Funding you earn now, next payment 00:00 UTC+0.0489%/8h= +53.6% APRnext payment +$0.61 per $10,000 · paid last 24h −0.091%
Price spread now: Coinbase International against Kraken Futures−0.063%7-day average +0.016% · you buy dearer than you sell
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$62as in the Price arb table
costs, in and out, $10k−$540.537% of the position
Funding, last 7 days−0.105%−$10 on $10k
+Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.063%, 7d avg +0.016%
=Funding pays, the price is against you. Coinbase International is 0.079% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of +0.016%). If the spread goes back, that is −$8 on $10k: about 13 hours of funding at the current rate (+$15 a day). Mind the row above: over the last 7 days funding on this pair cost −0.105%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.105% in total (about -5.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.61 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 | Kraken Futures PF_PEPEUSD | 0.000004826 | −0.0121 | get 0.0015% / 1h | 52m 51s | $3.9M | $13.9M | 50x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004823 | 0.0368 | get 0.0046% / 1h | 52m 51s | $552K | $26.0M | 50x |
Kraken Futures PF_PEPEUSD
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- $102.74
- Price spread: −0.063% → +0.016%
- −$7.89
- Slippage, 4 orders
- −$33.74
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- $41.11
- Costs to cover
- 0.537%
- Break-even
- 4.2 days
Slippage from Kraken Futures: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago | 3.74 bp | 17.1 bp −$17 | 24.0 bp −$240 | 68.6 bp −$6,862 | doesn't fit |
| Sell Coinbase International live order book, 1 min ago | 3.12 bp | 10.5 bp −$10 | 14.9 bp −$149 | 56.9 bp −$5,694 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PEPEUSDlong | −0.0121% | 1h | 0.000004826 | long leg | $3.9M | $13.9M | 50x | |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004803 | −0.472% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004815 | −0.229% | $14K | — | 150x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004818 | −0.167% | $68.7M | $102.6M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004807 | −0.395% | $56K | $119K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004818 | −0.167% | $88.6M | $297.9M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004821 | −0.104% | $153.2M | $64.7M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004823 | −0.059% | $24.1M | $55.1M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004819 | −0.138% | $42.7M | $151.7M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004801 | −0.522% | $554K | $4.2M | — | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPEShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004798 | −0.587% | $26K | $350K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004822 | −0.080% | $1K | $2.4M | 20x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004824 | −0.036% | $547K | $3.5M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000004821 | −0.109% | $2.3M | $6.5M | 50x | as long as short |
| Lighter 1000PEPE | +0.0104% | 1h | 0.000004824 | −0.042% | $578K | $6.6M | 10x | as long as short |
| SoDEX 1000PEPE-USD | +0.0149% | 1h | 0.000004823 | −0.063% | $2K | $12K | 10x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0174% | 8h | 0.000004810 | −0.324% | $5K | $16 | 20x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004816 | −0.207% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0191% | 8h | 0.000004822 | −0.084% | $43.2M | $508.7M | 50x | as long as short |
| BloFin PEPE-USDT | +0.0313% | 8h | 0.000004821 | −0.104% | $4.0M | $22.9M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0328% | 8h | 0.000004827 | +0.026% | $30K | $13K | 20x | as long as short |
| 01 Exchange kPEPEUSD | +0.0344% | 1h | 0.000004815 | −0.229% | $552 | $2K | 10x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0368% | 1h | 0.000004823 | −0.063% | $552K | $26.0M | 50x | |
| Nado kPEPE-PERP | +0.0407% | 1h | 0.000004812 | −0.281% | $181K | $848K | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0408% / S −0.0529% | 1h | 0.000004000 | −17.116% | $41K | — | 100x | as long as short |
| BingX 1000PEPE-USDC | +0.0532% | 8h | 0.000004818 | −0.156% | — | $2.3M | — | as long as short |
| Extended 1000PEPE-USD | +0.0536% | 1h | 0.000004822 | −0.084% | $529K | $148K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0536% | 1h | 0.000004791 | −0.726% | $135K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0539% | 8h | 0.000004829 | +0.059% | $92.1M | $279.9M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0539% | 8h | 0.000004822 | −0.084% | $136.9M | $1.08B | 75x | as long as short |
| Aster 1000PEPEUSDT | +0.0543% | 8h | 0.000004827 | +0.030% | $1.5M | $7.4M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0636% | 1h | 0.000004812 | −0.291% | $4K | $102K | 12x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0716% | 1h | 0.000004828 | +0.047% | $93K | $602K | 15x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0787% | 1h | 0.000004825 | −0.022% | $78K | $98K | 25x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.1932% | 1h | 0.000004800 | −0.540% | $100K | $753K | 25x | as long as short |
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Lighter 1000PEPE
SoDEX 1000PEPE-USD
Paradex kPEPE-USD-PERP
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
BloFin PEPE-USDT
Orderly PERP_1000PEPE_USDC
01 Exchange kPEPEUSD
Nado kPEPE-PERP
GMX PEPE/USD [ETH-USDC]
BingX 1000PEPE-USDC
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Aster 1000PEPEUSDT
Injective PEPE/USDC PERP
Backpack kPEPE_USDC_PERP
Deribit 1000PEPE_USDC-PERPETUAL
ApeX Omni 1000PEPEUSDT