Funding you earn now, next payment 02:00 UTC−0.0630%/8h= −69.0% APRpaid last 24h −0.049%
Price spread now: Bybit against Deribit+0.333%45s7-day average −0.042% · you sell dearer than you buy
Net, funding: paid 7d − costs−$47as 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−$370.373% of the position
Funding, last 7 days−0.093%−$9 on $10k
+Price spread, last 3 days (all we have)−0.456%−$46 · spread now +0.333%, 7d avg −0.042%
=The price spread pays, funding is against you. Bybit is 0.375% dearer against Deribit than usual: you sell high and buy low (spread +0.333% now, against its 7-day average of −0.042%): +$37 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 48 hours. At the pace of the last 7 days (−0.093% in total) that is about 28 days. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.093% in total (about -4.8% 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 | Deribit 1000PEPE_USDC-PERPETUAL | 0.000005107 | 0.0730 | pay 0.0091% / 1h | 0m 30s | $62K | $114K | 25x |
| Short | Bybit 1000PEPEUSDT | 0.000005124 | 0.0100 | get 0.0100% / 8h | 6h 00m | $99.9M | $327.7M | 50x |
Deribit 1000PEPE_USDC-PERPETUAL
Bybit 1000PEPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- −$132.31
- Price spread: +0.333% → −0.042%
- $37.47
- Slippage, 4 orders
- −$19.29
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$132.13
- Costs to cover
- 0.373%
- Break-even
- from the start
Slippage from Deribit: live order book, 33 min ago; Bybit: live order book, 4 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, 33 min ago | 5.97 bp | 9.5 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 0.98 bp | 8.2 bp −$8 | 13.7 bp −$137 | 36.6 bp −$3,659 | doesn't fit |
PEPE on 34 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 | 0.000005125 | +0.362% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0008% | 1h | 0.000005098 | −0.180% | $18K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005132 | +0.490% | $63K | $127K | 10x | as long as short |
| Bybit 1000PEPEUSDTshort | +0.0100% | 8h | 0.000005124 | +0.333% | $99.9M | $327.7M | 50x | |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005123 | +0.313% | $164.2M | $72.7M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005128 | +0.413% | $25.7M | $61.5M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000005127 | +0.388% | $47.9M | $167.5M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005100 | −0.145% | $681K | $4.5M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005084 | −0.450% | $27K | $423K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005114 | +0.133% | $1K | $2.4M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005115 | +0.161% | $583K | $3.6M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005103 | −0.086% | $8K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0271% | 8h | 0.000005127 | +0.392% | $46.3M | $584.1M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0291% | 8h | 0.000005108 | +0.020% | $34K | $24K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0424% | 1h | 0.000005119 | +0.235% | $932K | $30.8M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0496% | 8h | 0.000005106 | −0.027% | $2.4M | $7.0M | 50x | as long as short |
| BingX 1000PEPE-USDT | +0.0530% | 8h | 0.000005125 | +0.360% | — | $259.7M | — | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0533% / S −0.0566% | 1h | 0.000005000 | −2.095% | $57K | — | 100x | as long as short |
| MEXC PEPE_USDT | +0.0559% | 8h | 0.000005130 | +0.446% | $97.9M | $293.1M | 300x | as long as short |
| Extended 1000PEPE-USD | +0.0560% | 1h | 0.000005125 | +0.347% | $565K | $199K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0560% | 1h | 0.000005103 | −0.078% | $144K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0563% | 8h | 0.000005130 | +0.452% | $144.9M | $1.18B | 75x | as long as short |
| SoDEX 1000PEPE-USD | +0.0603% | 1h | 0.000005108 | +0.020% | $2K | $12K | 10x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0637% | 1h | 0.000005077 | −0.587% | $105K | $750K | 25x | as long as short |
| Nado kPEPE-PERP | +0.0662% | 1h | 0.000005128 | +0.412% | $194K | $882K | 10x | as long as short |
| Aster 1000PEPEUSDT | +0.0667% | 8h | 0.000005132 | +0.497% | $1.7M | $8.3M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0685% | 8h | 0.000005121 | +0.273% | $6K | — | 20x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUALlong | +0.0730% | 1h | 0.000005107 | long leg | $62K | $114K | 25x | |
| Kraken Futures PF_PEPEUSD | +0.0815% | 1h | 0.000005107 | +0.006% | $4.1M | $14.6M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0909% | 1h | 0.000005109 | +0.039% | $4K | $102K | 12x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0949% | 1h | 0.000005103 | −0.084% | $99K | $609K | 15x | as long as short |
| 01 Exchange kPEPEUSD | +0.0968% | 1h | 0.000005132 | +0.490% | $619 | $3K | 10x | as long as short |
| Lighter 1000PEPE | +0.1832% | 1h | 0.000005141 | +0.666% | $1.1M | $7.4M | 10x | as long as short |
| Hyperliquid kPEPE | +0.2027% | 1h | 0.000005142 | +0.685% | $56.8M | $136.4M | 10x | as long as short |
HTX PEPE-USDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
BingX 1000PEPE-USDT
GMX PEPE/USD [ETH-USDC]
MEXC PEPE_USDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
SoDEX 1000PEPE-USD
ApeX Omni 1000PEPEUSDT
Nado kPEPE-PERP
Aster 1000PEPEUSDT
Paradex kPEPE-USD-PERP
Kraken Futures PF_PEPEUSD
Injective PEPE/USDC PERP
Backpack kPEPE_USDC_PERP
01 Exchange kPEPEUSD
Lighter 1000PEPE
Hyperliquid kPEPE