Funding you earn now, next payment 05:00 UTC+0.1061%/8h= +116.1% APRpaid last 24h +0.133%
Price spread now: Backpack against KuCoin−0.158%7-day average +0.016% · you buy dearer than you sell
Net, funding: paid 7d − costs−$35as in the Funding arb table
Net, price: spread back to 7d avg − costs−$77as in the Price arb table
costs, in and out, $10k−$600.595% of the position
Funding, last 7 days+0.244%+$24 on $10k
+Price spread, last 4 days (all we have)+0.197%+$20 · spread now −0.158%, 7d avg +0.016%
=Funding pays, the price is against you. Backpack is 0.174% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.158% now, against its 7-day average of +0.016%). If the spread goes back, that is −$17 on $10k: about 13 hours of funding at the current rate (+$32 a day). At the pace of the last 7 days (+0.244% in total) that is about 5.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.244% in total (about 12.7% 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 | KuCoin PEPEUSDTM | 0.000005242 | 0.0100 | pay 0.0100% / 8h | 3h 23m | $26.0M | $68.5M | 75x |
| Short | Backpack kPEPE_USDC_PERP | 0.000005233 | 0.1161 | get 0.0145% / 1h | 23m 40s | $68K | $724K | 15x |
KuCoin PEPEUSDTM
Backpack kPEPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against KuCoin. 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
- $222.73
- Price spread: −0.158% → +0.016%
- −$17.42
- Slippage, 4 orders
- −$37.55
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $145.77
- Costs to cover
- 0.595%
- Break-even
- 2.4 days
Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 30 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 KuCoin live order book, 5 min ago | 1.61 bp | 12.5 bp −$12 | 25.0 bp −$250 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 30 min ago | 0.94 bp | 6.6 bp −$7 | 24.4 bp −$244 | 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 | 0.000005232 | −0.184% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000005229 | −0.250% | $14K | — | 150x | as long as short |
| Injective PEPE/USDC PERP | +0.0092% | 1h | 0.000005327 | +1.627% | $3K | $111K | 12x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005238 | −0.071% | $66K | $162K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005237 | −0.088% | $107.0M | $380.9M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005238 | −0.071% | $172.9M | $88.6M | 75x | as long as short |
| KuCoin PEPEUSDTMlong | +0.0100% | 8h | 0.000005242 | long leg | $26.0M | $68.5M | 75x | |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005215 | −0.518% | $677K | $5.2M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005260 | +0.347% | $29K | $533K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005236 | −0.107% | $1K | $2.5M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Injective PEPE/USDC PERP
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
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 | 0.000005238 | −0.072% | $587K | $3.9M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005234 | −0.156% | $8K | — | 15x | as long as short |
| Bitget PEPEUSDT | +0.0303% | 8h | 0.000005246 | +0.090% | $50.9M | $190.6M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0394% | 8h | 0.000005233 | −0.168% | $35K | $26K | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0433% | 8h | 0.000005244 | +0.044% | $50.5M | $677.4M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0455% | 8h | 0.000005239 | −0.048% | $6K | — | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0502% | 1h | 0.000005232 | −0.185% | $2K | $10K | 10x | as long as short |
| BloFin PEPE-USDT | +0.0563% | 8h | 0.000005234 | −0.147% | $4.9M | $28.2M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0652% | 8h | 0.000005231 | −0.212% | $2.5M | $7.6M | 50x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0712% | 1h | 0.000005233 | −0.166% | $720K | $36.3M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0761% | 8h | 0.000005235 | −0.135% | — | $2.3M | — | as long as short |
| Extended 1000PEPE-USD | +0.0800% | 1h | 0.000005242 | +0.012% | $553K | $231K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0800% | 1h | 0.000005226 | −0.300% | $148K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0801% | 8h | 0.000005241 | −0.015% | $101.1M | $295.8M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0804% | 8h | 0.000005242 | +0.013% | $152.7M | $1.33B | 75x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0843% | 1h | 0.000005254 | +0.235% | $161K | $808K | 25x | as long as short |
| Nado kPEPE-PERP | +0.0884% | 1h | 0.000005234 | −0.138% | $188K | $916K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0898% | 1h | 0.000005233 | −0.166% | $74K | $126K | 25x | as long as short |
| Aster 1000PEPEUSDT | +0.0909% | 8h | 0.000005237 | −0.081% | $1.8M | $10.3M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0959% / S −0.1916% | 1h | 0.000005000 | −4.611% | $64K | — | 100x | as long as short |
| 01 Exchange kPEPEUSD | +0.0992% | 1h | 0.000005243 | +0.025% | $632 | $3K | 10x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.1161% | 1h | 0.000005233 | −0.158% | $68K | $724K | 15x | |
| Lighter 1000PEPE | +0.1232% | 1h | 0.000005243 | +0.025% | $635K | $8.8M | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1561% | 1h | 0.000005229 | −0.242% | $4.8M | $16.4M | 50x | as long as short |
| Hyperliquid kPEPE | +0.1583% | 1h | 0.000005248 | +0.120% | $57.1M | $145.7M | 10x | as long as short |
HTX PEPE-USDT
Reya kPEPERUSDPERP
Bitget PEPEUSDT
Orderly PERP_1000PEPE_USDC
OKX PEPE-USDT-SWAP
Paradex kPEPE-USD-PERP
SoDEX 1000PEPE-USD
BloFin PEPE-USDT
Phemex u1000PEPEUSDT
Coinbase International 1000PEPE-PERP-INTX
BingX 1000PEPE-USDC
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
ApeX Omni 1000PEPEUSDT
Nado kPEPE-PERP
Deribit 1000PEPE_USDC-PERPETUAL
Aster 1000PEPEUSDT
GMX PEPE/USD [ETH-USDC]
01 Exchange kPEPEUSD
Lighter 1000PEPE
Kraken Futures PF_PEPEUSD
Hyperliquid kPEPE