Funding you earn now, next payment 04:00 UTC−0.1210%/8h= −132.5% APRnext payment −$1.51 per $10,000 · paid last 24h −0.040%
Price spread now: Injective against Hyperliquid−0.962%7-day average +0.441% · you buy dearer than you sell
Net, funding: paid 7d − costs−$111as in the Funding arb table
Net, price: spread back to 7d avg − costs−$241as in the Price arb table
costs, in and out, $10k−$1011.012% of the position
Funding, last 7 days−0.099%−$10 on $10k
+Price spread, last 4 days (all we have)+0.846%+$85 · spread now −0.962%, 7d avg +0.441%
=Together, before fees+0.747%+ Points / potential airdropHyperliquid: Season 2 · farm board+$75 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Injective is 1.403% cheaper against Hyperliquid than usual: you would sell low and buy high (−$140 if the spread goes back to its 7-day average of +0.441%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.099% in total (about -5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.51 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 | 0.000005093 | 0.1464 | pay 0.0183% / 1h | 43m 00s | $54.6M | $140.2M | 10x |
| Short | Injective PEPE/USDC PERP | 0.000005044 | 0.0254 | get 0.0032% / 1h | 43m 00s | $3K | $102K | 12x |
Hyperliquid kPEPE
Injective PEPE/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$254.01
- Price spread: −0.962% → +0.441%
- −$140.33
- Slippage, 4 orders
- −$92.14
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$495.51
- Costs to cover
- 1.012%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 11 min ago; Injective: live order book, 15 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 | 6.0 bp −$6 | 12.7 bp −$127 | doesn't fit | doesn't fit |
| Sell Injective live order book, 15 min ago | 34.65 bp | 34.7 bp −$35 | doesn't fit | 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 | 0.000005086 | −0.136% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000005083 | −0.192% | $15K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005094 | +0.020% | $65K | $140K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005083 | −0.196% | $99.5M | $345.8M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005085 | −0.157% | $167.9M | $76.0M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005087 | −0.120% | $26.2M | $63.8M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005034 | −1.167% | $675K | $4.7M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005021 | −1.420% | $31K | $452K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005099 | +0.126% | $1K | $2.4M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005083 | −0.188% | $580K | $3.7M | 75x | 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-USDT
HTX PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget PEPEUSDT | +0.0168% | 8h | 0.000005087 | −0.114% | $46.4M | $175.0M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005090 | −0.053% | $8K | — | 15x | as long as short |
| Injective PEPE/USDC PERPshort | +0.0254% | 1h | 0.000005044 | −0.962% | $3K | $102K | 12x | |
| Orderly PERP_1000PEPE_USDC | +0.0332% | 8h | 0.000005087 | −0.118% | $33K | $24K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0361% | 8h | 0.000005088 | −0.098% | $45.7M | $601.4M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0482% | 8h | 0.000005085 | −0.157% | $4.4M | $25.5M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0605% | 8h | 0.000005087 | −0.126% | $2.4M | $7.1M | 50x | as long as short |
| BingX 1000PEPE-USDT | +0.0636% | 8h | 0.000005088 | −0.102% | — | $261.7M | — | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0663% | 1h | 0.000005050 | −0.844% | $100K | $742K | 25x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0669% / S −0.0920% | 1h | 0.000005000 | −1.826% | $46K | — | 100x | as long as short |
| SoDEX 1000PEPE-USD | +0.0671% | 1h | 0.000005087 | −0.118% | $2K | $12K | 10x | as long as short |
| Aevo 1000PEPE-PERP | +0.0672% | 1h | 0.000005084 | −0.177% | $144K | — | 3x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0672% | 1h | 0.000005099 | +0.118% | $981K | $32.2M | 50x | as long as short |
| MEXC PEPE_USDT | +0.0676% | 8h | 0.000005093 | −0.008% | $93.4M | $287.4M | 300x | as long as short |
| Extended 1000PEPE-USD | +0.0680% | 1h | 0.000005087 | −0.127% | $538K | $226K | 25x | as long as short |
| Binance 1000PEPEUSDT | +0.0681% | 8h | 0.000005090 | −0.059% | $143.4M | $1.22B | 75x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0734% | 1h | 0.000005085 | −0.157% | $72K | $124K | 25x | as long as short |
| Aster 1000PEPEUSDT | +0.0770% | 8h | 0.000005093 | −0.002% | $1.8M | $9.2M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0780% | 1h | 0.000005092 | −0.013% | $193K | $877K | 10x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0792% | 8h | 0.000005091 | −0.044% | $6K | — | 20x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0889% | 1h | 0.000005089 | −0.082% | $99K | $644K | 15x | as long as short |
| Lighter 1000PEPE | +0.0928% | 1h | 0.000005088 | −0.098% | $582K | $8.2M | 10x | as long as short |
| 01 Exchange kPEPEUSD | +0.0968% | 1h | 0.000005103 | +0.196% | $616 | $3K | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1281% | 1h | 0.000005085 | −0.166% | $4.4M | $15.5M | 50x | as long as short |
| Hyperliquid kPEPElong | +0.1464% | 1h | 0.000005093 | long leg | $54.6M | $140.2M | 10x |
Bitget PEPEUSDT
Reya kPEPERUSDPERP
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
BloFin PEPE-USDT
Phemex u1000PEPEUSDT
BingX 1000PEPE-USDT
ApeX Omni 1000PEPEUSDT
GMX PEPE/USD [ETH-USDC]
SoDEX 1000PEPE-USD
Aevo 1000PEPE-PERP
Coinbase International 1000PEPE-PERP-INTX
MEXC PEPE_USDT
Extended 1000PEPE-USD
Binance 1000PEPEUSDT
Deribit 1000PEPE_USDC-PERPETUAL
Aster 1000PEPEUSDT
Nado kPEPE-PERP
Paradex kPEPE-USD-PERP
Backpack kPEPE_USDC_PERP
Lighter 1000PEPE
01 Exchange kPEPEUSD
Kraken Futures PF_PEPEUSD