Funding you earn now, next payment 10:00 UTC−0.0160%/8h= −17.5% APRnext payment −$0.20 per $10,000 · paid last 24h −0.049%
Price spread now: Deribit against Backpack−0.179%50s7-day average −0.007% · you buy dearer than you sell
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$300.302% of the position
Funding, last 7 days−0.205%−$21 on $10k
+Price spread, last 4 days (all we have)+0.387%+$39 · spread now −0.179%, 7d avg −0.007%
=Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Deribit is 0.172% cheaper against Backpack than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.007%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack kPEPE_USDC_PERP | 0.000004981 | 0.0312 | pay 0.0039% / 1h | 20m 10s | $77K | $997K | 15x |
| Short | Deribit 1000PEPE_USDC-PERPETUAL | 0.000004972 | 0.0152 | get 0.0019% / 1h | 20m 10s | $57K | $125K | 25x |
Backpack kPEPE_USDC_PERP
Deribit 1000PEPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. 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
- −$33.6
- Price spread: −0.179% → −0.007%
- −$17.17
- Slippage, 4 orders
- −$13.16
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$80.93
- Costs to cover
- 0.302%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 12 min ago; Deribit: live order book, 31 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 Backpack live order book, 12 min ago | 0.10 bp | 5.6 bp −$6 | 31.0 bp −$310 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 31 min ago | 5.02 bp | 8.5 bp −$9 | 16.7 bp −$167 | doesn't fit | doesn't fit |
PEPE on 35 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000004979 | −0.046% | $3K | — | 150x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0026% | 1h | 0.000004972 | −0.181% | $4.6M | $16.8M | 50x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004975 | −0.118% | $589K | $9.0M | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004979 | −0.038% | $51.0M | $161.8M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004978 | −0.058% | $57K | $198K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004973 | −0.165% | $95.0M | $445.8M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004976 | −0.098% | $155.7M | $101.5M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004973 | −0.169% | $25.1M | $76.1M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004972 | −0.187% | $45.3M | $228.5M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004980 | −0.008% | $638K | $5.3M | — | as long as short |
gTrade (Gains Network) PEPE/USD
Kraken Futures PF_PEPEUSD
Lighter 1000PEPE
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPEShow all 35 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004976 | −0.097% | $27K | $569K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004986 | +0.102% | $145K | $847K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004982 | +0.028% | $1K | $2.6M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004974 | −0.139% | $2K | $11K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004975 | −0.126% | $581K | $4.2M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000004972 | −0.177% | $2.3M | $8.0M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0112% | 1h | 0.000004979 | −0.038% | $601 | $2K | 10x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0119% | 8h | 0.000004976 | −0.100% | $6K | — | 20x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUALshort | +0.0152% | 1h | 0.000004972 | −0.179% | $57K | $125K | 25x | |
| Nado kPEPE-PERP | +0.0160% | 1h | 0.000004977 | −0.068% | $140K | $953K | 10x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004975 | −0.109% | $8K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0197% | 8h | 0.000004974 | −0.139% | $44.6M | $735.9M | 50x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0312% | 1h | 0.000004981 | long leg | $77K | $997K | 15x | |
| BloFin PEPE-USDT | +0.0320% | 8h | 0.000004980 | −0.018% | $4.3M | $29.1M | 75x | as long as short |
| Injective PEPE/USDC PERP | +0.0363% | 1h | 0.000004963 | −0.359% | $5K | $121K | 12x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0391% | 8h | 0.000004974 | −0.147% | $32K | $30K | 20x | as long as short |
| Extended 1000PEPE-USD | +0.0392% | 1h | 0.000004972 | −0.179% | $522K | $285K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0392% | 1h | 0.000004971 | −0.199% | $141K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0394% | 8h | 0.000004975 | −0.124% | $129.1M | $1.54B | 75x | as long as short |
| MEXC PEPE_USDT | +0.0398% | 8h | 0.000004972 | −0.177% | $101.7M | $307.3M | 300x | as long as short |
| Aster 1000PEPEUSDT | +0.0399% | 8h | 0.000004974 | −0.135% | $1.8M | $12.4M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0403% | 8h | 0.000004978 | −0.068% | — | $2.3M | — | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0464% | 1h | 0.000004976 | −0.098% | $696K | $39.1M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0885% / S −0.1012% | 1h | 0.000004000 | −19.693% | $51K | — | 100x | as long as short |
| dYdX PEPE-USD | +0.8550% | 1h | 0.000004975 | −0.117% | $25K | $12K | 10x | as long as short |
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
01 Exchange kPEPEUSD
Paradex kPEPE-USD-PERP
Nado kPEPE-PERP
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
BloFin PEPE-USDT
Injective PEPE/USDC PERP
Orderly PERP_1000PEPE_USDC
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
MEXC PEPE_USDT
Aster 1000PEPEUSDT
BingX 1000PEPE-USDC
Coinbase International 1000PEPE-PERP-INTX
GMX PEPE/USD [ETH-USDC]
dYdX PEPE-USD