Funding you earn now, next payment 05:00 UTC+0.1035%/8h= +113.4% APRpaid last 24h +0.134%
Price spread now: Backpack against Bybit+0.252%7-day average +0.042% · 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−$29as in the Price arb table
costs, in and out, $10k−$500.497% of the position
Funding, last 7 days+0.318%+$32 on $10k
+Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.252%, 7d avg +0.042%
=Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Backpack is 0.210% dearer against Bybit than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.042%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.318% in total (about 16.6% a year). A funding rate is set anew for every payment. 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 | Bybit 1000PEPEUSDT | 0.000005079 | 0.0100 | pay 0.0100% / 8h | 3h 02m | $102.2M | $389.7M | 50x |
| Short | Backpack kPEPE_USDC_PERP | 0.000005092 | 0.1135 | get 0.0142% / 1h | 2m 31s | $64K | $723K | 15x |
Bybit 1000PEPEUSDT
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. 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
- $217.45
- Price spread: +0.252% → +0.042%
- $21.02
- Slippage, 4 orders
- −$28.67
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $188.8
- Costs to cover
- 0.497%
- Break-even
- 0.9 days
Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 51 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 Bybit live order book, 2 min ago | 0.98 bp | 9.8 bp −$10 | 14.4 bp −$144 | 31.7 bp −$3,168 | doesn't fit |
| Sell Backpack live order book, 51 min ago | 0.94 bp | 6.6 bp −$7 | 24.4 bp −$244 | 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 | 0.000005075 | −0.081% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0007% | 1h | 0.000005048 | −0.616% | $4K | — | 150x | as long as short |
| Injective PEPE/USDC PERP | +0.0092% | 1h | 0.000005327 | +4.879% | $3K | $111K | 12x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005081 | +0.035% | $64K | $164K | 10x | as long as short |
| Bybit 1000PEPEUSDTlong | +0.0100% | 8h | 0.000005079 | long leg | $102.2M | $389.7M | 50x | |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005079 | −0.004% | $165.8M | $90.4M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005063 | −0.327% | $25.2M | $69.0M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005143 | +1.248% | $603K | $5.2M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005147 | +1.337% | $28K | $536K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005102 | +0.457% | $1K | $2.6M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Injective PEPE/USDC PERP
Pacifica kPEPE
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005100 | +0.410% | $574K | $4.0M | 75x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0142% | 1h | 0.000005104 | +0.488% | $73K | $127K | 25x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005074 | −0.112% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0348% | 8h | 0.000005075 | −0.087% | $48.8M | $193.1M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0411% | 8h | 0.000005109 | +0.579% | $34K | $26K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0416% | 8h | 0.000005082 | +0.055% | $48.5M | $668.8M | 50x | as long as short |
| SoDEX 1000PEPE-USD | +0.0497% | 1h | 0.000005089 | +0.193% | $2K | $10K | 10x | as long as short |
| BloFin PEPE-USDT | +0.0544% | 8h | 0.000005096 | +0.331% | $4.7M | $27.9M | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0563% | 8h | 0.000005080 | +0.024% | $6K | — | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0712% | 1h | 0.000005086 | +0.134% | $633K | $35.7M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0738% | 8h | 0.000005089 | +0.201% | $2.4M | $7.7M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0784% | 8h | 0.000005056 | −0.461% | — | $2.3M | — | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0817% | 1h | 0.000005160 | +1.591% | $159K | $810K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0829% | 8h | 0.000005063 | −0.325% | $97.9M | $298.9M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0830% | 8h | 0.000005061 | −0.363% | $145.3M | $1.36B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0832% | 1h | 0.000005082 | +0.065% | $538K | $247K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0832% | 1h | 0.000005104 | +0.488% | $144K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0904% | 8h | 0.000005084 | +0.102% | $1.7M | $10.6M | 50x | as long as short |
| Nado kPEPE-PERP | +0.0918% | 1h | 0.000005076 | −0.069% | $172K | $927K | 10x | as long as short |
| 01 Exchange kPEPEUSD | +0.0976% | 1h | 0.000005091 | +0.232% | $614 | $3K | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.1027% / S −0.1676% | 1h | 0.000005000 | −1.559% | $67K | — | 100x | as long as short |
| Lighter 1000PEPE | +0.1088% | 1h | 0.000005085 | +0.114% | $624K | $8.9M | 10x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.1135% | 1h | 0.000005092 | +0.252% | $64K | $723K | 15x | |
| Hyperliquid kPEPE | +0.1437% | 1h | 0.000005082 | +0.055% | $55.0M | $146.8M | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1605% | 1h | 0.000005087 | +0.149% | $4.7M | $16.5M | 50x | as long as short |
HTX PEPE-USDT
Deribit 1000PEPE_USDC-PERPETUAL
Reya kPEPERUSDPERP
Bitget PEPEUSDT
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
SoDEX 1000PEPE-USD
BloFin PEPE-USDT
Paradex kPEPE-USD-PERP
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
BingX 1000PEPE-USDC
ApeX Omni 1000PEPEUSDT
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
Nado kPEPE-PERP
01 Exchange kPEPEUSD
GMX PEPE/USD [ETH-USDC]
Lighter 1000PEPE
Hyperliquid kPEPE
Kraken Futures PF_PEPEUSD