Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0386%/8h= +42.2% APRpaid last 24h +0.080%

Price spread now: Backpack against KuCoin−0.025%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$390.385% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.025%, 7d avg +0.006%

Together, before fees+0.243%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.031% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.006%). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.182% in total) that is about 29 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.182% 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	KuCoin PEPEUSDTM	0.000004792	0.0100	pay 0.0100% / 8h	2h 32m	$23.7M	$52.4M	75x
Short	Backpack kPEPE_USDC_PERP	0.000004791	0.0486	get 0.0061% / 1h	32m 07s	$95K	$622K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.025%Rate

Funding earned: $81
Price spread: −0.025% → +0.006%: −$3.14
Slippage, 4 orders: −$16.52
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $39.34
Costs to cover: 0.385%
Break-even: 3.6 days

Slippage from KuCoin: live order book, 2 min ago; Backpack: live order book, 56 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 KuCoin live order book, 2 min ago	1.14 bp	11.7 bp −$12	31.0 bp −$310	69.1 bp −$6,915	doesn't fit
Sell Backpack live order book, 56 min ago	0.10 bp	5.3 bp −$5	17.2 bp −$172	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	0.000004800	+0.154%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004789	−0.061%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004793	+0.013%	$56.8M	$70.1M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004806	+0.284%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004790	−0.058%	$88.5M	$273.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004787	−0.113%	$148.4M	$61.8M	75x	as long as short
KuCoin PEPEUSDTMlong	+0.0100%	8h	0.000004792	long leg	$23.7M	$52.4M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	+0.145%	$705K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004804	+0.236%	$27K	$338K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004810	+0.378%	$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	0.000004799	+0.140%	$553K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0131%	8h	0.000004793	+0.013%	$41.2M	$487.1M	50x	as long as short
Bitget PEPEUSDT	+0.0171%	8h	0.000004791	−0.031%	$43.1M	$152.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004798	+0.116%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0245%	8h	0.000004812	+0.409%	$3.9M	$21.7M	75x	as long as short
Lighter 1000PEPE	+0.0304%	1h	0.000004793	+0.013%	$590K	$5.1M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.535%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0379%	8h	0.000004792	−0.010%	$29K	$11K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0381%	8h	0.000004806	+0.290%	$5K	$16	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004801	+0.179%	$575K	$25.3M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0471%	8h	0.000004791	−0.033%	$2.3M	$6.3M	50x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0486%	1h	0.000004791	−0.025%	$95K	$622K	15x
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004814	+0.451%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0655%	1h	0.000004790	−0.050%	$2K	$9K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0670%	1h	0.000004816	+0.492%	$100K	$758K	25x	as long as short
Nado kPEPE-PERP	+0.0683%	1h	0.000004800	+0.166%	$179K	$859K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0765%	1h	0.000004789	−0.071%	$3.9M	$13.0M	50x	as long as short
BingX 1000PEPE-USDC	+0.0766%	8h	0.000004791	−0.038%	—	$2.3M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0794%	1h	0.000004793	+0.013%	$81K	$94K	25x	as long as short
MEXC PEPE_USDT	+0.0814%	8h	0.000004794	+0.035%	$90.0M	$289.9M	300x	as long as short
Extended 1000PEPE-USD	+0.0816%	1h	0.000004793	+0.014%	$529K	$147K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0816%	1h	0.000004795	+0.054%	$136K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0818%	8h	0.000004796	+0.083%	$127.5M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0859%	8h	0.000004793	+0.008%	$1.5M	$6.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.1232%	1h	0.000004812	+0.409%	$551	$2K	10x	as long as short