Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1264%/8h= −138.4% APRpaid last 24h −0.132%

Price spread now: Bitget against Kraken Futures+0.949%48s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$540.535% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.147%−$15 on $10k

Price spread, last 3 days (all we have)−1.006%−$101 · spread now +0.949%, 7d avg +0.020%

Together, before fees−1.153%−$115 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.929% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.949% now, against its 7-day average of +0.020%): +$93 on $10k if it goes back. Holding the pair costs −$38 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.147% in total) that is about 44 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 -0.147% in total (about -7.7% 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	Kraken Futures PF_PEPEUSD	0.000005103	0.1364	pay 0.0170% / 1h	56m 32s	$4.1M	$14.6M	50x
Short	Bitget PEPEUSDT	0.000005151	0.0100	get 0.0100% / 8h	5h 56m	$48.3M	$167.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.949%Rate

Funding earned: −$265.35
Price spread: +0.949% → +0.020%: $92.85
Slippage, 4 orders: −$31.53
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$226.03
Costs to cover: 0.535%
Break-even: from the start

Slippage from Kraken Futures: live order book, 2 min ago; Bitget: live order book, 3 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, 2 min ago	8.24 bp	19.8 bp −$20	28.5 bp −$285	94.0 bp −$9,404	doesn't fit
Sell Bitget live order book, 3 min ago	1.66 bp	9.3 bp −$9	14.1 bp −$141	40.3 bp −$4,032	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	0.000005132	+0.569%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0009%	1h	0.000005134	+0.623%	$19K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005140	+0.733%	$63K	$128K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005148	+0.890%	$100.2M	$328.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005136	+0.655%	$164.6M	$72.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005150	+0.933%	$25.7M	$61.5M	75x	as long as short
Bitget PEPEUSDTshort	+0.0100%	8h	0.000005151	+0.949%	$48.3M	$167.8M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000005100	−0.059%	$681K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005107	+0.083%	$27K	$424K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005109	+0.135%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005108	+0.106%	$582K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005150	+0.933%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0280%	8h	0.000005152	+0.968%	$46.6M	$587.8M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0298%	8h	0.000005106	+0.074%	$33K	$24K	20x	as long as short
BingX 1000PEPE-USDC	+0.0530%	8h	0.000005138	+0.700%	—	$2.3M	—	as long as short
Phemex u1000PEPEUSDT	+0.0535%	8h	0.000005105	+0.049%	$2.4M	$7.0M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0541% / S −0.0937%	1h	0.000005000	−2.011%	$48K	—	100x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000005103	+0.008%	$144K	—	3x	as long as short
Extended 1000PEPE-USD	+0.0568%	1h	0.000005149	+0.906%	$565K	$199K	25x	as long as short
MEXC PEPE_USDT	+0.0568%	8h	0.000005151	+0.947%	$98.0M	$285.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0572%	8h	0.000005156	+1.052%	$146.0M	$1.18B	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005108	+0.106%	$926K	$30.8M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0647%	1h	0.000005110	+0.145%	$106K	$749K	25x	as long as short
Aster 1000PEPEUSDT	+0.0671%	8h	0.000005141	+0.747%	$1.7M	$8.3M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0707%	8h	0.000005148	+0.887%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0725%	1h	0.000005151	+0.940%	$197K	$858K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0834%	1h	0.000005103	+0.008%	$2K	$12K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0898%	1h	0.000005112	+0.190%	$100K	$610K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0927%	1h	0.000005103	+0.008%	$62K	$114K	25x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+0.047%	$4K	$102K	12x	as long as short
01 Exchange kPEPEUSD	+0.1160%	1h	0.000005168	+1.282%	$623	$3K	10x	as long as short
Kraken Futures PF_PEPEUSDlong	+0.1364%	1h	0.000005103	long leg	$4.1M	$14.6M	50x
Lighter 1000PEPE	+0.1992%	1h	0.000005148	+0.890%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2061%	1h	0.000005158	+1.086%	$57.0M	$136.7M	10x	as long as short