Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0809%/8h= −88.5% APRpaid last 24h −0.104%

Price spread now: KuCoin against Injective−0.253%7-day average −0.587% · you buy dearer than you sell

Net, funding: paid 7d − costs−$151as in the Funding arb table

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

costs, in and out, $10k−$1131.126% of the position

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.387%−$39 on $10k

Price spread, last 3 days (all we have)+0.037%+$4 · spread now −0.253%, 7d avg −0.587%

Together, before fees−0.350%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.335% dearer against Injective than usual: you sell high and buy low (spread −0.253% now, against its 7-day average of −0.587%): +$33 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 7 days (−0.387% in total) that is about 6.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.387% in total (about -20.2% 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	Injective PEPE/USDC PERP	0.000005027	0.0909	pay 0.0114% / 1h	38m 48s	$4K	$102K	12x
Short	KuCoin PEPEUSDTM	0.000005014	0.0100	get 0.0100% / 8h	6h 38m	$24.8M	$59.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee KuCoinbpOrdersPrice spread, now −0.253%Rate

Funding earned: −$169.82
Price spread: −0.253% → −0.587%: $33.47
Slippage, 4 orders: −$100.62
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$249
Costs to cover: 1.126%
Break-even: never at this rate

Slippage from Injective: live order book, 30 min ago; KuCoin: 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 Injective live order book, 30 min ago	22.64 bp	59.9 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	2.48 bp	9.1 bp −$9	25.4 bp −$254	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	0.000005009	−0.363%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005010	−0.328%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005012	−0.298%	$61K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005006	−0.408%	$97.1M	$320.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005011	−0.318%	$159.6M	$70.1M	75x	as long as short
KuCoin PEPEUSDTMshort	+0.0100%	8h	0.000005014	−0.253%	$24.8M	$59.4M	75x
Bitget PEPEUSDT	+0.0100%	8h	0.000005013	−0.286%	$44.4M	$158.9M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005000	−0.543%	$564K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005038	+0.210%	$27K	$405K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005022	−0.095%	$1K	$2.5M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004999	−0.557%	$564K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0187%	8h	0.000005013	−0.278%	$2.4M	$6.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005019	−0.160%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0219%	8h	0.000005009	−0.358%	$44.4M	$559.0M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0275%	8h	0.000005019	−0.161%	$33K	$23K	20x	as long as short
BloFin PEPE-USDT	+0.0318%	8h	0.000005008	−0.378%	$4.2M	$24.6M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0318%	1h	0.000005030	+0.060%	$107K	$751K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005020	−0.139%	$665K	$28.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0455%	8h	0.000005009	−0.368%	$6K	$16	20x	as long as short
BingX 1000PEPE-USDC	+0.0467%	8h	0.000005012	−0.308%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000005019	−0.159%	$142K	—	3x	as long as short
MEXC PEPE_USDT	+0.0494%	8h	0.000005017	−0.199%	$94.3M	$288.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0495%	8h	0.000005013	−0.286%	$140.3M	$1.16B	75x	as long as short
Extended 1000PEPE-USD	+0.0496%	1h	0.000005012	−0.301%	$552K	$199K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0506% / S −0.0383%	1h	0.000005000	−0.537%	$65K	—	100x	as long as short
SoDEX 1000PEPE-USD	+0.0570%	1h	0.000005018	−0.179%	$2K	$12K	10x	as long as short
Aster 1000PEPEUSDT	+0.0574%	8h	0.000005015	−0.237%	$1.7M	$8.1M	50x	as long as short
Nado kPEPE-PERP	+0.0641%	1h	0.000005020	−0.140%	$177K	$880K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0748%	1h	0.000005016	−0.219%	$61K	$114K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0830%	1h	0.000005016	−0.214%	$3.9M	$14.4M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0908%	1h	0.000005016	−0.225%	$102K	$626K	15x	as long as short
Injective PEPE/USDC PERPlong	+0.0909%	1h	0.000005027	long leg	$4K	$102K	12x
01 Exchange kPEPEUSD	+0.0952%	1h	0.000005016	−0.219%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1240%	1h	0.000005011	−0.318%	$650K	$6.8M	10x	as long as short
Hyperliquid kPEPE	+0.2368%	1h	0.000005018	−0.179%	$55.5M	$135.2M	10x	as long as short