PEPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0293%/8h= +32.1% APRnext payment +$0.37 per $10,000 · paid last 24h +0.010%

Price spread now: Injective against Backpack+0.201%7-day average +0.597% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$147as in the Price arb table

costs, in and out, $10k−$1081.076% of the position

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.187%+$19 on $10k

Price spread, last 3 days (all we have)−0.343%−$34 · spread now +0.201%, 7d avg +0.597%

Together, before fees−0.156%−$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.396% cheaper against Backpack than usual: you would sell low and buy high (spread +0.201% now, against its 7-day average of +0.597%). If the spread goes back, that is −$40 on $10k: about 4.5 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.187% in total) that is about 15 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.187% in total (about 9.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.37 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	Backpack kPEPE_USDC_PERP	0.000004815	0.0580	pay 0.0073% / 1h	30m 35s	$92K	$615K	15x
Short	Injective PEPE/USDC PERP	0.000004825	0.0873	get 0.0109% / 1h	30m 35s	$4K	$103K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Backpack. 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 BackpackbpFee InjectivebpOrdersPrice spread, now +0.201%Rate

Funding earned: $61.55
Price spread: +0.201% → +0.597%: −$39.6
Slippage, 4 orders: −$97.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$85.67
Costs to cover: 1.076%
Break-even: 16.7 days

Slippage from Backpack: live order book, 53 min ago; Injective: live order book, 53 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, 53 min ago	0.10 bp	13.7 bp −$14	36.5 bp −$365	doesn't fit	doesn't fit
Sell Injective live order book, 53 min ago	22.68 bp	22.7 bp −$23	doesn't fit	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	0.000004808	−0.153%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004815	0.000%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004816	+0.015%	$576K	$5.6M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004809	−0.131%	$62.0M	$79.2M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004813	−0.048%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004808	−0.147%	$87.0M	$280.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004810	−0.110%	$149.8M	$62.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004814	−0.035%	$24.8M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004851	+0.740%	$581K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004832	+0.342%	$27K	$344K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004830	+0.299%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004816	+0.015%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004825	+0.191%	$546K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0145%	8h	0.000004815	−0.012%	$42.4M	$151.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004810	−0.114%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0203%	8h	0.000004810	−0.110%	$41.7M	$490.9M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0213% / S −0.0092%	1h	0.000004000	−16.931%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004819	+0.077%	$3.9M	$22.1M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0352%	8h	0.000004814	−0.023%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0399%	8h	0.000004812	−0.069%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0432%	1h	0.000004815	−0.006%	$552	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0445%	8h	0.000004818	+0.048%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004815	−0.006%	$595K	$25.6M	50x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0580%	1h	0.000004815	long leg	$92K	$615K	15x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0581%	1h	0.000004816	+0.015%	$81K	$94K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0656%	1h	0.000004829	+0.285%	$103K	$764K	25x	as long as short
Nado kPEPE-PERP	+0.0748%	1h	0.000004813	−0.041%	$185K	$855K	10x	as long as short
BingX 1000PEPE-USDT	+0.0799%	8h	0.000004815	−0.017%	—	$256.2M	—	as long as short
Binance 1000PEPEUSDT	+0.0811%	8h	0.000004811	−0.095%	$130.2M	$1.04B	75x	as long as short
MEXC PEPE_USDT	+0.0815%	8h	0.000004812	−0.071%	$91.1M	$284.0M	300x	as long as short
Extended 1000PEPE-USD	+0.0816%	1h	0.000004813	−0.043%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0824%	1h	0.000004823	+0.160%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0837%	8h	0.000004817	+0.025%	$1.5M	$7.0M	50x	as long as short
Injective PEPE/USDC PERPshort	+0.0873%	1h	0.000004825	+0.201%	$4K	$103K	12x
Kraken Futures PF_PEPEUSD	+0.1325%	1h	0.000004816	+0.009%	$3.9M	$13.3M	50x	as long as short