Funding you earn now, next payment 07:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.147%
Price spread now: Backpack against Phemex+0.010%7-day average −0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs−$18as in the Funding arb table
Net, price: spread back to 7d avg − costs−$45as in the Price arb table
costs, in and out, $10k−$490.491% of the position
Funding, last 7 days+0.307%+$31 on $10k
+Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.010%, 7d avg −0.033%
=The price spread pays, funding is against you. Backpack is 0.043% dearer against Phemex than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.033%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.307%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex u1000PEPEUSDT | 0.000005170 | 0.0511 | pay 0.0511% / 8h | 1h 03m | $2.4M | $8.0M | 50x |
| Short | Backpack kPEPE_USDC_PERP | 0.000005170 | 0.0471 | get 0.0059% / 1h | 3m 38s | $73K | $866K | 15x |
Phemex u1000PEPEUSDT
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phemex. 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
- −$8.48
- Price spread: +0.010% → −0.033%
- $4.27
- Slippage, 4 orders
- −$27.14
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$53.35
- Costs to cover
- 0.491%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 40 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 Phemex live order book, 5 min ago | 5.93 bp | 17.5 bp −$17 | 40.6 bp −$406 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 40 min ago | 0.10 bp | 5.7 bp −$6 | 28.3 bp −$283 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective PEPE/USDC PERP | −0.0016% | 1h | 0.000005140 | −0.573% | $8K | $120K | 12x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000005169 | −0.012% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0008% | 1h | 0.000005160 | −0.180% | $4K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005169 | −0.012% | $60K | $182K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005166 | −0.075% | $101.0M | $421.5M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005171 | +0.027% | $164.3M | $97.7M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005168 | −0.039% | $607K | $5.3M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005169 | −0.013% | $28K | $544K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005174 | +0.085% | $2K | $2.7M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005168 | −0.041% | $599K | $4.2M | 75x | as long as short |
Injective PEPE/USDC PERP
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
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 | |
|---|---|---|---|---|---|---|---|---|
| KuCoin PEPEUSDTM | +0.0108% | 8h | 0.000005172 | +0.048% | $26.4M | $72.7M | 75x | as long as short |
| SoDEX 1000PEPE-USD | +0.0169% | 1h | 0.000005167 | −0.050% | $2K | $11K | 10x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005165 | −0.091% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0284% | 8h | 0.000005175 | +0.103% | $46.4M | $216.5M | 75x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0400% | 8h | 0.000005171 | +0.027% | $47.8M | $738.2M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0400% | 8h | 0.000005166 | −0.074% | $34K | $26K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0441% | 1h | 0.000005174 | +0.085% | $150K | $830K | 25x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0452% | 1h | 0.000005165 | −0.085% | $4.7M | $16.5M | 50x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.0471% | 1h | 0.000005170 | +0.010% | $73K | $866K | 15x | |
| Phemex u1000PEPEUSDTlong | +0.0511% | 8h | 0.000005170 | long leg | $2.4M | $8.0M | 50x | |
| BloFin PEPE-USDT | +0.0517% | 8h | 0.000005169 | −0.012% | $4.4M | $30.0M | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0520% | 8h | 0.000005171 | +0.027% | $6K | — | 20x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0525% | 1h | 0.000005165 | −0.089% | $74K | $127K | 25x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0624% | 1h | 0.000005163 | −0.128% | $690K | $39.1M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0680% | 1h | 0.000005180 | +0.201% | $625 | $3K | 10x | as long as short |
| Nado kPEPE-PERP | +0.0700% | 1h | 0.000005167 | −0.042% | $165K | $960K | 10x | as long as short |
| Lighter 1000PEPE | +0.0720% | 1h | 0.000005177 | +0.143% | $618K | $9.1M | 10x | as long as short |
| BingX 1000PEPE-USDT | +0.0723% | 8h | 0.000005174 | +0.075% | — | $218.0M | — | as long as short |
| Aster 1000PEPEUSDT | +0.0749% | 8h | 0.000005170 | 0.000% | $1.8M | $11.7M | 50x | as long as short |
| MEXC PEPE_USDT | +0.0758% | 8h | 0.000005175 | +0.099% | $100.5M | $307.0M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0758% | 8h | 0.000005168 | −0.033% | $142.2M | $1.47B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0760% | 1h | 0.000005173 | +0.069% | $543K | $284K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0760% | 1h | 0.000005168 | −0.031% | $146K | — | 3x | as long as short |
| Hyperliquid kPEPE | +0.0956% | 1h | 0.000005176 | +0.124% | $53.8M | $156.9M | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.1133% / S −0.2249% | 1h | 0.000005000 | −3.281% | $64K | — | 100x | as long as short |
KuCoin PEPEUSDTM
SoDEX 1000PEPE-USD
Reya kPEPERUSDPERP
Bitget PEPEUSDT
OKX PEPE-USDT-SWAP
Orderly PERP_1000PEPE_USDC
ApeX Omni 1000PEPEUSDT
Kraken Futures PF_PEPEUSD
BloFin PEPE-USDT
Paradex kPEPE-USD-PERP
Deribit 1000PEPE_USDC-PERPETUAL
Coinbase International 1000PEPE-PERP-INTX
01 Exchange kPEPEUSD
Nado kPEPE-PERP
Lighter 1000PEPE
BingX 1000PEPE-USDT
Aster 1000PEPEUSDT
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Hyperliquid kPEPE
GMX PEPE/USD [ETH-USDC]