Funding you earn now, next payment 03:00 UTC−0.0572%/8h= −62.6% APRpaid last 24h −0.068%
Price spread now: Bybit against Coinbase International−0.462%7-day average −0.051% · you buy dearer than you sell
Net, funding: paid 7d − costs−$54as in the Funding arb table
Net, price: spread back to 7d avg − costs−$85as in the Price arb table
costs, in and out, $10k−$440.440% of the position
Funding, last 7 days−0.099%−$10 on $10k
+Price spread, last 4 days (all we have)+0.422%+$42 · spread now −0.462%, 7d avg −0.051%
=Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Bybit is 0.411% cheaper against Coinbase International than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.051%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.099% in total (about -5.2% 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 | Coinbase International 1000PEPE-PERP-INTX | 0.000005241 | 0.0672 | pay 0.0084% / 1h | 28m 51s | $1.0M | $33.5M | 50x |
| Short | Bybit 1000PEPEUSDT | 0.000005217 | 0.0100 | get 0.0100% / 8h | 4h 28m | $102.0M | $353.8M | 50x |
Coinbase International 1000PEPE-PERP-INTX
Bybit 1000PEPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$120.12
- Price spread: −0.462% → −0.051%
- −$41.06
- Slippage, 4 orders
- −$23.02
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$205.2
- Costs to cover
- 0.440%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 5 min ago; Bybit: 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 Coinbase International live order book, 5 min ago | 4.87 bp | 12.1 bp −$12 | 18.4 bp −$184 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 5 min ago | 0.98 bp | 8.3 bp −$8 | 15.7 bp −$157 | 40.8 bp −$4,078 | 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 | 0.000005210 | −0.591% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000005219 | −0.425% | $15K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005216 | −0.477% | $66K | $144K | 10x | as long as short |
| Bybit 1000PEPEUSDTshort | +0.0100% | 8h | 0.000005217 | −0.462% | $102.0M | $353.8M | 50x | |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005217 | −0.458% | $175.2M | $77.9M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005216 | −0.481% | $26.3M | $64.6M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005188 | −1.019% | $760K | $4.8M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005196 | −0.855% | $37K | $459K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005245 | +0.078% | $1K | $2.5M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005219 | −0.416% | $593K | $3.7M | 75x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
HTX PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005230 | −0.209% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0195% | 8h | 0.000005221 | −0.378% | $48.2M | $177.8M | 75x | as long as short |
| Injective PEPE/USDC PERP | +0.0254% | 1h | 0.000005173 | −1.297% | $3K | $102K | 12x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0344% | 8h | 0.000005236 | −0.093% | $34K | $24K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0379% | 8h | 0.000005221 | −0.382% | $48.8M | $628.8M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0499% | 8h | 0.000005230 | −0.210% | $4.3M | $26.6M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0545% | 8h | 0.000005223 | −0.345% | $2.6M | $7.3M | 50x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXlong | +0.0672% | 1h | 0.000005241 | long leg | $1.0M | $33.5M | 50x | |
| BingX 1000PEPE-USDC | +0.0684% | 8h | 0.000005219 | −0.418% | — | $2.3M | — | as long as short |
| MEXC PEPE_USDT | +0.0728% | 8h | 0.000005223 | −0.349% | $99.4M | $290.0M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0728% | 1h | 0.000005253 | +0.229% | $149K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0733% | 8h | 0.000005221 | −0.383% | $150.2M | $1.25B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0736% | 1h | 0.000005220 | −0.399% | $552K | $226K | 25x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0766% / S −0.1537% | 1h | 0.000005000 | −4.598% | $64K | — | 100x | as long as short |
| Nado kPEPE-PERP | +0.0798% | 1h | 0.000005225 | −0.303% | $194K | $896K | 10x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0822% | 8h | 0.000005211 | −0.567% | $6K | — | 20x | as long as short |
| Aster 1000PEPEUSDT | +0.0841% | 8h | 0.000005224 | −0.328% | $1.9M | $9.5M | 50x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0844% | 1h | 0.000005137 | −1.984% | $102K | $743K | 25x | as long as short |
| Lighter 1000PEPE | +0.0872% | 1h | 0.000005228 | −0.248% | $602K | $8.3M | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0898% | 1h | 0.000005231 | −0.191% | $74K | $125K | 25x | as long as short |
| SoDEX 1000PEPE-USD | +0.0900% | 1h | 0.000005237 | −0.076% | $2K | $12K | 10x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.1154% | 1h | 0.000005228 | −0.252% | $99K | $666K | 15x | as long as short |
| 01 Exchange kPEPEUSD | +0.1168% | 1h | 0.000005236 | −0.095% | $632 | $3K | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1244% | 1h | 0.000005238 | −0.063% | $4.7M | $15.9M | 50x | as long as short |
| Hyperliquid kPEPE | +0.1585% | 1h | 0.000005231 | −0.191% | $56.3M | $141.6M | 10x | as long as short |
Reya kPEPERUSDPERP
Bitget PEPEUSDT
Injective PEPE/USDC PERP
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
BloFin PEPE-USDT
Phemex u1000PEPEUSDT
BingX 1000PEPE-USDC
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
GMX PEPE/USD [ETH-USDC]
Nado kPEPE-PERP
Paradex kPEPE-USD-PERP
Aster 1000PEPEUSDT
ApeX Omni 1000PEPEUSDT
Lighter 1000PEPE
Deribit 1000PEPE_USDC-PERPETUAL
SoDEX 1000PEPE-USD
Backpack kPEPE_USDC_PERP
01 Exchange kPEPEUSD
Kraken Futures PF_PEPEUSD
Hyperliquid kPEPE