Funding you earn now, next payment 02:00 UTC−0.0833%/8h= −91.2% APRpaid last 24h −0.096%
Price spread now: Bitget against Backpack−0.231%49s7-day average +0.013% · you buy dearer than you sell
Net, funding: paid 7d − costs−$70as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$460.459% of the position
Funding, last 7 days−0.245%−$24 on $10k
+Price spread, last 4 days (all we have)+0.258%+$26 · spread now −0.231%, 7d avg +0.013%
=Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Bitget is 0.244% cheaper against Backpack than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.013%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.245% in total (about -12.8% 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 | Backpack kPEPE_USDC_PERP | 0.000005109 | 0.0933 | pay 0.0117% / 1h | 26m 19s | $103K | $616K | 15x |
| Short | Bitget PEPEUSDT | 0.000005097 | 0.0100 | get 0.0100% / 8h | 6h 26m | $47.2M | $160.6M | 75x |
Backpack kPEPE_USDC_PERP
Bitget PEPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget against Backpack. 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
- −$174.96
- Price spread: −0.231% → +0.013%
- −$24.36
- Slippage, 4 orders
- −$23.91
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$245.23
- Costs to cover
- 0.459%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 43 min ago; Bitget: live order book, 3 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 Backpack live order book, 43 min ago | 4.93 bp | 15.3 bp −$15 | 43.2 bp −$432 | doesn't fit | doesn't fit |
| Sell Bitget live order book, 3 min ago | 2.58 bp | 8.7 bp −$9 | 9.6 bp −$96 | doesn't fit | doesn't fit |
PEPE on 34 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 | 0.000005107 | −0.046% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000005091 | −0.346% | $14K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005113 | +0.078% | $62K | $125K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005092 | −0.331% | $98.9M | $322.8M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005095 | −0.274% | $162.4M | $70.8M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005100 | −0.186% | $25.2M | $60.3M | 75x | as long as short |
| Bitget PEPEUSDTshort | +0.0100% | 8h | 0.000005097 | −0.231% | $47.2M | $160.6M | 75x | |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005092 | −0.339% | $624K | $4.5M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005065 | −0.856% | $27K | $406K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005114 | +0.090% | $2K | $2.4M | 20x | 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-USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005103 | −0.115% | $575K | $3.6M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005100 | −0.179% | $8K | — | 15x | as long as short |
| Phemex u1000PEPEUSDT | +0.0215% | 8h | 0.000005098 | −0.219% | $2.4M | $6.9M | 50x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0232% | 8h | 0.000005097 | −0.235% | $45.3M | $571.1M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0277% | 8h | 0.000005100 | −0.166% | $33K | $23K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0321% | 1h | 0.000005065 | −0.861% | $107K | $746K | 25x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0424% | 1h | 0.000005110 | +0.020% | $661K | $29.5M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0483% | 8h | 0.000005099 | −0.196% | — | $2.3M | — | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0511% / S −0.0869% | 1h | 0.000005000 | −2.133% | $48K | — | 100x | as long as short |
| Extended 1000PEPE-USD | +0.0520% | 1h | 0.000005116 | +0.144% | $563K | $199K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0520% | 8h | 0.000005097 | −0.227% | $95.6M | $290.4M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0520% | 1h | 0.000005110 | +0.020% | $144K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0526% | 8h | 0.000005099 | −0.196% | $144.0M | $1.17B | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0548% | 8h | 0.000005110 | +0.025% | $6K | $16 | 20x | as long as short |
| Nado kPEPE-PERP | +0.0595% | 1h | 0.000005104 | −0.093% | $183K | $881K | 10x | as long as short |
| SoDEX 1000PEPE-USD | +0.0620% | 1h | 0.000005104 | −0.098% | $2K | $12K | 10x | as long as short |
| Aster 1000PEPEUSDT | +0.0629% | 8h | 0.000005110 | +0.021% | $1.7M | $8.1M | 50x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0816% | 1h | 0.000005102 | −0.133% | $4.0M | $14.5M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0909% | 1h | 0.000005070 | −0.763% | $4K | $102K | 12x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0933% | 1h | 0.000005109 | long leg | $103K | $616K | 15x | |
| 01 Exchange kPEPEUSD | +0.0984% | 1h | 0.000005117 | +0.157% | $1K | $2K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.1122% | 1h | 0.000005108 | −0.020% | $62K | $114K | 25x | as long as short |
| Lighter 1000PEPE | +0.1512% | 1h | 0.000005122 | +0.254% | $1.1M | $7.4M | 10x | as long as short |
| Hyperliquid kPEPE | +0.2235% | 1h | 0.000005109 | 0.000% | $56.5M | $135.9M | 10x | as long as short |
HTX PEPE-USDT
Reya kPEPERUSDPERP
Phemex u1000PEPEUSDT
OKX PEPE-USDT-SWAP
Orderly PERP_1000PEPE_USDC
ApeX Omni 1000PEPEUSDT
Coinbase International 1000PEPE-PERP-INTX
BingX 1000PEPE-USDC
GMX PEPE/USD [ETH-USDC]
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
Paradex kPEPE-USD-PERP
Nado kPEPE-PERP
SoDEX 1000PEPE-USD
Aster 1000PEPEUSDT
Kraken Futures PF_PEPEUSD
Injective PEPE/USDC PERP
01 Exchange kPEPEUSD
Deribit 1000PEPE_USDC-PERPETUAL
Lighter 1000PEPE
Hyperliquid kPEPE