Funding you earn now, next payment 22:00 UTC−0.0878%/8h= −96.2% APRnext payment −$1.10 per $10,000 · paid last 24h −0.080%
Price spread now: Coinbase International against Kraken Futures+0.101%7-day average +0.017% · you sell dearer than you buy
Net, funding: paid 7d − costs−$68as in the Funding arb table
Net, price: spread back to 7d avg − costs−$50as in the Price arb table
costs, in and out, $10k−$580.579% of the position
Funding, last 7 days−0.100%−$10 on $10k
+Price spread, last 3 days (all we have)−0.224%−$22 · spread now +0.101%, 7d avg +0.017%
=The price spread pays, funding is against you. Coinbase International is 0.084% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.101% now, against its 7-day average of +0.017%): +$8 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.100% in total) that is about 5.9 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.100% in total (about -5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.10 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 | 0.000004809 | 0.1326 | pay 0.0166% / 1h | 29m 31s | $3.9M | $13.3M | 50x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004814 | 0.0448 | get 0.0056% / 1h | 29m 31s | $594K | $25.6M | 50x |
Kraken Futures PF_PEPEUSD
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$184.47
- Price spread: +0.101% → +0.017%
- $8.43
- Slippage, 4 orders
- −$37.94
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$233.97
- Costs to cover
- 0.579%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Coinbase International: 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, 4 min ago | 5.07 bp | 16.5 bp −$16 | 25.4 bp −$254 | 70.0 bp −$6,996 | doesn't fit |
| Sell Coinbase International live order book, 5 min ago | 2.07 bp | 12.2 bp −$12 | 15.0 bp −$150 | 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004813 | +0.079% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004818 | +0.187% | $14K | — | 150x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004817 | +0.164% | $574K | $5.6M | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004815 | +0.122% | $62.3M | $79.5M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004814 | +0.101% | $60K | $113K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004816 | +0.143% | $87.1M | $280.7M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004812 | +0.060% | $149.8M | $62.8M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004819 | +0.201% | $24.8M | $54.0M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004818 | +0.183% | $574K | $4.0M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004832 | +0.471% | $27K | $344K | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Lighter 1000PEPE
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDCShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004817 | +0.158% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004810 | +0.018% | $2K | $11K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004812 | +0.054% | $544K | $3.5M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0143% | 8h | 0.000004819 | +0.203% | $42.4M | $151.7M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004820 | +0.229% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0203% | 8h | 0.000004820 | +0.226% | $41.8M | $492.1M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0212% / S −0.0092% | 1h | 0.000004000 | −16.825% | $54K | — | 100x | as long as short |
| BloFin PEPE-USDT | +0.0325% | 8h | 0.000004819 | +0.205% | $3.9M | $22.1M | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0348% | 8h | 0.000004815 | +0.129% | $5K | $16 | 20x | as long as short |
| Phemex u1000PEPEUSDT | +0.0395% | 8h | 0.000004818 | +0.185% | $2.3M | $6.4M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0432% | 1h | 0.000004823 | +0.289% | $552 | $2K | 10x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0445% | 8h | 0.000004811 | +0.037% | $29K | $11K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0448% | 1h | 0.000004814 | +0.101% | $594K | $25.6M | 50x | |
| Backpack kPEPE_USDC_PERP | +0.0573% | 1h | 0.000004811 | +0.041% | $92K | $615K | 15x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0582% | 1h | 0.000004810 | +0.018% | $81K | $94K | 25x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0656% | 1h | 0.000004829 | +0.413% | $103K | $764K | 25x | as long as short |
| Nado kPEPE-PERP | +0.0742% | 1h | 0.000004819 | +0.204% | $186K | $855K | 10x | as long as short |
| BingX 1000PEPE-USDC | +0.0799% | 8h | 0.000004813 | +0.083% | — | $2.3M | — | as long as short |
| Extended 1000PEPE-USD | +0.0808% | 1h | 0.000004821 | +0.241% | $529K | $148K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0811% | 8h | 0.000004822 | +0.272% | $91.2M | $284.3M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0811% | 8h | 0.000004821 | +0.239% | $130.6M | $1.04B | 75x | as long as short |
| Aevo 1000PEPE-PERP | +0.0824% | 1h | 0.000004818 | +0.185% | $136K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0830% | 8h | 0.000004814 | +0.093% | $1.5M | $7.0M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0873% | 1h | 0.000004825 | +0.330% | $4K | $103K | 12x | as long as short |
| Kraken Futures PF_PEPEUSDlong | +0.1326% | 1h | 0.000004809 | long leg | $3.9M | $13.3M | 50x |
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Bitget PEPEUSDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
GMX PEPE/USD [ETH-USDC]
BloFin PEPE-USDT
Paradex kPEPE-USD-PERP
Phemex u1000PEPEUSDT
01 Exchange kPEPEUSD
Orderly PERP_1000PEPE_USDC
Backpack kPEPE_USDC_PERP
Deribit 1000PEPE_USDC-PERPETUAL
ApeX Omni 1000PEPEUSDT
Nado kPEPE-PERP
BingX 1000PEPE-USDC
Extended 1000PEPE-USD
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
Injective PEPE/USDC PERP