Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h −0.160%

Price spread now: BingX against Kraken Futures+0.181%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$440.435% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 4 days (all we have)−0.263%−$26 · spread now +0.181%, 7d avg +0.034%

Together, before fees−0.355%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.147% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.181% now, against its 7-day average of +0.034%): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PEPEUSD	0.000005149	0.0829	pay 0.0104% / 1h	8m 42s	$4.7M	$16.7M	50x
Short	BingX 1000PEPE-USDT	0.000005158	0.0758	get 0.0758% / 8h	2h 08m	—	$239.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee BingXbpOrdersPrice spread, now +0.181%Rate

Funding earned: −$15
Price spread: +0.181% → +0.034%: $14.7
Slippage, 4 orders: −$23.55
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$43.85
Costs to cover: 0.435%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; BingX: live order book, 15 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	7.74 bp	19.3 bp −$19	29.9 bp −$299	69.1 bp −$6,913	doesn't fit
Sell BingX live order book, 15 min ago	0.10 bp	5.8 bp −$6	7.8 bp −$78	12.3 bp −$1,226	32.7 bp −$16.4K

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	0.000005157	+0.156%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0007%	1h	0.000005154	+0.100%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005154	+0.106%	$59K	$178K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005158	+0.176%	$100.9M	$409.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005153	+0.086%	$164.6M	$95.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005161	+0.236%	$26.2M	$71.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005142	−0.135%	$614K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005135	−0.261%	$28K	$538K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005158	+0.191%	$1K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005153	+0.086%	$584K	$4.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005160	+0.213%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0192%	1h	0.000005150	+0.028%	$2K	$11K	10x	as long as short
Bitget PEPEUSDT	+0.0325%	8h	0.000005158	+0.174%	$46.0M	$212.4M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0385%	8h	0.000005153	+0.088%	$34K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0421%	8h	0.000005157	+0.164%	$47.4M	$713.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0527%	1h	0.000005153	+0.086%	$73K	$127K	25x	as long as short
BloFin PEPE-USDT	+0.0548%	8h	0.000005149	+0.009%	$4.4M	$29.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0552%	8h	0.000005158	+0.189%	$6K	—	20x	as long as short
Lighter 1000PEPE	+0.0600%	1h	0.000005165	+0.319%	$623K	$9.1M	10x	as long as short
Phemex u1000PEPEUSDT	+0.0610%	8h	0.000005153	+0.092%	$2.4M	$7.9M	50x	as long as short
Nado kPEPE-PERP	+0.0641%	1h	0.000005162	+0.261%	$160K	$950K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0667%	1h	0.000005146	−0.056%	$67K	$841K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005165	+0.319%	$674K	$38.1M	50x	as long as short
01 Exchange kPEPEUSD	+0.0688%	1h	0.000005161	+0.242%	$623	$3K	10x	as long as short
BingX 1000PEPE-USDTshort	+0.0758%	8h	0.000005158	+0.181%	—	$239.7M	—
ApeX Omni 1000PEPEUSDT	+0.0784%	1h	0.000005139	−0.186%	$156K	$817K	25x	as long as short
Binance 1000PEPEUSDT	+0.0798%	8h	0.000005154	+0.106%	$143.2M	$1.43B	75x	as long as short
MEXC PEPE_USDT	+0.0799%	8h	0.000005160	+0.228%	$99.1M	$304.2M	300x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005155	+0.126%	$545K	$277K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005155	+0.125%	$146K	—	3x	as long as short
Kraken Futures PF_PEPEUSDlong	+0.0829%	1h	0.000005149	long leg	$4.7M	$16.7M	50x
Aster 1000PEPEUSDT	+0.0833%	8h	0.000005158	+0.178%	$1.8M	$11.4M	50x	as long as short
Hyperliquid kPEPE	+0.1026%	1h	0.000005157	+0.164%	$54.9M	$153.5M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1132% / S −0.2351%	1h	0.000005000	−2.885%	$63K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005156	+0.145%	$10K	$119K	12x	as long as short