Funding you earn now, next payment 02:00 UTC−0.1161%/8h= −127.1% APRnext payment −$1.45 per $10,000 · paid last 24h −0.061%
Price spread now: Coinbase International against Hyperliquid−0.120%7-day average −0.094% · you buy dearer than you sell
Net, funding: paid 7d − costs−$86as in the Funding arb table
Net, price: spread back to 7d avg − costs−$44as in the Price arb table
costs, in and out, $10k−$420.419% of the position
Funding, last 7 days−0.446%−$45 on $10k
+Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.120%, 7d avg −0.094%
=Together, before fees−0.508%+ Points / potential airdropHyperliquid: Season 2 · farm board−$51 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Coinbase International is 0.026% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.094%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.446% in total (about -23.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.45 per $10,000. 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 | Hyperliquid kPEPE | 0.000005017 | 0.1737 | pay 0.0217% / 1h | 32m 48s | $53.5M | $139.2M | 10x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000005011 | 0.0576 | get 0.0072% / 1h | 32m 48s | $908K | $31.2M | 50x |
Hyperliquid kPEPE
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Hyperliquid. 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
- −$243.71
- Price spread: −0.120% → −0.094%
- −$2.58
- Slippage, 4 orders
- −$22.85
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$288.14
- Costs to cover
- 0.419%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 11 min ago; Coinbase International: 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 Hyperliquid live order book, 11 min ago | 0.99 bp | 5.5 bp −$5 | 10.2 bp −$102 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 1 min ago | 5.03 bp | 10.0 bp −$10 | 14.8 bp −$148 | 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 | 0.000004972 | −0.906% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000005001 | −0.323% | $14K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004980 | −0.737% | $63K | $136K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005008 | −0.177% | $97.8M | $336.9M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005012 | −0.100% | $164.6M | $74.7M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005012 | −0.096% | $25.6M | $62.4M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000005012 | −0.098% | $46.1M | $172.2M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005042 | +0.489% | $681K | $4.7M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005060 | +0.867% | $36K | $434K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005014 | −0.058% | $1K | $2.4M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004972 | −0.893% | $568K | $3.6M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005003 | −0.286% | $8K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0317% | 8h | 0.000005012 | −0.100% | $45.2M | $583.4M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0317% | 8h | 0.000005010 | −0.149% | $33K | $24K | 20x | as long as short |
| BloFin PEPE-USDT | +0.0436% | 8h | 0.000005015 | −0.040% | $4.3M | $25.1M | 75x | as long as short |
| BingX 1000PEPE-USDC | +0.0575% | 8h | 0.000005008 | −0.181% | — | $2.3M | — | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0576% | 1h | 0.000005011 | −0.120% | $908K | $31.2M | 50x | |
| GMX PEPE/USD [ETH-USDC] | L +0.0583% / S −0.0908% | 1h | 0.000005000 | −0.339% | $49K | — | 100x | as long as short |
| SoDEX 1000PEPE-USD | +0.0585% | 1h | 0.000005016 | −0.020% | $2K | $12K | 10x | as long as short |
| Extended 1000PEPE-USD | +0.0608% | 1h | 0.000005011 | −0.127% | $530K | $226K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0608% | 1h | 0.000004997 | −0.399% | $141K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0611% | 8h | 0.000005015 | −0.036% | $94.7M | $289.0M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0611% | 8h | 0.000005013 | −0.070% | $140.7M | $1.20B | 75x | as long as short |
| Aster 1000PEPEUSDT | +0.0694% | 8h | 0.000005013 | −0.070% | $1.8M | $9.1M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0766% | 8h | 0.000004980 | −0.743% | $6K | — | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0860% | 1h | 0.000005059 | +0.837% | $99K | $752K | 25x | as long as short |
| Phemex u1000PEPEUSDT | +0.0880% | 8h | 0.000005015 | −0.036% | $2.3M | $7.0M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0915% | 1h | 0.000005002 | −0.289% | $181K | $869K | 10x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0936% | 1h | 0.000005018 | +0.022% | $95K | $624K | 15x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0949% | 1h | 0.000005011 | −0.120% | $61K | $114K | 25x | as long as short |
| Injective PEPE/USDC PERP | +0.0973% | 1h | 0.000005105 | +1.754% | $4K | $102K | 12x | as long as short |
| 01 Exchange kPEPEUSD | +0.0976% | 1h | 0.000004993 | −0.478% | $602 | $3K | 10x | as long as short |
| Lighter 1000PEPE | +0.1312% | 1h | 0.000005017 | 0.000% | $697K | $8.0M | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1388% | 1h | 0.000005015 | −0.048% | $4.2M | $15.1M | 50x | as long as short |
| Hyperliquid kPEPElong | +0.1737% | 1h | 0.000005017 | long leg | $53.5M | $139.2M | 10x |
HTX PEPE-USDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
Orderly PERP_1000PEPE_USDC
BloFin PEPE-USDT
BingX 1000PEPE-USDC
GMX PEPE/USD [ETH-USDC]
SoDEX 1000PEPE-USD
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Aster 1000PEPEUSDT
Paradex kPEPE-USD-PERP
ApeX Omni 1000PEPEUSDT
Phemex u1000PEPEUSDT
Nado kPEPE-PERP
Backpack kPEPE_USDC_PERP
Deribit 1000PEPE_USDC-PERPETUAL
Injective PEPE/USDC PERP
01 Exchange kPEPEUSD
Lighter 1000PEPE
Kraken Futures PF_PEPEUSD