Funding you earn now, next payment 23:00 UTC+0.0333%/8h= +36.5% APRnext payment +$0.42 per $10,000 · paid last 24h −0.095%
Price spread now: Coinbase International against Kraken Futures−0.099%7-day average +0.016% · you buy dearer than you sell
Net, funding: paid 7d − costs−$66as in the Funding arb table
Net, price: spread back to 7d avg − costs−$67as in the Price arb table
costs, in and out, $10k−$560.556% of the position
Funding, last 7 days−0.108%−$11 on $10k
+Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.099%, 7d avg +0.016%
=Funding pays, the price is against you. Coinbase International is 0.115% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of +0.016%). If the spread goes back, that is −$12 on $10k: about 28 hours of funding at the current rate (+$10 a day). Mind the row above: over the last 7 days funding on this pair cost −0.108%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.42 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 | Kraken Futures PF_PEPEUSD | 0.000004791 | 0.0067 | pay 0.0008% / 1h | 39m 06s | $3.8M | $13.6M | 50x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004786 | 0.0400 | get 0.0050% / 1h | 39m 06s | $576K | $25.7M | 50x |
Kraken Futures PF_PEPEUSD
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Kraken Futures. 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
- $70.03
- Price spread: −0.099% → +0.016%
- −$11.52
- Slippage, 4 orders
- −$35.55
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- $2.95
- Costs to cover
- 0.556%
- Break-even
- 6.7 days
Slippage from Kraken Futures: 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 Kraken Futures live order book, 5 min ago | 5.09 bp | 18.3 bp −$18 | 24.2 bp −$242 | 66.1 bp −$6,612 | doesn't fit |
| Sell Coinbase International live order book, 5 min ago | 3.12 bp | 11.6 bp −$12 | 16.3 bp −$163 | 43.5 bp −$4,349 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid kPEPE | −0.0167% | 1h | 0.000004787 | −0.078% | $65.1M | $91.4M | 10x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004789 | −0.043% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004787 | −0.074% | $14K | — | 150x | as long as short |
| Kraken Futures PF_PEPEUSDlong | +0.0067% | 1h | 0.000004791 | long leg | $3.8M | $13.6M | 50x | |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004793 | +0.047% | $59K | $116K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004788 | −0.064% | $86.0M | $289.4M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004787 | −0.078% | $149.8M | $64.2M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004790 | −0.022% | $24.5M | $54.3M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004790 | −0.016% | $42.3M | $150.2M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004793 | +0.045% | $587K | $4.1M | — | as long as short |
Hyperliquid kPEPE
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPEShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004796 | +0.112% | $26K | $348K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004796 | +0.109% | $101K | $760K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004799 | +0.174% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004791 | +0.005% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004793 | +0.038% | $543K | $3.5M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004793 | +0.056% | $7K | — | 15x | as long as short |
| Phemex u1000PEPEUSDT | +0.0190% | 8h | 0.000004790 | −0.022% | $2.3M | $6.4M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0196% | 8h | 0.000004786 | −0.108% | $5K | $16 | 20x | as long as short |
| Lighter 1000PEPE | +0.0200% | 1h | 0.000004792 | +0.026% | $607K | $6.3M | 10x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0210% | 8h | 0.000004790 | −0.016% | $41.6M | $497.5M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0232% | 1h | 0.000004791 | +0.005% | $549 | $2K | 10x | as long as short |
| BloFin PEPE-USDT | +0.0332% | 8h | 0.000004791 | +0.005% | $3.9M | $22.3M | 75x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0370% / S −0.0417% | 1h | 0.000004000 | −16.506% | $42K | — | 100x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0400% | 1h | 0.000004786 | −0.099% | $576K | $25.7M | 50x | |
| Orderly PERP_1000PEPE_USDC | +0.0407% | 8h | 0.000004792 | +0.030% | $30K | $12K | 20x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0426% | 1h | 0.000004790 | −0.010% | $91K | $601K | 15x | as long as short |
| Injective PEPE/USDC PERP | +0.0437% | 1h | 0.000004798 | +0.151% | $4K | $102K | 12x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0585% | 1h | 0.000004792 | +0.026% | $77K | $98K | 25x | as long as short |
| BingX 1000PEPE-USDT | +0.0643% | 8h | 0.000004790 | −0.008% | — | $256.5M | — | as long as short |
| Extended 1000PEPE-USD | +0.0648% | 1h | 0.000004791 | +0.001% | $526K | $148K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0648% | 1h | 0.000004791 | +0.005% | $135K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0649% | 8h | 0.000004790 | −0.026% | $131.3M | $1.06B | 75x | as long as short |
| MEXC PEPE_USDT | +0.0656% | 8h | 0.000004790 | −0.014% | $92.5M | $280.4M | 300x | as long as short |
| Aster 1000PEPEUSDT | +0.0657% | 8h | 0.000004788 | −0.061% | $1.5M | $7.2M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0784% | 1h | 0.000004789 | −0.029% | $183K | $849K | 10x | as long as short |
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Reya kPEPERUSDPERP
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
Lighter 1000PEPE
OKX PEPE-USDT-SWAP
01 Exchange kPEPEUSD
BloFin PEPE-USDT
GMX PEPE/USD [ETH-USDC]
Orderly PERP_1000PEPE_USDC
Backpack kPEPE_USDC_PERP
Injective PEPE/USDC PERP
Deribit 1000PEPE_USDC-PERPETUAL
BingX 1000PEPE-USDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
MEXC PEPE_USDT
Aster 1000PEPEUSDT
Nado kPEPE-PERP