PEPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0038%/8h= −4.2% APRnext payment −$0.05 per $10,000 · paid last 24h −0.030%

Price spread now: Lighter against Kraken Futures+0.149%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$460.459% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 3 days (all we have)−0.289%−$29 · spread now +0.149%, 7d avg +0.059%

Together, before fees−0.255%+ Points / potential airdropLighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.090% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.149% now, against its 7-day average of +0.059%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PEPEUSD	0.000004829	0.0758	pay 0.0095% / 1h	9m 26s	$3.9M	$13.1M	50x
Short	Lighter 1000PEPE	0.000004836	0.0720	get 0.0090% / 1h	9m 26s	$602K	$5.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.149%Rate

Funding earned: −$8.05
Price spread: +0.149% → +0.059%: $9.03
Slippage, 4 orders: −$35.89
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.91
Costs to cover: 0.459%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Lighter: live order book, 9 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	4.68 bp	20.6 bp −$21	35.0 bp −$350	105.0 bp −$10.5K	doesn't fit
Sell Lighter live order book, 9 min ago	3.11 bp	11.2 bp −$11	21.2 bp −$212	58.7 bp −$5,870	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	0.000004821	−0.154%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004825	−0.069%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004827	−0.037%	$58.5M	$72.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004831	+0.045%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004826	−0.058%	$87.8M	$275.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004826	−0.058%	$150.8M	$62.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004826	−0.050%	$25.0M	$53.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004820	−0.175%	$577K	$3.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004821	−0.154%	$27K	$340K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004834	+0.099%	$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	0.000004830	+0.033%	$556K	$3.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0177%	8h	0.000004829	+0.004%	$41.6M	$487.4M	50x	as long as short
Bitget PEPEUSDT	+0.0184%	8h	0.000004826	−0.054%	$42.6M	$150.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004826	−0.054%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0287%	8h	0.000004831	+0.045%	$3.9M	$21.9M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−17.164%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0416%	8h	0.000004831	+0.045%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004836	+0.149%	$582K	$25.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0491%	8h	0.000004829	+0.006%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0530%	8h	0.000004831	+0.036%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004814	−0.307%	$4K	$110K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0715%	1h	0.000004833	+0.091%	$93K	$624K	15x	as long as short
Lighter 1000PEPEshort	+0.0720%	1h	0.000004836	+0.149%	$602K	$5.3M	10x
Nado kPEPE-PERP	+0.0731%	1h	0.000004827	−0.047%	$189K	$848K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0743%	1h	0.000004818	−0.224%	$102K	$762K	25x	as long as short
Kraken Futures PF_PEPEUSDlong	+0.0758%	1h	0.000004829	long leg	$3.9M	$13.1M	50x
SoDEX 1000PEPE-USD	+0.0782%	1h	0.000004827	−0.037%	$2K	$9K	10x	as long as short
BingX 1000PEPE-USDC	+0.0820%	8h	0.000004829	−0.006%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0870%	8h	0.000004829	+0.004%	$91.6M	$292.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0870%	8h	0.000004829	+0.013%	$128.7M	$1.02B	75x	as long as short
Extended 1000PEPE-USD	+0.0872%	1h	0.000004829	−0.004%	$529K	$147K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0872%	1h	0.000004829	+0.004%	$137K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0902%	8h	0.000004833	+0.091%	$1.5M	$6.9M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0994%	1h	0.000004829	+0.004%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1208%	1h	0.000004840	+0.232%	$554	$2K	10x	as long as short