PEPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0029%/8h= −3.2% APRnext payment −$0.04 per $10,000 · paid last 24h +0.063%

Price spread now: Backpack against Coinbase International−0.173%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$21 on $10k

Price spread, last 4 days (all we have)+0.210%+$21 · spread now −0.173%, 7d avg −0.009%

Together, before fees+0.425%+$42 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 Backpack is 0.164% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.009%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.215%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000005015	0.0680	pay 0.0085% / 1h	39m 04s	$646K	$36.8M	50x
Short	Backpack kPEPE_USDC_PERP	0.000005006	0.0651	get 0.0081% / 1h	39m 04s	$73K	$829K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.173%Rate

Funding earned: −$6.19
Price spread: −0.173% → −0.009%: −$16.44
Slippage, 4 orders: −$20.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$62.93
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Backpack: live order book, 10 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 Coinbase International live order book, 5 min ago	2.98 bp	11.2 bp −$11	19.8 bp −$198	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	0.10 bp	5.2 bp −$5	24.3 bp −$243	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	0.000004996	−0.389%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0001%	1h	0.000005001	−0.281%	$6K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005000	−0.299%	$57K	$177K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005005	−0.199%	$98.9M	$402.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005003	−0.239%	$161.7M	$93.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005005	−0.193%	$25.0M	$70.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005011	−0.086%	$601K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005029	+0.278%	$28K	$536K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005010	−0.104%	$1K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005000	−0.295%	$561K	$4.1M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX 1000PEPE-USD	+0.0188%	1h	0.000005012	−0.060%	$2K	$10K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005001	−0.289%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0341%	8h	0.000005005	−0.205%	$45.1M	$209.5M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0410%	8h	0.000005011	−0.086%	$33K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0419%	8h	0.000005007	−0.160%	$46.1M	$681.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0542%	8h	0.000004999	−0.309%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0545%	8h	0.000005013	−0.040%	$4.4M	$27.9M	75x	as long as short
01 Exchange kPEPEUSD	+0.0648%	1h	0.000004999	−0.319%	$603	$3K	10x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0651%	1h	0.000005006	−0.173%	$73K	$829K	15x
Phemex u1000PEPEUSDT	+0.0665%	8h	0.000005006	−0.187%	$2.4M	$7.9M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0680%	1h	0.000005015	long leg	$646K	$36.8M	50x
Lighter 1000PEPE	+0.0696%	1h	0.000005010	−0.100%	$595K	$9.0M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0749%	1h	0.000005011	−0.080%	$71K	$127K	25x	as long as short
BingX 1000PEPE-USDC	+0.0770%	8h	0.000004998	−0.341%	—	$2.3M	—	as long as short
Nado kPEPE-PERP	+0.0783%	1h	0.000005000	−0.291%	$165K	$942K	10x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005013	−0.031%	$530K	$277K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005008	−0.140%	$142K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0802%	8h	0.000005008	−0.140%	$141.2M	$1.40B	75x	as long as short
MEXC PEPE_USDT	+0.0804%	8h	0.000005007	−0.152%	$95.7M	$300.2M	300x	as long as short
Kraken Futures PF_PEPEUSD	+0.0853%	1h	0.000005009	−0.118%	$4.6M	$16.7M	50x	as long as short
Aster 1000PEPEUSDT	+0.0863%	8h	0.000005006	−0.182%	$1.8M	$11.1M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0985%	1h	0.000005018	+0.060%	$154K	$813K	25x	as long as short
Hyperliquid kPEPE	+0.1078%	1h	0.000005010	−0.100%	$52.7M	$151.6M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1083% / S −0.2019%	1h	0.000005000	−0.299%	$63K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005034	+0.379%	$3K	$111K	12x	as long as short