Funding you earn now, next payment 00:00 UTC+0.0469%/8h= +51.4% APRnext payment +$0.59 per $10,000 · paid last 24h −0.048%
Price spread now: Backpack against Kraken Futures+0.099%7-day average +0.010% · you sell dearer than you buy
Net, funding: paid 7d − costs−$44as in the Funding arb table
Net, price: spread back to 7d avg − costs−$44as in the Price arb table
costs, in and out, $10k−$530.529% of the position
Funding, last 7 days+0.087%+$9 on $10k
+Price spread, last 3 days (all we have)−0.174%−$17 · spread now +0.099%, 7d avg +0.010%
=Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.089% dearer against Kraken Futures than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.010%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.087% in total (about 4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.59 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 | Kraken Futures PF_PEPEUSD | 0.000004763 | 0.0067 | pay 0.0008% / 1h | 3m 03s | $3.9M | $13.9M | 50x |
| Short | Backpack kPEPE_USDC_PERP | 0.000004768 | 0.0536 | get 0.0067% / 1h | 3m 03s | $93K | $603K | 15x |
Kraken Futures PF_PEPEUSD
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- $98.51
- Price spread: +0.099% → +0.010%
- $8.9
- Slippage, 4 orders
- −$32.93
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $54.49
- Costs to cover
- 0.529%
- Break-even
- 3.1 days
Slippage from Kraken Futures: live order book, 1 min ago; Backpack: live order book, 11 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 Kraken Futures live order book, 1 min ago | 3.99 bp | 15.8 bp −$16 | 23.2 bp −$232 | 59.2 bp −$5,916 | doesn't fit |
| Sell Backpack live order book, 11 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 | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid kPEPE | −0.0329% | 1h | 0.000004758 | −0.103% | $69.0M | $99.5M | 10x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004759 | −0.076% | $17K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004760 | −0.069% | $14K | — | 150x | as long as short |
| Kraken Futures PF_PEPEUSDlong | +0.0067% | 1h | 0.000004763 | long leg | $3.9M | $13.9M | 50x | |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004762 | −0.019% | $56K | $119K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004763 | +0.002% | $87.3M | $295.3M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004763 | +0.002% | $151.0M | $65.1M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004765 | +0.050% | $24.5M | $54.9M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004765 | +0.048% | $42.1M | $151.1M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004725 | −0.799% | $544K | $4.2M | — | as long as short |
Hyperliquid kPEPE
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
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 | 0.000004725 | −0.801% | $25K | $351K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004740 | −0.481% | $99K | $755K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004770 | +0.151% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004763 | +0.002% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004762 | −0.023% | $538K | $3.5M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0162% | 8h | 0.000004768 | +0.113% | $2.3M | $6.5M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0178% | 8h | 0.000004765 | +0.039% | $5K | $16 | 20x | as long as short |
| Lighter 1000PEPE | +0.0184% | 1h | 0.000004768 | +0.107% | $576K | $6.6M | 10x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004765 | +0.041% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0194% | 8h | 0.000004766 | +0.065% | $42.3M | $499.9M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0312% | 1h | 0.000004766 | +0.065% | $546 | $2K | 10x | as long as short |
| BloFin PEPE-USDT | +0.0315% | 8h | 0.000004763 | +0.002% | $3.9M | $22.5M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0344% | 8h | 0.000004764 | +0.031% | $29K | $13K | 20x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0395% / S −0.0434% | 1h | 0.000004000 | −16.018% | $43K | — | 100x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0400% | 1h | 0.000004753 | −0.208% | $558K | $25.6M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0437% | 1h | 0.000004746 | −0.355% | $4K | $102K | 12x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.0536% | 1h | 0.000004768 | +0.099% | $93K | $603K | 15x | |
| BingX 1000PEPE-USDC | +0.0548% | 8h | 0.000004765 | +0.036% | — | $2.3M | — | as long as short |
| Aster 1000PEPEUSDT | +0.0555% | 8h | 0.000004767 | +0.094% | $1.5M | $7.3M | 50x | as long as short |
| Extended 1000PEPE-USD | +0.0560% | 1h | 0.000004762 | −0.022% | $524K | $148K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0560% | 1h | 0.000004768 | +0.107% | $135K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0561% | 8h | 0.000004762 | −0.028% | $133.9M | $1.07B | 75x | as long as short |
| MEXC PEPE_USDT | +0.0562% | 8h | 0.000004767 | +0.078% | $90.1M | $283.7M | 300x | as long as short |
| Nado kPEPE-PERP | +0.0589% | 1h | 0.000004767 | +0.089% | $180K | $849K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0800% | 1h | 0.000004765 | +0.044% | $77K | $98K | 25x | as long as short |
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
Lighter 1000PEPE
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
01 Exchange kPEPEUSD
BloFin PEPE-USDT
Orderly PERP_1000PEPE_USDC
GMX PEPE/USD [ETH-USDC]
Coinbase International 1000PEPE-PERP-INTX
Injective PEPE/USDC PERP
BingX 1000PEPE-USDC
Aster 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
MEXC PEPE_USDT
Nado kPEPE-PERP
Deribit 1000PEPE_USDC-PERPETUAL