Funding you earn now, next payment 11:00 UTC+0.0471%/8h= +51.6% APRpaid last 24h −0.193%
Price spread now: Phemex against Kraken Futures+0.089%7-day average +0.048% · you sell dearer than you buy
Net, funding: paid 7d − costs−$80as in the Funding arb table
Net, price: spread back to 7d avg − costs−$56as in the Price arb table
costs, in and out, $10k−$600.601% of the position
Funding, last 7 days−0.203%−$20 on $10k
+Price spread, last 4 days (all we have)−0.089%−$9 · spread now +0.089%, 7d avg +0.048%
=Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Phemex is 0.041% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.048%. Mind the row above: over the last 7 days funding on this pair cost −0.203%, 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 -0.203% in total (about -10.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_PEPEUSD | 0.000004944 | −0.0371 | get 0.0046% / 1h | 46m 25s | $4.6M | $15.8M | 50x |
| Short | Phemex u1000PEPEUSDT | 0.000004948 | 0.0100 | get 0.0100% / 8h | 5h 46m | $2.3M | $7.9M | 50x |
Kraken Futures PF_PEPEUSD
Phemex u1000PEPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- $98.91
- Price spread: +0.089% → +0.048%
- $4.09
- Slippage, 4 orders
- −$38.07
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- $42.93
- Costs to cover
- 0.601%
- Break-even
- 4.0 days
Slippage from Kraken Futures: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago | 2.53 bp | 14.7 bp −$15 | 23.4 bp −$234 | 75.1 bp −$7,506 | doesn't fit |
| Sell Phemex live order book, 6 min ago | 3.54 bp | 16.4 bp −$16 | 37.8 bp −$378 | doesn't fit | doesn't fit |
PEPE on 35 exchanges
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 | −0.0371% | 1h | 0.000004944 | long leg | $4.6M | $15.8M | 50x | |
| Deribit 1000PEPE_USDC-PERPETUAL | 0.0000% | 1h | 0.000004946 | +0.044% | $57K | $115K | 25x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000004946 | +0.042% | $3K | — | 150x | as long as short |
| 01 Exchange kPEPEUSD | +0.0056% | 1h | 0.000004951 | +0.145% | $597 | $2K | 10x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004953 | +0.186% | $597K | $9.0M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0100% | 1h | 0.000004951 | +0.147% | $147K | $943K | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004950 | +0.125% | $50.2M | $155.2M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004951 | +0.145% | $57K | $194K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004950 | +0.125% | $94.1M | $441.9M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004950 | +0.125% | $152.3M | $102.2M | 75x | as long as short |
Deribit 1000PEPE_USDC-PERPETUAL
gTrade (Gains Network) PEPE/USD
01 Exchange kPEPEUSD
Lighter 1000PEPE
Nado kPEPE-PERP
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDTShow all 35 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004950 | +0.125% | $24.9M | $75.8M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004948 | +0.076% | $43.5M | $231.1M | 75x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0100% | 1h | 0.000004947 | +0.074% | $75K | $990K | 15x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004937 | −0.133% | $642K | $5.3M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004941 | −0.058% | $27K | $571K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004944 | +0.004% | $143K | $850K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004954 | +0.212% | $2K | $2.5M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004947 | +0.064% | $2K | $11K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004954 | +0.216% | $581K | $4.2M | 75x | as long as short |
| Phemex u1000PEPEUSDTshort | +0.0100% | 8h | 0.000004948 | +0.089% | $2.3M | $7.9M | 50x | |
| Paradex kPEPE-USD-PERP | +0.0109% | 8h | 0.000004953 | +0.178% | $6K | — | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0120% | 8h | 0.000004950 | +0.125% | $44.5M | $720.4M | 50x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004947 | +0.069% | $7K | — | 15x | as long as short |
| BloFin PEPE-USDT | +0.0243% | 8h | 0.000004947 | +0.064% | $4.3M | $28.7M | 75x | as long as short |
| Binance 1000PEPEUSDT | +0.0255% | 8h | 0.000004955 | +0.222% | $128.4M | $1.52B | 75x | as long as short |
| Aevo 1000PEPE-PERP | +0.0256% | 1h | 0.000004947 | +0.064% | $140K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0260% | 8h | 0.000004958 | +0.277% | $102.2M | $295.5M | 300x | as long as short |
| Aster 1000PEPEUSDT | +0.0263% | 8h | 0.000004956 | +0.248% | $1.7M | $12.5M | 50x | as long as short |
| Extended 1000PEPE-USD | +0.0264% | 1h | 0.000004949 | +0.110% | $517K | $285K | 25x | as long as short |
| BingX 1000PEPE-USDT | +0.0268% | 8h | 0.000004953 | +0.190% | — | $181.1M | — | as long as short |
| Injective PEPE/USDC PERP | +0.0284% | 1h | 0.000004946 | +0.044% | $4K | $122K | 12x | as long as short |
| dYdX PEPE-USD | +0.0333% | 1h | 0.000004951 | +0.135% | $25K | $18K | 10x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0335% | 8h | 0.000004948 | +0.081% | $32K | $30K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0400% | 1h | 0.000004955 | +0.226% | $732K | $38.9M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0839% / S −0.0953% | 1h | 0.000004000 | −19.091% | $50K | — | 100x | as long as short |
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Backpack kPEPE_USDC_PERP
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
ApeX Omni 1000PEPEUSDT
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Paradex kPEPE-USD-PERP
OKX PEPE-USDT-SWAP
Reya kPEPERUSDPERP
BloFin PEPE-USDT
Binance 1000PEPEUSDT
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Aster 1000PEPEUSDT
Extended 1000PEPE-USD
BingX 1000PEPE-USDT
Injective PEPE/USDC PERP
dYdX PEPE-USD
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
GMX PEPE/USD [ETH-USDC]