Funding you earn now, next payment 00:00 UTC+0.0268%/8h= +29.3% APRpaid last 24h +0.047%
Price spread now: Coinbase International against Bybit+0.096%7-day average +0.050% · you sell dearer than you buy
Net, funding: paid 7d − costs−$32as in the Funding arb table
Net, price: spread back to 7d avg − costs−$35as in the Price arb table
costs, in and out, $10k−$400.395% of the position
Funding, last 7 days+0.080%+$8 on $10k
+Price spread, last 3 days (all we have)−0.097%−$10 · spread now +0.096%, 7d avg +0.050%
=Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Coinbase International is 0.046% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.050%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.2% 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 | Bybit 1000PEPEUSDT | 0.000004898 | 0.0100 | pay 0.0100% / 8h | 7h 40m | $89.9M | $300.8M | 50x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004903 | 0.0368 | get 0.0046% / 1h | 40m 16s | $549K | $26.5M | 50x |
Bybit 1000PEPEUSDT
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Bybit. 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
- $56.28
- Price spread: +0.096% → +0.050%
- $4.6
- Slippage, 4 orders
- −$18.5
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- $21.38
- Costs to cover
- 0.395%
- Break-even
- 4.3 days
Slippage from Bybit: live order book, 4 min ago; Coinbase International: 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 Bybit live order book, 4 min ago | 1.03 bp | 7.5 bp −$8 | 14.0 bp −$140 | 33.5 bp −$3,350 | doesn't fit |
| Sell Coinbase International live order book, 4 min ago | 2.05 bp | 14.0 bp −$14 | 18.6 bp −$186 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PEPEUSD | −0.0119% | 1h | 0.000004905 | +0.130% | $3.9M | $13.9M | 50x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004895 | −0.062% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004901 | +0.057% | $15K | — | 150x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004905 | +0.137% | $60.6M | $110.9M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004898 | −0.006% | $57K | $119K | 10x | as long as short |
| Bybit 1000PEPEUSDTlong | +0.0100% | 8h | 0.000004898 | long leg | $89.9M | $300.8M | 50x | |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004898 | −0.006% | $155.8M | $65.3M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004903 | +0.086% | $24.8M | $56.1M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004901 | +0.063% | $43.0M | $152.1M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004891 | −0.154% | $572K | $4.3M | — | as long as short |
Kraken Futures PF_PEPEUSD
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Hyperliquid kPEPE
Pacifica kPEPE
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 | 0.000004881 | −0.349% | $26K | $350K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004912 | +0.280% | $1K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004901 | +0.055% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004905 | +0.137% | $557K | $3.5M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000004900 | +0.033% | $2.3M | $6.6M | 50x | as long as short |
| Lighter 1000PEPE | +0.0176% | 1h | 0.000004907 | +0.178% | $574K | $6.7M | 10x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004901 | +0.064% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0189% | 8h | 0.000004903 | +0.096% | $43.3M | $520.0M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0189% | 8h | 0.000004905 | +0.143% | $5K | $16 | 20x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0303% | 8h | 0.000004906 | +0.165% | $30K | $13K | 20x | as long as short |
| BloFin PEPE-USDT | +0.0312% | 8h | 0.000004897 | −0.027% | $4.0M | $23.1M | 75x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0368% | 1h | 0.000004903 | +0.096% | $549K | $26.5M | 50x | |
| Nado kPEPE-PERP | +0.0399% | 1h | 0.000004901 | +0.059% | $187K | $849K | 10x | as long as short |
| 01 Exchange kPEPEUSD | +0.0432% | 1h | 0.000004908 | +0.198% | $1K | $2K | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0453% / S −0.0673% | 1h | 0.000004000 | −18.339% | $46K | — | 100x | as long as short |
| BingX 1000PEPE-USDC | +0.0504% | 8h | 0.000004901 | +0.059% | — | $2.3M | — | as long as short |
| MEXC PEPE_USDT | +0.0517% | 8h | 0.000004902 | +0.084% | $97.9M | $281.8M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0518% | 8h | 0.000004907 | +0.176% | $137.5M | $1.09B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0520% | 1h | 0.000004903 | +0.092% | $538K | $148K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0520% | 1h | 0.000004904 | +0.116% | $139K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0532% | 8h | 0.000004904 | +0.114% | $1.5M | $7.5M | 50x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0584% | 1h | 0.000004902 | +0.084% | $92K | $599K | 15x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0588% | 1h | 0.000004871 | −0.557% | $101K | $754K | 25x | as long as short |
| Injective PEPE/USDC PERP | +0.0636% | 1h | 0.000004898 | −0.006% | $4K | $102K | 12x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0770% | 1h | 0.000004906 | +0.157% | $74K | $103K | 25x | as long as short |
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Lighter 1000PEPE
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
Paradex kPEPE-USD-PERP
Orderly PERP_1000PEPE_USDC
BloFin PEPE-USDT
Nado kPEPE-PERP
01 Exchange kPEPEUSD
GMX PEPE/USD [ETH-USDC]
BingX 1000PEPE-USDC
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
Backpack kPEPE_USDC_PERP
ApeX Omni 1000PEPEUSDT
Injective PEPE/USDC PERP
Deribit 1000PEPE_USDC-PERPETUAL