Funding you earn now, next payment 10:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h +0.105%
Price spread now: Coinbase International against Bybit−0.037%7-day average +0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$23as in the Funding arb table
Net, price: spread back to 7d avg − costs−$44as in the Price arb table
costs, in and out, $10k−$380.378% of the position
Funding, last 7 days+0.147%+$15 on $10k
+Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.037%, 7d avg +0.027%
=Funding pays, the price is against you. Coinbase International is 0.063% cheaper against Bybit than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.027%). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.147% in total) that is about 3.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.147% in total (about 7.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit 1000PEPEUSDT | 0.000004918 | 0.0100 | pay 0.0100% / 8h | 5h 07m | $92.4M | $446.0M | 50x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004916 | 0.0400 | get 0.0050% / 1h | 7m 09s | $727K | $38.6M | 50x |
Bybit 1000PEPEUSDT
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Bybit. 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
- $63
- Price spread: −0.037% → +0.027%
- −$6.34
- Slippage, 4 orders
- −$16.82
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- $18.84
- Costs to cover
- 0.378%
- Break-even
- 4.9 days
Slippage from Bybit: live order book, 5 min ago; Coinbase International: 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 Bybit live order book, 5 min ago | 1.01 bp | 7.8 bp −$8 | 12.1 bp −$121 | 29.8 bp −$2,976 | 202.4 bp −$101.2K |
| Sell Coinbase International live order book, 5 min ago | 2.03 bp | 12.6 bp −$13 | 18.2 bp −$182 | doesn't fit | doesn't fit |
PEPE on 35 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PEPEUSD | −0.0373% | 1h | 0.000004915 | −0.065% | $4.5M | $16.1M | 50x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | 0.0000% | 1h | 0.000004915 | −0.057% | $61K | $119K | 25x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000004921 | +0.065% | $3K | — | 150x | as long as short |
| 01 Exchange kPEPEUSD | +0.0048% | 1h | 0.000004915 | −0.057% | $593 | $2K | 10x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004921 | +0.065% | $597K | $9.0M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0100% | 1h | 0.000004915 | −0.047% | $139K | $952K | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004919 | +0.024% | $49.8M | $155.0M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004917 | −0.016% | $58K | $198K | 10x | as long as short |
| Bybit 1000PEPEUSDTlong | +0.0100% | 8h | 0.000004918 | long leg | $92.4M | $446.0M | 50x | |
| OKX PEPE-USDT-SWAP | +0.0100% | 8h | 0.000004918 | +0.004% | $43.9M | $718.3M | 50x | as long as short |
Kraken Futures PF_PEPEUSD
Deribit 1000PEPE_USDC-PERPETUAL
gTrade (Gains Network) PEPE/USD
01 Exchange kPEPEUSD
Lighter 1000PEPE
Nado kPEPE-PERP
Hyperliquid kPEPE
Pacifica kPEPE
OKX PEPE-USDT-SWAPShow all 35 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004915 | −0.057% | $148.9M | $104.5M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004919 | +0.022% | $24.6M | $76.3M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004915 | −0.055% | $43.7M | $233.8M | 75x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0100% | 1h | 0.000004916 | −0.028% | $74K | $997K | 15x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004915 | −0.052% | $638K | $5.3M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004919 | +0.016% | $26K | $572K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004920 | +0.045% | $109K | $870K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004927 | +0.193% | $2K | $2.5M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004917 | −0.016% | $2K | $11K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004920 | +0.047% | $578K | $4.3M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000004920 | +0.035% | $2.3M | $8.1M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0107% | 8h | 0.000004916 | −0.038% | $6K | — | 20x | as long as short |
| Extended 1000PEPE-USD | +0.0136% | 1h | 0.000004914 | −0.069% | $517K | $288K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0136% | 1h | 0.000004913 | −0.098% | $139K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0139% | 8h | 0.000004920 | +0.037% | $98.8M | $299.1M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0140% | 8h | 0.000004918 | −0.006% | $127.0M | $1.53B | 75x | as long as short |
| Aster 1000PEPEUSDT | +0.0147% | 8h | 0.000004916 | −0.040% | $1.7M | $12.6M | 50x | as long as short |
| BingX 1000PEPE-USDT | +0.0154% | 8h | 0.000004916 | −0.033% | — | $182.4M | — | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004923 | +0.108% | $7K | — | 15x | as long as short |
| BloFin PEPE-USDT | +0.0220% | 8h | 0.000004918 | +0.004% | $4.2M | $28.3M | 75x | as long as short |
| Injective PEPE/USDC PERP | +0.0284% | 1h | 0.000004904 | −0.281% | $3K | $123K | 12x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0286% | 8h | 0.000004914 | −0.083% | $32K | $30K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0400% | 1h | 0.000004916 | −0.037% | $727K | $38.6M | 50x | |
| GMX PEPE/USD [ETH-USDC] | L +0.0793% / S −0.0894% | 1h | 0.000004000 | −18.663% | $50K | — | 100x | as long as short |
| dYdX PEPE-USD | +0.3631% | 1h | 0.000004923 | +0.098% | $25K | $18K | 10x | as long as short |
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Backpack kPEPE_USDC_PERP
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Aster 1000PEPEUSDT
BingX 1000PEPE-USDT
Reya kPEPERUSDPERP
BloFin PEPE-USDT
Injective PEPE/USDC PERP
Orderly PERP_1000PEPE_USDC
GMX PEPE/USD [ETH-USDC]
dYdX PEPE-USD