Funding you earn now, next payment 11:00 UTC+0.0533%/8h= +58.3% APRnext payment +$0.67 per $10,000 · paid last 24h −0.115%
Price spread now: Deribit against Kraken Futures+0.036%7-day average +0.010% · you sell dearer than you buy
Net, funding: paid 7d − costs−$66as in the Funding arb table
Net, price: spread back to 7d avg − costs−$47as in the Price arb table
costs, in and out, $10k−$490.493% of the position
Funding, last 7 days−0.163%−$16 on $10k
+Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.036%, 7d avg +0.010%
=Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Deribit is 0.026% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.010%. Mind the row above: over the last 7 days funding on this pair cost −0.163%, 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 -0.163% in total (about -8.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.67 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_PEPEUSD | 0.000004899 | −0.0374 | get 0.0047% / 1h | 29m 36s | $4.5M | $16.0M | 50x |
| Short | Deribit 1000PEPE_USDC-PERPETUAL | 0.000004901 | 0.0158 | get 0.0020% / 1h | 29m 36s | $60K | $119K | 25x |
Kraken Futures PF_PEPEUSD
Deribit 1000PEPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- $111.86
- Price spread: +0.036% → +0.010%
- $2.61
- Slippage, 4 orders
- −$32.35
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $65.12
- Costs to cover
- 0.493%
- Break-even
- 2.9 days
Slippage from Kraken Futures: live order book, 3 min ago; Deribit: live order book, 17 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, 3 min ago | 6.23 bp | 19.0 bp −$19 | 26.4 bp −$264 | 73.9 bp −$7,386 | doesn't fit |
| Sell Deribit live order book, 17 min ago | 6.06 bp | 9.6 bp −$10 | 16.1 bp −$161 | doesn't fit | doesn't fit |
PEPE on 35 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PEPEUSDlong | −0.0374% | 1h | 0.000004899 | long leg | $4.5M | $16.0M | 50x | |
| 01 Exchange kPEPEUSD | −0.0016% | 1h | 0.000004904 | +0.097% | $592 | $2K | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000004896 | −0.056% | $3K | — | 150x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004902 | +0.057% | $596K | $9.0M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0100% | 1h | 0.000004903 | +0.077% | $138K | $952K | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004905 | +0.118% | $49.4M | $155.3M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004904 | +0.097% | $58K | $197K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004903 | +0.073% | $92.6M | $445.0M | 50x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0100% | 8h | 0.000004907 | +0.159% | $43.4M | $717.0M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004900 | +0.016% | $149.1M | $103.7M | 75x | as long as short |
01 Exchange kPEPEUSD
gTrade (Gains Network) PEPE/USD
Lighter 1000PEPE
Nado kPEPE-PERP
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
OKX PEPE-USDT-SWAP
Gate PEPE_USDTShow all 35 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004901 | +0.042% | $24.2M | $76.0M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004902 | +0.046% | $44.0M | $233.6M | 75x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0100% | 1h | 0.000004903 | +0.085% | $75K | $996K | 15x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004904 | +0.104% | $637K | $5.3M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004905 | +0.121% | $26K | $573K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004907 | +0.159% | $108K | $869K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004913 | +0.283% | $1K | $2.5M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004902 | +0.057% | $2K | $11K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004905 | +0.118% | $577K | $4.2M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000004902 | +0.063% | $2.3M | $8.0M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0108% | 8h | 0.000004904 | +0.105% | $5K | — | 20x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUALshort | +0.0158% | 1h | 0.000004901 | +0.036% | $60K | $119K | 25x | |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004899 | +0.002% | $7K | — | 15x | as long as short |
| Binance 1000PEPEUSDT | +0.0192% | 8h | 0.000004908 | +0.187% | $126.3M | $1.53B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0192% | 1h | 0.000004901 | +0.043% | $512K | $288K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0192% | 8h | 0.000004902 | +0.052% | $97.6M | $297.6M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0192% | 1h | 0.000004898 | −0.025% | $138K | — | 3x | as long as short |
| BingX 1000PEPE-USDT | +0.0200% | 8h | 0.000004903 | +0.077% | — | $182.2M | — | as long as short |
| Aster 1000PEPEUSDT | +0.0203% | 8h | 0.000004903 | +0.075% | $1.7M | $12.6M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0220% | 8h | 0.000004906 | +0.138% | $4.2M | $28.4M | 75x | as long as short |
| Injective PEPE/USDC PERP | +0.0284% | 1h | 0.000004904 | +0.097% | $3K | $123K | 12x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0311% | 8h | 0.000004901 | +0.046% | $32K | $30K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0400% | 1h | 0.000004905 | +0.118% | $717K | $38.5M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0793% / S −0.0894% | 1h | 0.000004000 | −18.355% | $50K | — | 100x | as long as short |
| dYdX PEPE-USD | +0.4302% | 1h | 0.000004903 | +0.084% | $25K | $18K | 10x | as long as short |
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Backpack kPEPE_USDC_PERP
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
Reya kPEPERUSDPERP
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
BingX 1000PEPE-USDT
Aster 1000PEPEUSDT
BloFin PEPE-USDT
Injective PEPE/USDC PERP
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
GMX PEPE/USD [ETH-USDC]
dYdX PEPE-USD