40m	$46.5M	$171.0M	75x
Short	Kraken Futures PF_PEPEUSD	0.000005053	0.1377	get 0.0172% / 1h	40m 47s	$4.2M	$15.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now −0.156%Rate

Funding earned: $268.14
Price spread: −0.156% → −0.021%: −$13.48
Slippage, 4 orders: −$32.22
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $200.43
Costs to cover: 0.542%
Break-even: 1.8 days

Slippage from Bitget: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Bitget live order book, 3 min ago	1.38 bp	9.8 bp −$10	11.0 bp −$110	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	8.39 bp	14.3 bp −$14	22.9 bp −$229	109.5 bp −$10.9K	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	0.000005046	−0.302%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005046	−0.296%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005053	−0.164%	$64K	$135K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005055	−0.122%	$98.7M	$333.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005061	−0.006%	$165.9M	$73.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005060	−0.024%	$25.5M	$62.1M	75x	as long as short
Bitget PEPEUSDTlong	+0.0100%	8h	0.000005061	long leg	$46.5M	$171.0M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000005050	−0.233%	$680K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005064	+0.052%	$27K	$422K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005059	−0.049%	$1K	$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	0.000005054	−0.144%	$577K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005051	−0.194%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0301%	8h	0.000005061	−0.006%	$46.0M	$584.8M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0314%	8h	0.000005052	−0.184%	$33K	$24K	20x	as long as short
BloFin PEPE-USDT	+0.0420%	8h	0.000005057	−0.085%	$4.4M	$25.2M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0543%	1h	0.000005050	−0.223%	$61K	$114K	25x	as long as short
BingX 1000PEPE-USDT	+0.0562%	8h	0.000005059	−0.038%	—	$260.8M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0569% / S −0.0874%	1h	0.000005000	−1.211%	$49K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005053	−0.164%	$836K	$31.0M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0583%	1h	0.000005053	−0.164%	$2K	$12K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0592%	1h	0.000005053	−0.164%	$143K	—	3x	as long as short
Extended 1000PEPE-USD	+0.0600%	1h	0.000005062	+0.010%	$536K	$221K	25x	as long as short
MEXC PEPE_USDT	+0.0601%	8h	0.000005060	−0.022%	$96.2M	$287.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0601%	8h	0.000005063	+0.034%	$142.0M	$1.20B	75x	as long as short
Phemex u1000PEPEUSDT	+0.0657%	8h	0.000005062	+0.008%	$2.4M	$7.0M	50x	as long as short
Aster 1000PEPEUSDT	+0.0696%	8h	0.000005061	−0.002%	$1.8M	$9.0M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0748%	8h	0.000005051	−0.208%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0919%	1h	0.000005055	−0.128%	$184K	$866K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0940%	1h	0.000005059	−0.041%	$100K	$617K	15x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+0.863%	$4K	$102K	12x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0992%	1h	0.000005065	+0.073%	$99K	$752K	25x	as long as short
01 Exchange kPEPEUSD	+0.1000%	1h	0.000005056	−0.105%	$610	$3K	10x	as long as short
Kraken Futures PF_PEPEUSDshort	+0.1377%	1h	0.000005053	−0.156%	$4.2M	$15.1M	50x
Lighter 1000PEPE	+0.1584%	1h	0.000005057	−0.085%	$718K	$8.0M	10x	as long as short
Hyperliquid kPEPE	+0.1814%	1h	0.000005068	+0.132%	$55.7M	$137.4M	10x	as long as short