Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0733%/8h= +80.2% APRpaid last 24h +0.135%

Price spread now: Kraken Futures against KuCoin+0.019%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$690.687% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 3 days (all we have)+0.068%+$7 · spread now +0.019%, 7d avg +0.012%

Together, before fees+0.179%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$22 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.112% in total (about 5.8% 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	0.000005000	0.0100	pay 0.0100% / 8h	6h 40m	$24.9M	$59.4M	75x
Short	Kraken Futures PF_PEPEUSD	0.000005001	0.0833	get 0.0104% / 1h	40m 16s	$3.9M	$14.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.019%Rate

Funding earned: $153.87
Price spread: +0.019% → +0.012%: $0.77
Slippage, 4 orders: −$46.7
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $85.94
Costs to cover: 0.687%
Break-even: 3.1 days

Slippage from KuCoin: live order book, 4 min ago; Kraken Futures: live order book, 4 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, 4 min ago	2.48 bp	21.1 bp −$21	29.3 bp −$293	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	8.25 bp	14.9 bp −$15	18.5 bp −$185	77.4 bp −$7,738	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	0.000004979	−0.425%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004973	−0.540%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004984	−0.330%	$61K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004996	−0.092%	$96.7M	$320.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004971	−0.590%	$158.4M	$70.0M	75x	as long as short
KuCoin PEPEUSDTMlong	+0.0100%	8h	0.000005000	long leg	$24.9M	$59.4M	75x
Bitget PEPEUSDT	+0.0100%	8h	0.000004999	−0.034%	$44.3M	$158.9M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005000	−0.015%	$564K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005038	+0.741%	$27K	$405K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004981	−0.382%	$1K	$2.5M	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	0.000005000	−0.020%	$562K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004972	−0.569%	$8K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0204%	8h	0.000005000	−0.002%	$2.4M	$6.8M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0217%	8h	0.000005000	−0.010%	$44.1M	$557.2M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0273%	8h	0.000004990	−0.212%	$33K	$23K	20x	as long as short
BloFin PEPE-USDT	+0.0318%	8h	0.000005008	+0.150%	$4.2M	$24.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0318%	1h	0.000005030	+0.590%	$107K	$751K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005004	+0.070%	$645K	$28.7M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0453%	8h	0.000004985	−0.310%	$6K	$16	20x	as long as short
BingX 1000PEPE-USDT	+0.0466%	8h	0.000004985	−0.304%	—	$258.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000004984	−0.330%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0493%	8h	0.000005005	+0.098%	$94.2M	$288.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0495%	8h	0.000005006	+0.103%	$139.9M	$1.16B	75x	as long as short
Extended 1000PEPE-USD	+0.0496%	1h	0.000004996	−0.098%	$549K	$199K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0505% / S −0.0383%	1h	0.000004000	−20.008%	$64K	—	100x	as long as short
SoDEX 1000PEPE-USD	+0.0556%	1h	0.000004996	−0.090%	$2K	$12K	10x	as long as short
Aster 1000PEPEUSDT	+0.0573%	8h	0.000004975	−0.514%	$1.7M	$8.0M	50x	as long as short
Nado kPEPE-PERP	+0.0665%	1h	0.000004969	−0.620%	$174K	$880K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0753%	1h	0.000004992	−0.170%	$61K	$114K	25x	as long as short
Kraken Futures PF_PEPEUSDshort	+0.0833%	1h	0.000005001	+0.019%	$3.9M	$14.4M	50x
Backpack kPEPE_USDC_PERP	+0.0900%	1h	0.000005003	+0.048%	$102K	$626K	15x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005028	+0.550%	$4K	$102K	12x	as long as short
01 Exchange kPEPEUSD	+0.0952%	1h	0.000004986	−0.290%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1288%	1h	0.000005011	+0.210%	$651K	$6.8M	10x	as long as short
Hyperliquid kPEPE	+0.2388%	1h	0.000004977	−0.470%	$55.0M	$135.3M	10x	as long as short