Funding you earn now, next payment 00:00 UTC+0.0312%/8h= +34.2% APRnext payment +$3.12 per $10,000 · paid last 24h +0.026%
Price spread now: Phemex against Bybit+0.041%7-day average +0.078% · you sell dearer than you buy
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$58as in the Price arb table
costs, in and out, $10k−$550.546% of the position
Funding, last 7 days+0.025%+$3 on $10k
+Price spread, last 3 days (all we have)+0.104%+$10 · spread now +0.041%, 7d avg +0.078%
=Funding pays, the price is against you. Phemex is 0.037% cheaper against Bybit than usual: you would sell low and buy high (spread +0.041% now, against its 7-day average of +0.078%). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.025% in total) that is about 10 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.025% in total (about 1.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.12 per $10,000. 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 | 0.000004822 | 0.0100 | pay 0.0100% / 8h | 1h 34m | $87.2M | $280.2M | 50x |
| Short | Phemex u1000PEPEUSDT | 0.000004824 | 0.0412 | get 0.0412% / 8h | 1h 34m | $2.3M | $6.4M | 50x |
Bybit 1000PEPEUSDT
Phemex u1000PEPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- $65.52
- Price spread: +0.041% → +0.078%
- −$3.66
- Slippage, 4 orders
- −$31.59
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- $7.27
- Costs to cover
- 0.546%
- Break-even
- 6.2 days
Slippage from Bybit: live order book, 5 min ago; Phemex: live order book, 5 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, 5 min ago | 1.03 bp | 7.9 bp −$8 | 12.7 bp −$127 | 33.8 bp −$3,378 | doesn't fit |
| Sell Phemex live order book, 5 min ago | 5.84 bp | 20.0 bp −$20 | 45.2 bp −$452 | 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 | 0.000004833 | +0.238% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004820 | −0.035% | $14K | — | 150x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004831 | +0.187% | $582K | $5.5M | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004815 | −0.145% | $61.8M | $78.5M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004836 | +0.290% | $60K | $113K | 10x | as long as short |
| Bybit 1000PEPEUSDTlong | +0.0100% | 8h | 0.000004822 | long leg | $87.2M | $280.2M | 50x | |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004817 | −0.104% | $150.8M | $62.6M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004819 | −0.060% | $24.7M | $53.9M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004851 | +0.600% | $581K | $4.0M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004858 | +0.742% | $27K | $343K | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Lighter 1000PEPE
Hyperliquid kPEPE
Pacifica kPEPE
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDCShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004842 | +0.411% | $1K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004830 | +0.166% | $3K | $10K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004827 | +0.097% | $546K | $3.5M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0153% | 8h | 0.000004828 | +0.133% | $42.5M | $151.6M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004819 | −0.054% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0204% | 8h | 0.000004828 | +0.124% | $41.7M | $492.2M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0213% / S −0.0092% | 1h | 0.000004000 | −17.047% | $54K | — | 100x | as long as short |
| BloFin PEPE-USDT | +0.0323% | 8h | 0.000004842 | +0.415% | $3.9M | $22.2M | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0373% | 8h | 0.000004836 | +0.297% | $5K | $16 | 20x | as long as short |
| Phemex u1000PEPEUSDTshort | +0.0412% | 8h | 0.000004824 | +0.041% | $2.3M | $6.4M | 50x | |
| Orderly PERP_1000PEPE_USDC | +0.0445% | 8h | 0.000004826 | +0.089% | $30K | $11K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0448% | 1h | 0.000004825 | +0.062% | $589K | $25.6M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0456% | 1h | 0.000004820 | −0.041% | $552 | $2K | 10x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0608% | 1h | 0.000004842 | +0.423% | $91K | $614K | 15x | as long as short |
| Nado kPEPE-PERP | +0.0729% | 1h | 0.000004821 | −0.010% | $185K | $854K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0787% | 1h | 0.000004826 | +0.083% | $82K | $94K | 25x | as long as short |
| BingX 1000PEPE-USDC | +0.0808% | 8h | 0.000004821 | −0.027% | — | $2.3M | — | as long as short |
| Extended 1000PEPE-USD | +0.0824% | 1h | 0.000004828 | +0.127% | $532K | $148K | 25x | as long as short |
| Binance 1000PEPEUSDT | +0.0827% | 8h | 0.000004825 | +0.053% | $130.6M | $1.03B | 75x | as long as short |
| MEXC PEPE_USDT | +0.0831% | 8h | 0.000004822 | −0.010% | $91.7M | $283.7M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0832% | 1h | 0.000004828 | +0.124% | $136K | — | 3x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0841% | 1h | 0.000004868 | +0.954% | $104K | $764K | 25x | as long as short |
| Aster 1000PEPEUSDT | +0.0854% | 8h | 0.000004823 | +0.027% | $1.5M | $7.0M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0873% | 1h | 0.000004852 | +0.622% | $4K | $103K | 12x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1320% | 1h | 0.000004831 | +0.185% | $4.0M | $13.3M | 50x | as long as short |
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Bitget PEPEUSDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
GMX PEPE/USD [ETH-USDC]
BloFin PEPE-USDT
Paradex kPEPE-USD-PERP
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
01 Exchange kPEPEUSD
Backpack kPEPE_USDC_PERP
Nado kPEPE-PERP
Deribit 1000PEPE_USDC-PERPETUAL
BingX 1000PEPE-USDC
Extended 1000PEPE-USD
Binance 1000PEPEUSDT
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
ApeX Omni 1000PEPEUSDT
Aster 1000PEPEUSDT
Injective PEPE/USDC PERP
Kraken Futures PF_PEPEUSD