Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0673%/8h= +73.7% APRpaid last 24h −0.147%

Price spread now: Binance against Kraken Futures+0.073%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now +0.073%, 7d avg +0.028%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Binance is 0.044% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.028%. Mind the row above: over the last 7 days funding on this pair cost −0.116%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.116% in total (about -6.1% a year). A funding rate is set anew for every payment. 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	0.000004765	−0.0123	get 0.0015% / 1h	59m 09s	$3.9M	$13.9M	50x
Short	Binance 1000PEPEUSDT	0.000004768	0.0550	get 0.0550% / 8h	7h 59m	$134.1M	$1.07B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.073%Rate

Funding earned: $141.29
Price spread: +0.073% → +0.028%: $4.43
Slippage, 4 orders: −$21.94
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $103.77
Costs to cover: 0.419%
Break-even: 1.9 days

Slippage from Kraken Futures: live order book, 5 min ago; Binance: live order book, 15 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, 5 min ago	3.99 bp	15.8 bp −$16	23.2 bp −$232	59.2 bp −$5,916	doesn't fit
Sell Binance live order book, 15 min ago	0.11 bp	7.9 bp −$8	10.3 bp −$103	36.7 bp −$3,670	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	−0.0386%	1h	0.000004759	−0.121%	$69.1M	$100.4M	10x	as long as short
Kraken Futures PF_PEPEUSDlong	−0.0123%	1h	0.000004765	long leg	$3.9M	$13.9M	50x
dYdX PEPE-USD	0.0000%	1h	0.000004766	+0.022%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004759	−0.117%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004766	+0.026%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004761	−0.084%	$87.3M	$295.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004763	−0.037%	$150.6M	$64.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004762	−0.054%	$24.1M	$55.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004765	+0.003%	$42.1M	$151.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004764	−0.019%	$552K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004768	+0.068%	$25K	$352K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004767	+0.047%	$100K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004774	+0.183%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004766	+0.026%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004768	+0.059%	$539K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0144%	1h	0.000004768	+0.068%	$576K	$6.6M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0144%	1h	0.000004765	−0.004%	$93K	$603K	15x	as long as short
Phemex u1000PEPEUSDT	+0.0153%	8h	0.000004769	+0.093%	$2.3M	$6.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004767	+0.037%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004764	−0.007%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0189%	8h	0.000004764	−0.016%	$42.6M	$500.6M	50x	as long as short
01 Exchange kPEPEUSD	+0.0304%	1h	0.000004767	+0.047%	$546	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0312%	8h	0.000004769	+0.089%	$3.9M	$22.6M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0340%	8h	0.000004764	−0.025%	$29K	$13K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004768	+0.068%	$556K	$25.7M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0400% / S −0.0440%	1h	0.000004000	−16.051%	$43K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0540%	8h	0.000004766	+0.017%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0547%	8h	0.000004765	+0.014%	$1.5M	$7.3M	50x	as long as short
Binance 1000PEPEUSDTshort	+0.0550%	8h	0.000004768	+0.073%	$134.1M	$1.07B	75x
Extended 1000PEPE-USD	+0.0552%	1h	0.000004764	−0.025%	$524K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0554%	8h	0.000004770	+0.105%	$90.7M	$279.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000004766	+0.026%	$135K	—	3x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004746	−0.394%	$4K	$102K	12x	as long as short
Nado kPEPE-PERP	+0.0742%	1h	0.000004764	−0.011%	$180K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0801%	1h	0.000004764	−0.016%	$77K	$98K	25x	as long as short