Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1147%/8h= +125.6% APRpaid last 24h +0.174%

Price spread now: Kraken Futures against KuCoin+0.044%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$660.664% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now +0.044%, 7d avg +0.010%

Together, before fees+0.263%+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$34 a day on $10k at the current rate, and Kraken Futures is 0.034% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.010%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.139% in total (about 7.3% 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	0.000005221	0.0100	pay 0.0100% / 8h	4h 09m	$26.8M	$65.8M	75x
Short	Kraken Futures PF_PEPEUSD	0.000005224	0.1247	get 0.0156% / 1h	9m 13s	$4.7M	$16.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.044%Rate

Funding earned: $240.85
Price spread: +0.044% → +0.010%: $3.38
Slippage, 4 orders: −$44.38
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $177.85
Costs to cover: 0.664%
Break-even: 1.8 days

Slippage from KuCoin: live order book, 10 min ago; Kraken Futures: live order book, 5 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, 10 min ago	2.43 bp	16.6 bp −$17	30.0 bp −$300	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	9.37 bp	14.7 bp −$15	20.2 bp −$202	100.2 bp −$10.0K	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	0.000005219	−0.043%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005218	−0.061%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005227	+0.109%	$67K	$147K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005220	−0.025%	$101.0M	$360.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005219	−0.044%	$170.0M	$83.0M	75x	as long as short
KuCoin PEPEUSDTMlong	+0.0100%	8h	0.000005221	long leg	$26.8M	$65.8M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000005214	−0.149%	$821K	$4.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005213	−0.165%	$37K	$490K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005231	+0.195%	$1K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005229	+0.151%	$606K	$3.8M	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	0.000005227	+0.110%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0223%	8h	0.000005224	+0.050%	$48.3M	$181.3M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005212	−0.178%	$3K	$110K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0359%	8h	0.000005234	+0.249%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0399%	8h	0.000005224	+0.052%	$48.9M	$641.8M	50x	as long as short
BloFin PEPE-USDT	+0.0516%	8h	0.000005226	+0.090%	$4.6M	$27.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0546%	8h	0.000005225	+0.071%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005231	+0.186%	$976K	$34.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0717%	8h	0.000005216	−0.100%	—	$263.2M	—	as long as short
Extended 1000PEPE-USD	+0.0760%	1h	0.000005229	+0.149%	$553K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0760%	1h	0.000005220	−0.025%	$148K	—	3x	as long as short
MEXC PEPE_USDT	+0.0763%	8h	0.000005228	+0.123%	$102.8M	$292.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0764%	8h	0.000005228	+0.136%	$150.0M	$1.27B	75x	as long as short
SoDEX 1000PEPE-USD	+0.0781%	1h	0.000005228	+0.128%	$2K	$10K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0815%	8h	0.000005220	−0.025%	$6K	—	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0820% / S −0.1654%	1h	0.000005000	−4.238%	$63K	—	100x	as long as short
Lighter 1000PEPE	+0.0832%	1h	0.000005230	+0.167%	$638K	$8.4M	10x	as long as short
Aster 1000PEPEUSDT	+0.0880%	8h	0.000005227	+0.117%	$1.9M	$9.6M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0898%	1h	0.000005218	−0.063%	$105K	$745K	25x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0899%	1h	0.000005230	+0.167%	$74K	$125K	25x	as long as short
Nado kPEPE-PERP	+0.0926%	1h	0.000005226	+0.087%	$189K	$904K	10x	as long as short
01 Exchange kPEPEUSD	+0.1120%	1h	0.000005232	+0.205%	$631	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1136%	1h	0.000005224	+0.046%	$75K	$700K	15x	as long as short
Kraken Futures PF_PEPEUSDshort	+0.1247%	1h	0.000005224	+0.044%	$4.7M	$16.0M	50x
Hyperliquid kPEPE	+0.1571%	1h	0.000005229	+0.147%	$56.6M	$142.6M	10x	as long as short