Funding you earn now, next payment 02:00 UTC+0.0560%/8h= +61.3% APRnext payment +$0.70 per $10,000 · paid last 24h +0.055%
Price spread now: Injective against Deribit+0.539%63s7-day average +0.568% · you sell dearer than you buy
Net, funding: paid 7d − costs−$65as 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−$1021.018% of the position
Funding, last 7 days+0.369%+$37 on $10k
+Price spread, last 3 days (all we have)−0.436%−$44 · spread now +0.539%, 7d avg +0.568%
=Funding pays, the price is against you. Injective is 0.029% cheaper against Deribit than usual: you would sell low and buy high (spread +0.539% now, against its 7-day average of +0.568%). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.369% in total) that is about 13 hours. The two prices were read 63 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 0.369% in total (about 19.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.70 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 | Deribit 1000PEPE_USDC-PERPETUAL | 0.000005012 | 0.0349 | pay 0.0044% / 1h | 45m 37s | $61K | $114K | 25x |
| Short | Injective PEPE/USDC PERP | 0.000005039 | 0.0909 | get 0.0114% / 1h | 45m 37s | $4K | $102K | 12x |
Deribit 1000PEPE_USDC-PERPETUAL
Injective PEPE/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- $117.52
- Price spread: +0.539% → +0.568%
- −$2.89
- Slippage, 4 orders
- −$94.74
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $12.88
- Costs to cover
- 1.018%
- Break-even
- 6.2 days
Slippage from Deribit: live order book, 53 min ago; Injective: live order book, 23 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, 53 min ago | 6.11 bp | 9.6 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Injective live order book, 23 min ago | 22.64 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 | 0.000004996 | −0.329% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000005009 | −0.066% | $3K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005001 | −0.219% | $61K | $125K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005002 | −0.198% | $96.5M | $319.7M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004998 | −0.279% | $158.9M | $69.8M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005000 | −0.237% | $25.0M | $59.2M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000005003 | −0.184% | $44.4M | $158.6M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005015 | +0.054% | $559K | $4.5M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005028 | +0.318% | $46K | $388K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005019 | +0.140% | $2K | $2.5M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
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 | 0.000005022 | +0.190% | $559K | $3.6M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000005012 | +0.008% | $2.4M | $6.8M | 50x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005017 | +0.097% | $8K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0207% | 8h | 0.000005004 | −0.160% | $44.2M | $554.7M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0275% | 8h | 0.000005013 | +0.012% | $33K | $23K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0289% | 1h | 0.000005006 | −0.120% | $106K | $752K | 25x | as long as short |
| BloFin PEPE-USDT | +0.0318% | 8h | 0.000005008 | −0.080% | $4.2M | $24.6M | 75x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUALlong | +0.0349% | 1h | 0.000005012 | long leg | $61K | $114K | 25x | |
| Paradex kPEPE-USD-PERP | +0.0422% | 8h | 0.000005000 | −0.243% | $6K | $16 | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0424% | 1h | 0.000005018 | +0.120% | $648K | $28.7M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0447% | 8h | 0.000005003 | −0.172% | — | $2.3M | — | as long as short |
| Aevo 1000PEPE-PERP | +0.0480% | 1h | 0.000005012 | 0.000% | $142K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0486% | 8h | 0.000005000 | −0.239% | $94.6M | $288.1M | 300x | as long as short |
| Extended 1000PEPE-USD | +0.0488% | 1h | 0.000005000 | −0.239% | $552K | $199K | 25x | as long as short |
| Binance 1000PEPEUSDT | +0.0489% | 8h | 0.000005000 | −0.247% | $138.6M | $1.16B | 75x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0505% / S −0.0411% | 1h | 0.000005000 | −0.239% | $63K | — | 100x | as long as short |
| Aster 1000PEPEUSDT | +0.0564% | 8h | 0.000005004 | −0.165% | $1.7M | $8.0M | 50x | as long as short |
| SoDEX 1000PEPE-USD | +0.0579% | 1h | 0.000005012 | 0.000% | $2K | $12K | 10x | as long as short |
| Nado kPEPE-PERP | +0.0590% | 1h | 0.000005020 | +0.162% | $178K | $883K | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0831% | 1h | 0.000005012 | −0.006% | $3.9M | $14.4M | 50x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0873% | 1h | 0.000005005 | −0.134% | $102K | $625K | 15x | as long as short |
| Injective PEPE/USDC PERPshort | +0.0909% | 1h | 0.000005039 | +0.539% | $4K | $102K | 12x | |
| 01 Exchange kPEPEUSD | +0.0968% | 1h | 0.000005007 | −0.100% | $1K | $2K | 10x | as long as short |
| Lighter 1000PEPE | +0.1232% | 1h | 0.000005007 | −0.100% | $648K | $6.8M | 10x | as long as short |
| Hyperliquid kPEPE | +0.2522% | 1h | 0.000005010 | −0.040% | $55.3M | $134.9M | 10x | as long as short |
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
Orderly PERP_1000PEPE_USDC
ApeX Omni 1000PEPEUSDT
BloFin PEPE-USDT
Paradex kPEPE-USD-PERP
Coinbase International 1000PEPE-PERP-INTX
BingX 1000PEPE-USDC
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Extended 1000PEPE-USD
Binance 1000PEPEUSDT
GMX PEPE/USD [ETH-USDC]
Aster 1000PEPEUSDT
SoDEX 1000PEPE-USD
Nado kPEPE-PERP
Kraken Futures PF_PEPEUSD
Backpack kPEPE_USDC_PERP
01 Exchange kPEPEUSD
Lighter 1000PEPE
Hyperliquid kPEPE