Funding arb · Price arb /

PIPPIN

all PIPPIN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.049%

Price spread now: Bitget against Bybit+0.053%7-day average −0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$940.942% of the position

Long on Bybit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.304%+$30 on $10k

Price spread, last 7 days−0.053%−$5 · spread now +0.053%, 7d avg −0.095%

Together, before fees+0.251%+$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.147% dearer against Bybit than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PIPPINUSDT	0.01894	0.0100	pay 0.0050% / 4h	2h 50m	$3.6M	$1.3M	13x
Short	Bitget PIPPINUSDT	0.01895	0.0100	get 0.0050% / 4h	2h 50m	$1.6M	$350K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bybit. 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 BybitbpFee BitgetbpOrdersPrice spread, now +0.053%Rate

Funding earned: $0
Price spread: +0.053% → −0.095%: $14.75
Slippage, 4 orders: −$71.16
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$79.41
Costs to cover: 0.942%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Bitget: live order book, 1 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 Bybit live order book, 2 min ago	2.64 bp	18.2 bp −$18	100.7 bp −$1,007	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.64 bp	34.4 bp −$34	235.4 bp −$2,354	doesn't fit	doesn't fit

PIPPIN on 13 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
BloFin PIPPIN-USDT	+0.0088%	4h	0.01894	0.000%	$251K	$27K	25x	as long as short
Aster PIPPINUSDT	+0.0100%	4h	0.01892	−0.114%	$110K	$32K	5x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01893	−0.079%	$5.3M	$4.6M	25x	as long as short
Bybit PIPPINUSDTlong	+0.0100%	4h	0.01894	long leg	$3.6M	$1.3M	13x
OKX PIPPIN-USDT-SWAP	+0.0100%	4h	0.01893	−0.053%	$1.6M	$3.2M	20x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01892	−0.106%	$2.5M	$760K	50x	as long as short
Bitget PIPPINUSDTshort	+0.0100%	4h	0.01895	+0.053%	$1.6M	$350K	10x
SunX PIPPIN-USDT	+0.0100%	4h	0.01894	0.000%	$2K	$9.7M	20x	as long as short
HTX PIPPIN-USDT	+0.0100%	4h	0.01886	−0.422%	$34K	$16K	20x	as long as short
Pacifica PIPPIN	+0.0134%	1h	0.01892	−0.106%	$18K	$9K	3x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX PIPPIN-USDT	+0.0140%	4h	0.01897	+0.158%	—	$1.3M	—	as long as short
KuCoin PIPPINUSDTM	+0.0154%	4h	0.01894	0.000%	$2.1M	$3.3M	25x	as long as short
Gate PIPPIN_USDT	+0.0404%	4h	0.01891	−0.158%	$1.8M	$304K	20x	as long as short