Funding you earn now, next payment 23:00 UTC−0.0037%/8h= −4.0% APRnext payment −$0.05 per $10,000 · paid last 24h −0.055%
Price spread now: Coinbase International against Injective−0.360%64s7-day average −0.578% · you buy dearer than you sell
Net, funding: paid 7d − costs−$145as 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−$1071.072% of the position
Funding, last 7 days−0.383%−$38 on $10k
+Price spread, last 3 days (all we have)+0.450%+$45 · spread now −0.360%, 7d avg −0.578%
=The price spread pays, funding is against you. Coinbase International is 0.219% dearer against Injective than usual: you sell high and buy low (spread −0.360% now, against its 7-day average of −0.578%): +$22 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 7 days (−0.383% in total) that is about 4.0 days. The two prices were read 64 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 | 0.000004728 | 0.0437 | pay 0.0055% / 1h | 6m 01s | $4K | $102K | 12x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004711 | 0.0400 | get 0.0050% / 1h | 6m 01s | $568K | $25.3M | 50x |
Injective PEPE/USDC PERP
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$7.69
- Price spread: −0.360% → −0.578%
- $21.87
- Slippage, 4 orders
- −$97.13
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$92.97
- Costs to cover
- 1.072%
- Break-even
- never at this rate
Slippage from Injective: live order book, 8 min ago; Coinbase International: live order book, 3 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, 8 min ago | 18.02 bp | 66.5 bp −$67 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 3 min ago | 2.12 bp | 11.2 bp −$11 | 17.4 bp −$174 | 58.3 bp −$5,825 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid kPEPE | −0.0332% | 1h | 0.000004727 | −0.021% | $68.5M | $98.9M | 10x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004727 | −0.013% | $17K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004724 | −0.080% | $14K | — | 150x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0067% | 1h | 0.000004728 | +0.007% | $3.8M | $13.9M | 50x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004727 | −0.021% | $55K | $119K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004733 | +0.116% | $87.0M | $294.8M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004728 | 0.000% | $149.8M | $65.1M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004731 | +0.066% | $24.2M | $54.8M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004737 | +0.190% | $41.9M | $151.0M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004725 | −0.066% | $544K | $4.2M | — | as long as short |
Hyperliquid kPEPE
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Kraken Futures PF_PEPEUSD
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 | 0.000004722 | −0.120% | $25K | $350K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004722 | −0.127% | $99K | $754K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004736 | +0.173% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004730 | +0.042% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004731 | +0.066% | $535K | $3.5M | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0177% | 8h | 0.000004731 | +0.060% | $5K | $16 | 20x | as long as short |
| Lighter 1000PEPE | +0.0184% | 1h | 0.000004734 | +0.127% | $571K | $6.6M | 10x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004729 | +0.025% | $7K | — | 15x | as long as short |
| Phemex u1000PEPEUSDT | +0.0190% | 8h | 0.000004733 | +0.097% | $2.3M | $6.5M | 50x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0198% | 8h | 0.000004739 | +0.233% | $42.1M | $496.6M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0312% | 1h | 0.000004735 | +0.148% | $542 | $2K | 10x | as long as short |
| BloFin PEPE-USDT | +0.0325% | 8h | 0.000004730 | +0.042% | $3.9M | $22.3M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0348% | 8h | 0.000004727 | −0.019% | $29K | $13K | 20x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0391% / S −0.0429% | 1h | 0.000004000 | −15.398% | $43K | — | 100x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0400% | 1h | 0.000004711 | −0.360% | $568K | $25.3M | 50x | |
| Injective PEPE/USDC PERPlong | +0.0437% | 1h | 0.000004728 | long leg | $4K | $102K | 12x | |
| Backpack kPEPE_USDC_PERP | +0.0526% | 1h | 0.000004733 | +0.097% | $92K | $603K | 15x | as long as short |
| Aster 1000PEPEUSDT | +0.0558% | 8h | 0.000004735 | +0.140% | $1.5M | $7.3M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0559% | 8h | 0.000004727 | −0.013% | — | $2.3M | — | as long as short |
| Binance 1000PEPEUSDT | +0.0566% | 8h | 0.000004733 | +0.115% | $132.4M | $1.07B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0568% | 1h | 0.000004735 | +0.153% | $518K | $148K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0568% | 8h | 0.000004732 | +0.082% | $88.4M | $283.4M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0568% | 1h | 0.000004730 | +0.042% | $134K | — | 3x | as long as short |
| Nado kPEPE-PERP | +0.0609% | 1h | 0.000004733 | +0.111% | $179K | $849K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0808% | 1h | 0.000004729 | +0.021% | $76K | $98K | 25x | as long as short |
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Paradex kPEPE-USD-PERP
Lighter 1000PEPE
Reya kPEPERUSDPERP
Phemex u1000PEPEUSDT
OKX PEPE-USDT-SWAP
01 Exchange kPEPEUSD
BloFin PEPE-USDT
Orderly PERP_1000PEPE_USDC
GMX PEPE/USD [ETH-USDC]
Backpack kPEPE_USDC_PERP
Aster 1000PEPEUSDT
BingX 1000PEPE-USDC
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Nado kPEPE-PERP
Deribit 1000PEPE_USDC-PERPETUAL