Funding you earn now, next payment 04:00 UTC−0.0676%/8h= −74.0% APRpaid last 24h −0.169%
Price spread now: Phemex against Kraken Futures−0.453%7-day average +0.047% · you buy dearer than you sell
Net, funding: paid 7d − costs−$122as in the Funding arb table
Net, price: spread back to 7d avg − costs−$153as in the Price arb table
costs, in and out, $10k−$1031.034% of the position
Funding, last 7 days−0.183%−$18 on $10k
+Price spread, last 4 days (all we have)+0.497%+$50 · spread now −0.453%, 7d avg +0.047%
=Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Phemex is 0.500% cheaper against Kraken Futures than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of +0.047%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.183% in total (about -9.5% 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 | 0.000005182 | 0.1257 | pay 0.0157% / 1h | 24m 19s | $4.6M | $15.9M | 50x |
| Short | Phemex u1000PEPEUSDT | 0.000005159 | 0.0581 | get 0.0581% / 8h | 4h 24m | $2.6M | $7.3M | 50x |
Kraken Futures PF_PEPEUSD
Phemex u1000PEPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$141.93
- Price spread: −0.453% → +0.047%
- −$49.96
- Slippage, 4 orders
- −$81.37
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$295.27
- Costs to cover
- 1.034%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Phemex: 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 | 10.34 bp | 21.5 bp −$21 | 30.6 bp −$306 | 90.9 bp −$9,092 | doesn't fit |
| Sell Phemex live order book, 5 min ago | 20.86 bp | 31.6 bp −$32 | 49.1 bp −$491 | 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 | 0.000005152 | −0.597% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000005151 | −0.613% | $15K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005159 | −0.453% | $66K | $144K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005152 | −0.588% | $100.1M | $357.0M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005152 | −0.588% | $168.0M | $80.8M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005153 | −0.565% | $26.1M | $65.1M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005200 | +0.329% | $761K | $4.8M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005216 | +0.653% | $42K | $463K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005188 | +0.099% | $1K | $2.5M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005185 | +0.045% | $589K | $3.7M | 75x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
HTX PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005153 | −0.578% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0202% | 8h | 0.000005155 | −0.530% | $47.7M | $179.0M | 75x | as long as short |
| Injective PEPE/USDC PERP | +0.0254% | 1h | 0.000005173 | −0.183% | $3K | $102K | 12x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0348% | 8h | 0.000005158 | −0.476% | $34K | $24K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0380% | 8h | 0.000005156 | −0.511% | $48.5M | $625.7M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0498% | 8h | 0.000005166 | −0.318% | $4.4M | $26.4M | 75x | as long as short |
| Phemex u1000PEPEUSDTshort | +0.0581% | 8h | 0.000005159 | −0.453% | $2.6M | $7.3M | 50x | |
| Coinbase International 1000PEPE-PERP-INTX | +0.0672% | 1h | 0.000005194 | +0.222% | $1.0M | $33.5M | 50x | as long as short |
| BingX 1000PEPE-USDT | +0.0701% | 8h | 0.000005157 | −0.499% | — | $262.9M | — | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0716% | 1h | 0.000005179 | −0.067% | $73K | $125K | 25x | as long as short |
| Extended 1000PEPE-USD | +0.0736% | 1h | 0.000005156 | −0.503% | $546K | $226K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0736% | 1h | 0.000005148 | −0.665% | $146K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0739% | 8h | 0.000005160 | −0.424% | $97.3M | $290.7M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0741% | 8h | 0.000005160 | −0.440% | $148.5M | $1.26B | 75x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0774% / S −0.1542% | 1h | 0.000005000 | −3.521% | $63K | — | 100x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0803% | 8h | 0.000005160 | −0.440% | $6K | — | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0835% | 1h | 0.000005184 | +0.029% | $2K | $10K | 10x | as long as short |
| Lighter 1000PEPE | +0.0840% | 1h | 0.000005161 | −0.414% | $593K | $8.3M | 10x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0845% | 1h | 0.000005209 | +0.512% | $104K | $744K | 25x | as long as short |
| Aster 1000PEPEUSDT | +0.0848% | 8h | 0.000005151 | −0.612% | $1.9M | $9.6M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0889% | 1h | 0.000005158 | −0.477% | $190K | $898K | 10x | as long as short |
| 01 Exchange kPEPEUSD | +0.1144% | 1h | 0.000005165 | −0.337% | $623 | $3K | 10x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.1166% | 1h | 0.000005144 | −0.733% | $97K | $666K | 15x | as long as short |
| Kraken Futures PF_PEPEUSDlong | +0.1257% | 1h | 0.000005182 | long leg | $4.6M | $15.9M | 50x | |
| Hyperliquid kPEPE | +0.1601% | 1h | 0.000005160 | −0.434% | $55.7M | $141.9M | 10x | as long as short |
Reya kPEPERUSDPERP
Bitget PEPEUSDT
Injective PEPE/USDC PERP
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
BloFin PEPE-USDT
Coinbase International 1000PEPE-PERP-INTX
BingX 1000PEPE-USDT
Deribit 1000PEPE_USDC-PERPETUAL
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
GMX PEPE/USD [ETH-USDC]
Paradex kPEPE-USD-PERP
SoDEX 1000PEPE-USD
Lighter 1000PEPE
ApeX Omni 1000PEPEUSDT
Aster 1000PEPEUSDT
Nado kPEPE-PERP
01 Exchange kPEPEUSD
Backpack kPEPE_USDC_PERP
Hyperliquid kPEPE