Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0662%/8h= −72.5% APRpaid last 24h −0.129%

Price spread now: Bybit against Kraken Futures−0.099%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$580.575% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now −0.099%, 7d avg −0.024%

Together, before fees−0.273%−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Bybit is 0.075% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.166% in total (about -8.7% 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	0.000004806	0.0762	pay 0.0095% / 1h	29m 09s	$3.9M	$13.0M	50x
Short	Bybit 1000PEPEUSDT	0.000004801	0.0100	get 0.0100% / 8h	2h 29m	$88.7M	$273.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$139.01
Price spread: −0.099% → −0.024%: −$7.54
Slippage, 4 orders: −$36.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$204.06
Costs to cover: 0.575%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Bybit: 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 Kraken Futures live order book, 5 min ago	5.71 bp	25.0 bp −$25	37.1 bp −$371	214.7 bp −$21.5K	doesn't fit
Sell Bybit live order book, 5 min ago	1.04 bp	9.7 bp −$10	16.3 bp −$163	37.7 bp −$3,770	280.2 bp −$140.1K

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	0.000004799	−0.140%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004800	−0.124%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004803	−0.058%	$57.1M	$70.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004807	+0.026%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004801	−0.099%	$88.7M	$273.2M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004799	−0.141%	$149.2M	$61.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004804	−0.033%	$25.3M	$53.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	−0.135%	$702K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004804	−0.047%	$27K	$338K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004817	+0.225%	$2K	$2.4M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004810	+0.084%	$554K	$3.6M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0136%	8h	0.000004804	−0.037%	$41.3M	$488.3M	50x	as long as short
Bitget PEPEUSDT	+0.0173%	8h	0.000004807	+0.030%	$43.2M	$152.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004806	+0.006%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0255%	8h	0.000004802	−0.078%	$3.9M	$21.7M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.767%	$52K	—	100x	as long as short
Lighter 1000PEPE	+0.0360%	1h	0.000004805	−0.016%	$591K	$5.1M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0384%	8h	0.000004806	+0.013%	$29K	$11K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0408%	8h	0.000004806	+0.015%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0463%	8h	0.000004802	−0.070%	$2.3M	$6.4M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004797	−0.182%	$574K	$25.3M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0540%	1h	0.000004804	−0.035%	$95K	$622K	15x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004804	−0.037%	$4K	$92K	12x	as long as short
Nado kPEPE-PERP	+0.0697%	1h	0.000004809	+0.067%	$180K	$859K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0726%	1h	0.000004803	−0.058%	$99K	$759K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0730%	1h	0.000004806	+0.005%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSDlong	+0.0762%	1h	0.000004806	long leg	$3.9M	$13.0M	50x
BingX 1000PEPE-USDC	+0.0774%	8h	0.000004805	−0.020%	—	$2.3M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0792%	1h	0.000004805	−0.016%	$81K	$94K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0816%	1h	0.000004806	+0.005%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0819%	8h	0.000004807	+0.019%	$90.5M	$290.0M	300x	as long as short
Extended 1000PEPE-USD	+0.0824%	1h	0.000004807	+0.021%	$526K	$147K	25x	as long as short
Binance 1000PEPEUSDT	+0.0826%	8h	0.000004807	+0.029%	$127.8M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0862%	8h	0.000004804	−0.030%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1232%	1h	0.000004820	+0.296%	$552	$2K	10x	as long as short