Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0218%/8h= +23.8% APRpaid last 24h −0.134%

Price spread now: HTX against Kraken Futures−0.127%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$700.700% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)+0.128%+$13 · spread now −0.127%, 7d avg +0.029%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.156% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of +0.029%). If the spread goes back, that is −$16 on $10k: about 2.4 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.058%, 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 -0.058% in total (about -3.0% 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	0.000004969	−0.0118	get 0.0015% / 1h	29m 00s	$3.9M	$14.0M	50x
Short	HTX PEPE-USDT	0.000004963	0.0100	get 0.0100% / 8h	7h 29m	$557K	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.127%Rate

Funding earned: $45.73
Price spread: −0.127% → +0.029%: −$15.57
Slippage, 4 orders: −$47.99
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$39.83
Costs to cover: 0.700%
Break-even: 13.1 days

Slippage from Kraken Futures: live order book, 5 min ago; HTX: 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	9.51 bp	18.4 bp −$18	28.9 bp −$289	66.6 bp −$6,665	doesn't fit
Sell HTX live order book, 5 min ago	8.00 bp	15.0 bp −$15	24.5 bp −$245	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
Kraken Futures PF_PEPEUSDlong	−0.0118%	1h	0.000004969	long leg	$3.9M	$14.0M	50x
dYdX PEPE-USD	0.0000%	1h	0.000004969	−0.002%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004966	−0.077%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004973	+0.074%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004963	−0.127%	$92.2M	$303.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004963	−0.127%	$158.0M	$66.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004970	+0.016%	$25.3M	$56.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004968	−0.025%	$43.2M	$152.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004960	−0.193%	$585K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004971	+0.039%	$52K	$379K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004979	+0.193%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004969	−0.006%	$2K	$12K	10x	as long as short
HTX PEPE-USDTshort	+0.0100%	8h	0.000004963	−0.127%	$557K	$3.5M	75x
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004962	−0.145%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0181%	8h	0.000004966	−0.067%	$43.7M	$528.3M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004968	−0.017%	$8K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0206%	8h	0.000004971	+0.041%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0289%	8h	0.000004974	+0.100%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0302%	8h	0.000004974	+0.094%	$4.0M	$23.6M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004974	+0.094%	$634K	$27.0M	50x	as long as short
Lighter 1000PEPE	+0.0384%	1h	0.000004971	+0.034%	$583K	$6.7M	10x	as long as short
Nado kPEPE-PERP	+0.0436%	1h	0.000004972	+0.058%	$193K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0440%	1h	0.000004944	−0.510%	$102K	$754K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0477% / S −0.0730%	1h	0.000004000	−19.506%	$48K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.0480%	1h	0.000004975	+0.114%	$1K	$2K	10x	as long as short
BingX 1000PEPE-USDT	+0.0480%	8h	0.000004965	−0.079%	—	$257.1M	—	as long as short
Extended 1000PEPE-USD	+0.0496%	1h	0.000004970	+0.021%	$546K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0497%	8h	0.000004971	+0.027%	$138.6M	$1.10B	75x	as long as short
MEXC PEPE_USDT	+0.0501%	8h	0.000004971	+0.030%	$100.6M	$284.3M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0504%	1h	0.000004988	+0.376%	$141K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0530%	8h	0.000004971	+0.042%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0568%	1h	0.000004968	−0.035%	$94K	$601K	15x	as long as short
Hyperliquid kPEPE	+0.0625%	1h	0.000004980	+0.215%	$60.1M	$118.8M	10x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004983	+0.275%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0756%	1h	0.000004973	+0.074%	$68K	$110K	25x	as long as short