Funding you earn now, next payment 23:00 UTC−0.0288%/8h= −31.5% APRnext payment −$0.36 per $10,000 · paid last 24h −0.010%
Price spread now: Backpack against Injective−0.052%48s7-day average −0.597% · you buy dearer than you sell
Net, funding: paid 7d − costs−$126as 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−$1081.076% of the position
Funding, last 7 days−0.187%−$19 on $10k
+Price spread, last 3 days (all we have)+0.193%+$19 · spread now −0.052%, 7d avg −0.597%
=The price spread pays, funding is against you. Backpack is 0.546% dearer against Injective than usual: you sell high and buy low (spread −0.052% now, against its 7-day average of −0.597%): +$55 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 6.3 days. At the pace of the last 7 days (−0.187% in total) that is about 20 days. The two prices were read 48 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 -0.187% in total (about -9.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 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 | Injective PEPE/USDC PERP | 0.000004825 | 0.0873 | pay 0.0109% / 1h | 31m 19s | $4K | $103K | 12x |
| Short | Backpack kPEPE_USDC_PERP | 0.000004822 | 0.0585 | get 0.0073% / 1h | 31m 19s | $92K | $615K | 15x |
Injective PEPE/USDC PERP
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- −$60.44
- Price spread: −0.052% → −0.597%
- $54.56
- Slippage, 4 orders
- −$97.6
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$113.5
- Costs to cover
- 1.076%
- Break-even
- never at this rate
Slippage from Injective: live order book, 52 min ago; Backpack: live order book, 53 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 Injective live order book, 52 min ago | 22.68 bp | 65.8 bp −$66 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 53 min ago | 0.10 bp | 5.4 bp −$5 | 17.0 bp −$170 | 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 | 0.000004822 | −0.064% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004815 | −0.201% | $14K | — | 150x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004817 | −0.166% | $581K | $5.5M | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004814 | −0.228% | $62.1M | $79.1M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004824 | −0.021% | $60K | $113K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004814 | −0.236% | $87.0M | $280.5M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004819 | −0.124% | $150.8M | $62.6M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004817 | −0.170% | $24.7M | $54.0M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004851 | +0.538% | $581K | $4.0M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004832 | +0.140% | $27K | $344K | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Lighter 1000PEPE
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDCShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004830 | +0.097% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004816 | −0.187% | $2K | $11K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004825 | −0.010% | $546K | $3.5M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0148% | 8h | 0.000004816 | −0.193% | $42.4M | $151.7M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004819 | −0.129% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0203% | 8h | 0.000004816 | −0.187% | $41.7M | $491.5M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0213% / S −0.0092% | 1h | 0.000004000 | −17.098% | $54K | — | 100x | as long as short |
| BloFin PEPE-USDT | +0.0325% | 8h | 0.000004819 | −0.124% | $3.9M | $22.1M | 75x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0359% | 8h | 0.000004826 | +0.027% | $5K | $16 | 20x | as long as short |
| Phemex u1000PEPEUSDT | +0.0399% | 8h | 0.000004812 | −0.269% | $2.3M | $6.4M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0440% | 1h | 0.000004824 | −0.021% | $553 | $2K | 10x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0445% | 8h | 0.000004818 | −0.153% | $29K | $11K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0448% | 1h | 0.000004815 | −0.207% | $595K | $25.6M | 50x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0581% | 1h | 0.000004816 | −0.187% | $81K | $94K | 25x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.0585% | 1h | 0.000004822 | −0.052% | $92K | $615K | 15x | |
| ApeX Omni 1000PEPEUSDT | +0.0656% | 1h | 0.000004829 | +0.083% | $103K | $764K | 25x | as long as short |
| Nado kPEPE-PERP | +0.0743% | 1h | 0.000004820 | −0.101% | $185K | $855K | 10x | as long as short |
| BingX 1000PEPE-USDC | +0.0808% | 8h | 0.000004819 | −0.133% | — | $2.3M | — | as long as short |
| Binance 1000PEPEUSDT | +0.0816% | 8h | 0.000004814 | −0.220% | $130.3M | $1.03B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0816% | 1h | 0.000004815 | −0.216% | $529K | $148K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0821% | 8h | 0.000004814 | −0.228% | $91.2M | $284.0M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0824% | 1h | 0.000004823 | −0.041% | $136K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0842% | 8h | 0.000004819 | −0.128% | $1.5M | $7.0M | 50x | as long as short |
| Injective PEPE/USDC PERPlong | +0.0873% | 1h | 0.000004825 | long leg | $4K | $103K | 12x | |
| Kraken Futures PF_PEPEUSD | +0.1325% | 1h | 0.000004816 | −0.192% | $3.9M | $13.3M | 50x | as long as short |
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Bitget PEPEUSDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
GMX PEPE/USD [ETH-USDC]
BloFin PEPE-USDT
Paradex kPEPE-USD-PERP
Phemex u1000PEPEUSDT
01 Exchange kPEPEUSD
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
Deribit 1000PEPE_USDC-PERPETUAL
ApeX Omni 1000PEPEUSDT
Nado kPEPE-PERP
BingX 1000PEPE-USDC
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
Kraken Futures PF_PEPEUSD