Funding you earn now, next payment 01:00 UTC−0.0034%/8h= −3.7% APRnext payment −$0.04 per $10,000 · paid last 24h −0.007%
Price spread now: Backpack against Injective−0.129%72s7-day average −0.572% · you buy dearer than you sell
Net, funding: paid 7d − costs−$127as 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−$1091.093% of the position
Funding, last 7 days−0.180%−$18 on $10k
+Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.129%, 7d avg −0.572%
=The price spread pays, funding is against you. Backpack is 0.443% dearer against Injective than usual: you sell high and buy low (spread −0.129% now, against its 7-day average of −0.572%): +$44 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 43 days. At the pace of the last 7 days (−0.180% in total) that is about 17 days. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective PEPE/USDC PERP | 0.000004875 | 0.0636 | pay 0.0079% / 1h | 43m 24s | $4K | $102K | 12x |
| Short | Backpack kPEPE_USDC_PERP | 0.000004869 | 0.0601 | get 0.0075% / 1h | 43m 24s | $94K | $598K | 15x |
Injective PEPE/USDC PERP
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- −$7.19
- Price spread: −0.129% → −0.572%
- $44.25
- Slippage, 4 orders
- −$99.29
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$72.25
- Costs to cover
- 1.093%
- Break-even
- never at this rate
Slippage from Injective: live order book, 30 min ago; Backpack: live order book, 30 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 Injective live order book, 30 min ago | 18.02 bp | 66.5 bp −$67 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 30 min ago | 2.22 bp | 10.5 bp −$11 | 23.9 bp −$239 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PEPEUSD | −0.0120% | 1h | 0.000004870 | −0.107% | $3.9M | $14.0M | 50x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004873 | −0.037% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004883 | +0.174% | $15K | — | 150x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004883 | +0.164% | $62.5M | $108.8M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004879 | +0.082% | $57K | $119K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004885 | +0.213% | $89.4M | $300.0M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004877 | +0.041% | $155.3M | $65.2M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004881 | +0.115% | $24.5M | $55.8M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004881 | +0.127% | $43.0M | $152.0M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004859 | −0.333% | $574K | $4.3M | — | as long as short |
Kraken Futures PF_PEPEUSD
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPEShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004868 | −0.139% | $26K | $353K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004877 | +0.035% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004870 | −0.103% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004871 | −0.092% | $552K | $3.5M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000004869 | −0.113% | $2.3M | $6.5M | 50x | as long as short |
| Lighter 1000PEPE | +0.0128% | 1h | 0.000004881 | +0.123% | $573K | $6.7M | 10x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0183% | 8h | 0.000004877 | +0.044% | $5K | $16 | 20x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004882 | +0.154% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0192% | 8h | 0.000004890 | +0.308% | $43.1M | $518.2M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0308% | 8h | 0.000004869 | −0.123% | $4.0M | $23.1M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0309% | 8h | 0.000004891 | +0.318% | $30K | $13K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0368% | 1h | 0.000004872 | −0.062% | $554K | $26.4M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0386% | 1h | 0.000004882 | +0.152% | $185K | $849K | 10x | as long as short |
| 01 Exchange kPEPEUSD | +0.0408% | 1h | 0.000004884 | +0.185% | $1K | $2K | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0447% / S −0.0661% | 1h | 0.000004000 | −17.949% | $46K | — | 100x | as long as short |
| BingX 1000PEPE-USDT | +0.0506% | 8h | 0.000004888 | +0.275% | — | $256.4M | — | as long as short |
| Extended 1000PEPE-USD | +0.0520% | 1h | 0.000004881 | +0.116% | $535K | $148K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0522% | 8h | 0.000004884 | +0.187% | $96.3M | $281.2M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0522% | 8h | 0.000004891 | +0.325% | $137.9M | $1.08B | 75x | as long as short |
| Aevo 1000PEPE-PERP | +0.0528% | 1h | 0.000004886 | +0.226% | $138K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0535% | 8h | 0.000004884 | +0.183% | $1.5M | $7.4M | 50x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0588% | 1h | 0.000004871 | −0.082% | $101K | $754K | 25x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.0601% | 1h | 0.000004869 | −0.129% | $94K | $598K | 15x | |
| Injective PEPE/USDC PERPlong | +0.0636% | 1h | 0.000004875 | long leg | $4K | $102K | 12x | |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0983% | 1h | 0.000004871 | −0.082% | $78K | $98K | 25x | as long as short |
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Lighter 1000PEPE
Paradex kPEPE-USD-PERP
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
BloFin PEPE-USDT
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
Nado kPEPE-PERP
01 Exchange kPEPEUSD
GMX PEPE/USD [ETH-USDC]
BingX 1000PEPE-USDT
Extended 1000PEPE-USD
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
ApeX Omni 1000PEPEUSDT
Deribit 1000PEPE_USDC-PERPETUAL