Funding you earn now, next payment 04:00 UTC−0.0946%/8h= −103.6% APRnext payment −$1.18 per $10,000 · paid last 24h −0.081%
Price spread now: Coinbase International against Hyperliquid+0.038%7-day average −0.096% · you sell dearer than you buy
Net, funding: paid 7d − costs−$92as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$450.452% of the position
Funding, last 7 days−0.466%−$47 on $10k
+Price spread, last 4 days (all we have)−0.176%−$18 · spread now +0.038%, 7d avg −0.096%
=Together, before fees−0.642%+ Points / potential airdropHyperliquid: Season 2 · farm board−$64 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Coinbase International is 0.134% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.096%): +$13 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.466% in total) that is about 2.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.466% in total (about -24.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.18 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 | Hyperliquid kPEPE | 0.000005301 | 0.1658 | pay 0.0207% / 1h | 33m 22s | $58.0M | $145.1M | 10x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000005303 | 0.0712 | get 0.0089% / 1h | 33m 22s | $669K | $36.6M | 50x |
Hyperliquid kPEPE
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Hyperliquid. 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
- −$198.74
- Price spread: +0.038% → −0.096%
- $13.37
- Slippage, 4 orders
- −$26.21
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$230.59
- Costs to cover
- 0.452%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 11 min ago; Coinbase International: live order book, 6 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 Hyperliquid live order book, 11 min ago | 2.81 bp | 12.6 bp −$13 | 22.8 bp −$228 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 6 min ago | 4.68 bp | 12.8 bp −$13 | 17.8 bp −$178 | 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 | 0.000005285 | −0.301% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000005289 | −0.234% | $15K | — | 150x | as long as short |
| Injective PEPE/USDC PERP | +0.0092% | 1h | 0.000005327 | +0.490% | $3K | $111K | 12x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005290 | −0.208% | $70K | $155K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005292 | −0.170% | $107.5M | $377.4M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005288 | −0.245% | $176.0M | $87.4M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005297 | −0.066% | $26.7M | $67.9M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005342 | +0.765% | $763K | $5.1M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005324 | +0.443% | $53K | $509K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005305 | +0.068% | $2K | $2.5M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Injective PEPE/USDC PERP
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005298 | −0.057% | $609K | $3.9M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005298 | −0.063% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0284% | 8h | 0.000005298 | −0.053% | $51.6M | $189.6M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0387% | 8h | 0.000005291 | −0.198% | $35K | $26K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0433% | 8h | 0.000005296 | −0.094% | $52.0M | $679.2M | 50x | as long as short |
| SoDEX 1000PEPE-USD | +0.0488% | 1h | 0.000005293 | −0.151% | $2K | $10K | 10x | as long as short |
| BloFin PEPE-USDT | +0.0562% | 8h | 0.000005291 | −0.189% | $4.9M | $28.2M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0653% | 8h | 0.000005292 | −0.175% | $2.6M | $7.5M | 50x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0712% | 1h | 0.000005303 | +0.038% | $669K | $36.6M | 50x | |
| Paradex kPEPE-USD-PERP | +0.0756% | 8h | 0.000005290 | −0.204% | $6K | — | 20x | as long as short |
| BingX 1000PEPE-USDT | +0.0764% | 8h | 0.000005298 | −0.058% | — | $234.9M | — | as long as short |
| Binance 1000PEPEUSDT | +0.0797% | 8h | 0.000005299 | −0.039% | $154.7M | $1.32B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0800% | 1h | 0.000005294 | −0.135% | $559K | $226K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0800% | 1h | 0.000005289 | −0.226% | $150K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0801% | 8h | 0.000005301 | −0.008% | $103.8M | $294.5M | 300x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0832% | 1h | 0.000005348 | +0.887% | $164K | $799K | 25x | as long as short |
| Nado kPEPE-PERP | +0.0857% | 1h | 0.000005294 | −0.136% | $190K | $916K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0884% | 1h | 0.000005297 | −0.075% | $75K | $126K | 25x | as long as short |
| Aster 1000PEPEUSDT | +0.0919% | 8h | 0.000005293 | −0.148% | $1.9M | $10.2M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0933% / S −0.1849% | 1h | 0.000005000 | −5.678% | $65K | — | 100x | as long as short |
| 01 Exchange kPEPEUSD | +0.1048% | 1h | 0.000005299 | −0.038% | $639 | $3K | 10x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.1246% | 1h | 0.000005300 | −0.026% | $69K | $723K | 15x | as long as short |
| Lighter 1000PEPE | +0.1280% | 1h | 0.000005298 | −0.057% | $689K | $8.7M | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1544% | 1h | 0.000005289 | −0.228% | $4.9M | $16.4M | 50x | as long as short |
| Hyperliquid kPEPElong | +0.1658% | 1h | 0.000005301 | long leg | $58.0M | $145.1M | 10x |
HTX PEPE-USDT
Reya kPEPERUSDPERP
Bitget PEPEUSDT
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
SoDEX 1000PEPE-USD
BloFin PEPE-USDT
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
BingX 1000PEPE-USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
ApeX Omni 1000PEPEUSDT
Nado kPEPE-PERP
Deribit 1000PEPE_USDC-PERPETUAL
Aster 1000PEPEUSDT
GMX PEPE/USD [ETH-USDC]
01 Exchange kPEPEUSD
Backpack kPEPE_USDC_PERP
Lighter 1000PEPE
Kraken Futures PF_PEPEUSD