Funding you earn now, next payment 06:00 UTC+0.0018%/8h= +2.0% APRnext payment +$0.02 per $10,000 · paid last 24h +0.054%
Price spread now: Backpack against Deribit+0.066%50s7-day average +0.001% · you sell dearer than you buy
Net, funding: paid 7d − costs−$31as 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−$510.513% of the position
Funding, last 7 days+0.200%+$20 on $10k
+Price spread, last 4 days (all we have)−0.227%−$23 · spread now +0.066%, 7d avg +0.001%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.065% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.001%. 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 | Deribit 1000PEPE_USDC-PERPETUAL | 0.000004976 | 0.0555 | pay 0.0069% / 1h | 54m 17s | $71K | $127K | 25x |
| Short | Backpack kPEPE_USDC_PERP | 0.000004979 | 0.0573 | get 0.0072% / 1h | 54m 17s | $72K | $825K | 15x |
Deribit 1000PEPE_USDC-PERPETUAL
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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
- $3.88
- Price spread: +0.066% → +0.001%
- $6.49
- Slippage, 4 orders
- −$34.25
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$40.89
- Costs to cover
- 0.513%
- Break-even
- 80.8 days
Slippage from Deribit: live order book, 25 min ago; Backpack: live order book, 60 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 Deribit live order book, 25 min ago | 6.69 bp | 10.2 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 60 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 | 0.000004973 | −0.069% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000004969 | −0.137% | $3K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004980 | +0.080% | $62K | $165K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004971 | −0.096% | $97.7M | $398.0M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004972 | −0.080% | $160.1M | $92.2M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004976 | +0.006% | $24.7M | $69.9M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004979 | +0.053% | $597K | $5.3M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004970 | −0.130% | $27K | $535K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004980 | +0.074% | $1K | $2.6M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004975 | −0.014% | $558K | $4.1M | 75x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
HTX PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004976 | +0.002% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0348% | 8h | 0.000004975 | −0.022% | $44.5M | $205.5M | 75x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0408% | 8h | 0.000004977 | +0.020% | $45.7M | $670.1M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0416% | 8h | 0.000004978 | +0.036% | $33K | $27K | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0443% | 1h | 0.000004980 | +0.080% | $2K | $10K | 10x | as long as short |
| Lighter 1000PEPE | +0.0464% | 1h | 0.000004981 | +0.100% | $600K | $9.0M | 10x | as long as short |
| BloFin PEPE-USDT | +0.0534% | 8h | 0.000004978 | +0.040% | $4.7M | $27.5M | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0545% | 8h | 0.000004989 | +0.260% | $6K | — | 20x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUALlong | +0.0555% | 1h | 0.000004976 | long leg | $71K | $127K | 25x | |
| Backpack kPEPE_USDC_PERPshort | +0.0573% | 1h | 0.000004979 | +0.066% | $72K | $825K | 15x | |
| 01 Exchange kPEPEUSD | +0.0656% | 1h | 0.000004986 | +0.201% | $601 | $3K | 10x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0680% | 1h | 0.000004981 | +0.100% | $637K | $36.1M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0704% | 8h | 0.000004981 | +0.100% | $2.3M | $7.8M | 50x | as long as short |
| BingX 1000PEPE-USDT | +0.0779% | 8h | 0.000004973 | −0.060% | — | $238.1M | — | as long as short |
| Aevo 1000PEPE-PERP | +0.0800% | 1h | 0.000004995 | +0.382% | $141K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0804% | 8h | 0.000004978 | +0.034% | $97.1M | $298.0M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0805% | 8h | 0.000004976 | −0.004% | $141.4M | $1.38B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0808% | 1h | 0.000004985 | +0.177% | $528K | $262K | 25x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0858% | 1h | 0.000004976 | +0.008% | $4.6M | $16.7M | 50x | as long as short |
| Aster 1000PEPEUSDT | +0.0879% | 8h | 0.000004974 | −0.042% | $1.7M | $10.9M | 50x | as long as short |
| Hyperliquid kPEPE | +0.0968% | 1h | 0.000004986 | +0.201% | $52.8M | $150.0M | 10x | as long as short |
| Nado kPEPE-PERP | +0.1022% | 1h | 0.000004981 | +0.099% | $166K | $939K | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.1041% / S −0.1471% | 1h | 0.000004000 | −19.614% | $69K | — | 100x | as long as short |
| Injective PEPE/USDC PERP | +0.1379% | 1h | 0.000005327 | +7.054% | $3K | $111K | 12x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.2033% | 1h | 0.000004976 | 0.000% | $153K | $812K | 25x | as long as short |
Reya kPEPERUSDPERP
Bitget PEPEUSDT
OKX PEPE-USDT-SWAP
Orderly PERP_1000PEPE_USDC
SoDEX 1000PEPE-USD
Lighter 1000PEPE
BloFin PEPE-USDT
Paradex kPEPE-USD-PERP
01 Exchange kPEPEUSD
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
BingX 1000PEPE-USDT
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Kraken Futures PF_PEPEUSD
Aster 1000PEPEUSDT
Hyperliquid kPEPE
Nado kPEPE-PERP
GMX PEPE/USD [ETH-USDC]
Injective PEPE/USDC PERP
ApeX Omni 1000PEPEUSDT