PIPPIN

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0276%/8h= −30.2% APRnext payment −$1.38 per $10,000 · paid last 24h +0.009%

Price spread now: MEXC against OKX−0.261%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on OKX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 7 days+0.213%+$21 · spread now −0.261%, 7d avg −0.110%

Together, before fees+0.083%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and MEXC is 0.151% cheaper against OKX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.110%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.38 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	OKX PIPPIN-USDT-SWAP	0.01913	0.0376	pay 0.0188% / 4h	2h 25m	$1.6M	$3.5M	20x
Short	MEXC PIPPIN_USDT	0.01908	0.0100	get 0.0050% / 4h	2h 25m	$2.6M	$733K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 OKXbpFee MEXCbpOrdersPrice spread, now −0.261%Rate

Funding earned: −$57.93
Price spread: −0.261% → −0.110%: −$15.12
Slippage, 4 orders: −$66.04
Fee OKX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$149.08
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; MEXC: 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 OKX live order book, 2 min ago	2.62 bp	26.7 bp −$27	150.8 bp −$1,508	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	2.62 bp	12.7 bp −$13	101.1 bp −$1,011	224.2 bp −$22.4K	417.4 bp −$208.7K

PIPPIN on 13 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
Aster PIPPINUSDT	+0.0100%	4h	0.01911	−0.109%	$111K	$33K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01910	−0.183%	$18K	$9K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01911	−0.109%	$5.4M	$5.1M	25x	as long as short
MEXC PIPPIN_USDTshort	+0.0100%	4h	0.01908	−0.261%	$2.6M	$733K	50x
SunX PIPPIN-USDT	+0.0100%	4h	0.01904	−0.470%	$1K	$10.4M	20x	as long as short
HTX PIPPIN-USDT	+0.0100%	4h	0.01903	−0.523%	$34K	$14K	20x	as long as short
BloFin PIPPIN-USDT	+0.0146%	4h	0.01909	−0.209%	$253K	$27K	25x	as long as short
OKX PIPPIN-USDT-SWAPlong	+0.0376%	4h	0.01913	long leg	$1.6M	$3.5M	20x
Gate PIPPIN_USDT	+0.0442%	4h	0.01908	−0.261%	$1.8M	$322K	20x	as long as short
Bitget PIPPINUSDT	+0.0780%	4h	0.01910	−0.157%	$1.6M	$317K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX PIPPIN-USDT	+0.0976%	4h	0.01912	−0.052%	—	$1.3M	—	as long as short
Bybit PIPPINUSDT	+0.1009%	4h	0.01912	−0.052%	$3.6M	$1.5M	13x	as long as short
KuCoin PIPPINUSDTM	+0.1074%	4h	0.01909	−0.209%	$2.1M	$5.7M	25x	as long as short