Funding you earn now, next payment 04:00 UTC−0.1183%/8h= −129.5% APRnext payment −$1.48 per $10,000 · paid last 24h −0.040%
Price spread now: Injective against Hyperliquid−0.099%93s7-day average +0.453% · you buy dearer than you sell
Net, funding: paid 7d − costs−$111as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1011.007% of the position
Funding, last 7 days−0.099%−$10 on $10k
+Price spread, last 4 days (all we have)+0.203%+$20 · spread now −0.099%, 7d avg +0.453%
=Together, before fees+0.104%+ Points / potential airdropHyperliquid: Season 2 · farm board+$10 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Injective is 0.552% cheaper against Hyperliquid than usual: you would sell low and buy high (−$55 if the spread goes back to its 7-day average of +0.453%). Swap the legs. The two prices were read 93 seconds apart, so part of this spread may be the market moving, not a spread.
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; at this rate the next one is about −$1.48 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 | 0.000005049 | 0.1436 | pay 0.0180% / 1h | 53m 53s | $54.1M | $139.8M | 10x |
| Short | Injective PEPE/USDC PERP | 0.000005044 | 0.0254 | get 0.0032% / 1h | 53m 53s | $3K | $102K | 12x |
Hyperliquid kPEPE
Injective PEPE/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$248.33
- Price spread: −0.099% → +0.453%
- −$55.18
- Slippage, 4 orders
- −$91.69
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$404.22
- Costs to cover
- 1.007%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 10 min ago; Injective: 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 Hyperliquid live order book, 10 min ago | 0.99 bp | 8.2 bp −$8 | 13.8 bp −$138 | doesn't fit | doesn't fit |
| Sell Injective live order book, 5 min ago | 34.65 bp | 34.7 bp −$35 | doesn't fit | 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 | 0.000005045 | −0.076% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000005042 | −0.143% | $14K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005055 | +0.119% | $64K | $140K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005040 | −0.180% | $98.3M | $343.3M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005045 | −0.079% | $166.6M | $75.3M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005041 | −0.153% | $25.9M | $63.6M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005057 | +0.152% | $679K | $4.7M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005051 | +0.040% | $31K | $450K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005056 | +0.145% | $2K | $2.4M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005048 | −0.022% | $575K | $3.6M | 75x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget PEPEUSDT | +0.0152% | 8h | 0.000005042 | −0.129% | $45.9M | $173.8M | 75x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0166% | 1h | 0.000005043 | −0.119% | $100K | $742K | 25x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005050 | +0.017% | $8K | — | 15x | as long as short |
| Injective PEPE/USDC PERPshort | +0.0254% | 1h | 0.000005044 | −0.099% | $3K | $102K | 12x | |
| Orderly PERP_1000PEPE_USDC | +0.0327% | 8h | 0.000005047 | −0.038% | $33K | $24K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0359% | 8h | 0.000005042 | −0.139% | $45.8M | $592.4M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0477% | 8h | 0.000005075 | +0.515% | $4.3M | $25.3M | 75x | as long as short |
| SoDEX 1000PEPE-USD | +0.0527% | 1h | 0.000005048 | −0.020% | $2K | $12K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0544% | 1h | 0.000005044 | −0.099% | $71K | $124K | 25x | as long as short |
| BingX 1000PEPE-USDT | +0.0626% | 8h | 0.000005042 | −0.135% | — | $261.5M | — | as long as short |
| Extended 1000PEPE-USD | +0.0664% | 1h | 0.000005044 | −0.094% | $535K | $226K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0664% | 8h | 0.000005041 | −0.166% | $94.4M | $286.2M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0664% | 1h | 0.000005040 | −0.178% | $142K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0664% | 8h | 0.000005042 | −0.146% | $141.6M | $1.22B | 75x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0667% / S −0.1037% | 1h | 0.000005000 | −0.970% | $50K | — | 100x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0672% | 1h | 0.000005055 | +0.119% | $957K | $31.8M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0685% | 8h | 0.000005048 | −0.022% | $2.4M | $7.1M | 50x | as long as short |
| Aster 1000PEPEUSDT | +0.0759% | 8h | 0.000005049 | −0.006% | $1.8M | $9.3M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0800% | 1h | 0.000005054 | +0.096% | $191K | $874K | 10x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0805% | 8h | 0.000005050 | +0.013% | $6K | — | 20x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0954% | 1h | 0.000005046 | −0.055% | $93K | $640K | 15x | as long as short |
| Lighter 1000PEPE | +0.1008% | 1h | 0.000005048 | −0.020% | $627K | $8.1M | 10x | as long as short |
| 01 Exchange kPEPEUSD | +0.1008% | 1h | 0.000005059 | +0.198% | $610 | $3K | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1291% | 1h | 0.000005044 | −0.095% | $4.3M | $15.4M | 50x | as long as short |
| Hyperliquid kPEPElong | +0.1436% | 1h | 0.000005049 | long leg | $54.1M | $139.8M | 10x |
Bitget PEPEUSDT
ApeX Omni 1000PEPEUSDT
Reya kPEPERUSDPERP
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
BloFin PEPE-USDT
SoDEX 1000PEPE-USD
Deribit 1000PEPE_USDC-PERPETUAL
BingX 1000PEPE-USDT
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
GMX PEPE/USD [ETH-USDC]
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
Aster 1000PEPEUSDT
Nado kPEPE-PERP
Paradex kPEPE-USD-PERP
Backpack kPEPE_USDC_PERP
Lighter 1000PEPE
01 Exchange kPEPEUSD
Kraken Futures PF_PEPEUSD