PEPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0192%/8h= +21.0% APRnext payment +$0.24 per $10,000 · paid last 24h +0.047%

Price spread now: Backpack against Coinbase International−0.039%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$440.443% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$20 on $10k

Price spread, last 3 days (all we have)+0.076%+$8 · spread now −0.039%, 7d avg −0.006%

Together, before fees+0.271%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.033% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of −0.006%). If the spread goes back, that is −$3 on $10k: about 14 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.195% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000004818	0.0400	pay 0.0050% / 1h	49m 58s	$578K	$25.7M	50x
Short	Backpack kPEPE_USDC_PERP	0.000004816	0.0592	get 0.0074% / 1h	49m 58s	$91K	$601K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.039%Rate

Funding earned: $40.31
Price spread: −0.039% → −0.006%: −$3.31
Slippage, 4 orders: −$24.29
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$7.29
Costs to cover: 0.443%
Break-even: 8.3 days

Slippage from Coinbase International: live order book, 4 min ago; Backpack: live order book, 29 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 Coinbase International live order book, 4 min ago	3.13 bp	10.6 bp −$11	14.1 bp −$141	52.8 bp −$5,280	doesn't fit
Sell Backpack live order book, 29 min ago	3.23 bp	8.3 bp −$8	25.8 bp −$258	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
Hyperliquid kPEPE	−0.0215%	1h	0.000004809	−0.187%	$67.1M	$87.4M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004818	−0.004%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004811	−0.143%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0066%	1h	0.000004813	−0.110%	$3.9M	$13.5M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004820	+0.042%	$60K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004816	−0.046%	$86.6M	$287.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004809	−0.187%	$150.9M	$63.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004817	−0.031%	$24.7M	$54.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004815	−0.066%	$42.5M	$149.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004816	−0.044%	$585K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004806	−0.244%	$28K	$344K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004824	+0.116%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004812	−0.125%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004815	−0.071%	$545K	$3.5M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004820	+0.032%	$7K	—	15x	as long as short
Lighter 1000PEPE	+0.0200%	1h	0.000004817	−0.021%	$636K	$6.3M	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0214%	1h	0.000004796	−0.457%	$100K	$760K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0217%	8h	0.000004823	+0.104%	$5K	$16	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0217%	8h	0.000004817	−0.021%	$41.8M	$498.7M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0235%	8h	0.000004818	−0.010%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0240%	1h	0.000004818	0.000%	$552	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0339%	8h	0.000004819	+0.021%	$3.9M	$22.4M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0355% / S −0.0394%	1h	0.000004000	−16.978%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0400%	1h	0.000004818	long leg	$578K	$25.7M	50x
Orderly PERP_1000PEPE_USDC	+0.0431%	8h	0.000004815	−0.064%	$30K	$12K	20x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004814	−0.083%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0582%	1h	0.000004814	−0.083%	$81K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0592%	1h	0.000004816	−0.039%	$91K	$601K	15x
BingX 1000PEPE-USDT	+0.0673%	8h	0.000004816	−0.046%	—	$256.3M	—	as long as short
Extended 1000PEPE-USD	+0.0696%	1h	0.000004816	−0.043%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0696%	1h	0.000004820	+0.042%	$136K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0696%	8h	0.000004819	+0.028%	$132.3M	$1.05B	75x	as long as short
MEXC PEPE_USDT	+0.0699%	8h	0.000004812	−0.116%	$96.1M	$279.2M	300x	as long as short
Aster 1000PEPEUSDT	+0.0702%	8h	0.000004817	−0.029%	$1.5M	$7.3M	50x	as long as short
Nado kPEPE-PERP	+0.0832%	1h	0.000004822	+0.083%	$185K	$845K	10x	as long as short