Funding you earn now, next payment 02:00 UTC+0.1022%/8h= +111.9% APRpaid last 24h +0.049%
Price spread now: Deribit against Bybit+0.012%7-day average +0.042% · you sell dearer than you buy
Net, funding: paid 7d − costs−$31as in the Funding arb table
Net, price: spread back to 7d avg − costs−$43as in the Price arb table
costs, in and out, $10k−$400.398% of the position
Funding, last 7 days+0.093%+$9 on $10k
+Price spread, last 3 days (all we have)+0.111%+$11 · spread now +0.012%, 7d avg +0.042%
=Funding pays, the price is against you. Deribit is 0.030% cheaper against Bybit than usual: you would sell low and buy high (spread +0.012% now, against its 7-day average of +0.042%). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$31 a day). At the pace of the last 7 days (+0.093% in total) that is about 2.3 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.093% in total (about 4.8% 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 | 0.000005107 | 0.0100 | pay 0.0100% / 8h | 6h 26m | $99.1M | $323.0M | 50x |
| Short | Deribit 1000PEPE_USDC-PERPETUAL | 0.000005108 | 0.1122 | get 0.0140% / 1h | 26m 45s | $62K | $114K | 25x |
Bybit 1000PEPEUSDT
Deribit 1000PEPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- $214.68
- Price spread: +0.012% → +0.042%
- −$3.01
- Slippage, 4 orders
- −$21.82
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $171.85
- Costs to cover
- 0.398%
- Break-even
- 1.4 days
Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 7 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, 2 min ago | 0.99 bp | 10.4 bp −$10 | 16.8 bp −$168 | 43.9 bp −$4,393 | doesn't fit |
| Sell Deribit live order book, 7 min ago | 5.97 bp | 9.5 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
PEPE on 34 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 | 0.000005107 | −0.015% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000005101 | −0.119% | $14K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005113 | +0.110% | $62K | $125K | 10x | as long as short |
| Bybit 1000PEPEUSDTlong | +0.0100% | 8h | 0.000005107 | long leg | $99.1M | $323.0M | 50x | |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005113 | +0.110% | $162.9M | $70.7M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005112 | +0.092% | $25.3M | $60.3M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000005118 | +0.206% | $47.3M | $160.4M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005030 | −1.521% | $565K | $4.5M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005065 | −0.825% | $27K | $406K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005114 | +0.121% | $2K | $2.4M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005103 | −0.084% | $575K | $3.6M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005107 | 0.000% | $8K | — | 15x | as long as short |
| Phemex u1000PEPEUSDT | +0.0215% | 8h | 0.000005098 | −0.188% | $2.4M | $6.9M | 50x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0230% | 8h | 0.000005118 | +0.208% | $45.4M | $573.2M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0277% | 8h | 0.000005108 | +0.006% | $34K | $23K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0321% | 1h | 0.000005065 | −0.830% | $107K | $746K | 25x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0424% | 1h | 0.000005110 | +0.051% | $661K | $29.5M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0479% | 8h | 0.000005114 | +0.125% | — | $2.3M | — | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0509% / S −0.0477% | 1h | 0.000005000 | −2.103% | $60K | — | 100x | as long as short |
| Aevo 1000PEPE-PERP | +0.0512% | 1h | 0.000005108 | +0.012% | $144K | — | 3x | as long as short |
| Extended 1000PEPE-USD | +0.0520% | 1h | 0.000005117 | +0.196% | $563K | $199K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0520% | 8h | 0.000005112 | +0.082% | $95.9M | $290.4M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0526% | 8h | 0.000005111 | +0.069% | $144.4M | $1.17B | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0548% | 8h | 0.000005110 | +0.057% | $6K | $16 | 20x | as long as short |
| Nado kPEPE-PERP | +0.0605% | 1h | 0.000005106 | −0.022% | $179K | $879K | 10x | as long as short |
| SoDEX 1000PEPE-USD | +0.0620% | 1h | 0.000005104 | −0.067% | $2K | $12K | 10x | as long as short |
| Aster 1000PEPEUSDT | +0.0629% | 8h | 0.000005113 | +0.104% | $1.7M | $8.1M | 50x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0816% | 1h | 0.000005102 | −0.102% | $4.0M | $14.5M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0909% | 1h | 0.000005070 | −0.732% | $4K | $102K | 12x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0933% | 1h | 0.000005109 | +0.031% | $103K | $616K | 15x | as long as short |
| 01 Exchange kPEPEUSD | +0.0984% | 1h | 0.000005095 | −0.243% | $1K | $2K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUALshort | +0.1122% | 1h | 0.000005108 | +0.012% | $62K | $114K | 25x | |
| Lighter 1000PEPE | +0.1512% | 1h | 0.000005122 | +0.286% | $1.1M | $7.4M | 10x | as long as short |
| Hyperliquid kPEPE | +0.2243% | 1h | 0.000005127 | +0.384% | $56.6M | $135.9M | 10x | as long as short |
HTX PEPE-USDT
Reya kPEPERUSDPERP
Phemex u1000PEPEUSDT
OKX PEPE-USDT-SWAP
Orderly PERP_1000PEPE_USDC
ApeX Omni 1000PEPEUSDT
Coinbase International 1000PEPE-PERP-INTX
BingX 1000PEPE-USDC
GMX PEPE/USD [ETH-USDC]
Aevo 1000PEPE-PERP
Extended 1000PEPE-USD
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Paradex kPEPE-USD-PERP
Nado kPEPE-PERP
SoDEX 1000PEPE-USD
Aster 1000PEPEUSDT
Kraken Futures PF_PEPEUSD
Injective PEPE/USDC PERP
Backpack kPEPE_USDC_PERP
01 Exchange kPEPEUSD
Lighter 1000PEPE
Hyperliquid kPEPE