Funding you earn now, next payment 22:00 UTC−0.0040%/8h= −4.4% APRnext payment −$0.05 per $10,000 · paid last 24h −0.032%
Price spread now: Backpack against Kraken Futures−0.163%51s7-day average +0.006% · you buy dearer than you sell
Net, funding: paid 7d − costs−$45as 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−$540.537% of the position
Funding, last 7 days+0.090%+$9 on $10k
+Price spread, last 3 days (all we have)−0.003%$0 · spread now −0.163%, 7d avg +0.006%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.169% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.006%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.090%, so the current rate has only just turned against you. The two prices were read 51 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 | Kraken Futures PF_PEPEUSD | 0.000004810 | 0.0761 | pay 0.0095% / 1h | 4m 20s | $3.9M | $13.1M | 50x |
| Short | Backpack kPEPE_USDC_PERP | 0.000004802 | 0.0721 | get 0.0090% / 1h | 4m 20s | $92K | $624K | 15x |
Kraken Futures PF_PEPEUSD
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$8.5
- Price spread: −0.163% → +0.006%
- −$16.87
- Slippage, 4 orders
- −$33.69
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$79.06
- Costs to cover
- 0.537%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 20 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 Kraken Futures live order book, 5 min ago | 7.59 bp | 21.6 bp −$22 | 31.3 bp −$313 | 99.7 bp −$9,974 | doesn't fit |
| Sell Backpack live order book, 20 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 | 0.000004800 | −0.216% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004807 | −0.065% | $14K | — | 150x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004815 | +0.101% | $58.7M | $73.1M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004807 | −0.065% | $59K | $113K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004815 | +0.101% | $87.5M | $275.8M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004812 | +0.039% | $150.4M | $62.4M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004809 | −0.030% | $24.9M | $53.3M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004797 | −0.267% | $551K | $3.9M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004830 | +0.407% | $27K | $340K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004821 | +0.226% | $1K | $2.4M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
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 | 0.000004820 | +0.197% | $555K | $3.4M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0182% | 8h | 0.000004814 | +0.074% | $42.5M | $150.9M | 75x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0185% | 8h | 0.000004820 | +0.205% | $41.4M | $486.8M | 50x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004817 | +0.137% | $7K | — | 15x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0215% / S −0.0088% | 1h | 0.000004000 | −16.842% | $54K | — | 100x | as long as short |
| BloFin PEPE-USDT | +0.0302% | 8h | 0.000004800 | −0.211% | $3.9M | $21.8M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0423% | 8h | 0.000004814 | +0.072% | $29K | $11K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0464% | 1h | 0.000004808 | −0.044% | $575K | $25.1M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0511% | 8h | 0.000004814 | +0.083% | $2.3M | $6.4M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0533% | 8h | 0.000004810 | −0.001% | $5K | $16 | 20x | as long as short |
| Injective PEPE/USDC PERP | +0.0555% | 1h | 0.000004813 | +0.060% | $4K | $110K | 12x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.0721% | 1h | 0.000004802 | −0.163% | $92K | $624K | 15x | |
| Lighter 1000PEPE | +0.0736% | 1h | 0.000004816 | +0.122% | $572K | $5.3M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0744% | 1h | 0.000004813 | +0.060% | $188K | $848K | 10x | as long as short |
| SoDEX 1000PEPE-USD | +0.0751% | 1h | 0.000004813 | +0.060% | $2K | $9K | 10x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0751% | 1h | 0.000004804 | −0.127% | $102K | $763K | 25x | as long as short |
| Kraken Futures PF_PEPEUSDlong | +0.0761% | 1h | 0.000004810 | long leg | $3.9M | $13.1M | 50x | |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0790% | 1h | 0.000004812 | +0.039% | $81K | $94K | 25x | as long as short |
| BingX 1000PEPE-USDC | +0.0827% | 8h | 0.000004802 | −0.169% | — | $2.3M | — | as long as short |
| Extended 1000PEPE-USD | +0.0872% | 1h | 0.000004812 | +0.049% | $529K | $147K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0872% | 8h | 0.000004820 | +0.205% | $91.6M | $292.7M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0872% | 1h | 0.000004818 | +0.164% | $136K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0875% | 8h | 0.000004822 | +0.239% | $128.5M | $1.02B | 75x | as long as short |
| Aster 1000PEPEUSDT | +0.0900% | 8h | 0.000004815 | +0.107% | $1.5M | $6.9M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.1176% | 1h | 0.000004820 | +0.205% | $552 | $2K | 10x | as long as short |
HTX PEPE-USDT
Bitget PEPEUSDT
OKX PEPE-USDT-SWAP
Reya kPEPERUSDPERP
GMX PEPE/USD [ETH-USDC]
BloFin PEPE-USDT
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
Injective PEPE/USDC PERP
Lighter 1000PEPE
Nado kPEPE-PERP
SoDEX 1000PEPE-USD
ApeX Omni 1000PEPEUSDT
Deribit 1000PEPE_USDC-PERPETUAL
BingX 1000PEPE-USDC
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
Aster 1000PEPEUSDT
01 Exchange kPEPEUSD