Funding you earn now, next payment 10:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h +0.065%
Price spread now: Coinbase International against Phemex−0.057%7-day average −0.020% · you buy dearer than you sell
Net, funding: paid 7d − costs−$55as in the Funding arb table
Net, price: spread back to 7d avg − costs−$62as in the Price arb table
costs, in and out, $10k−$590.587% of the position
Funding, last 7 days+0.041%+$4 on $10k
+Price spread, last 4 days (all we have)−0.066%−$7 · spread now −0.057%, 7d avg −0.020%
=Funding pays, the price is against you. Coinbase International is 0.036% cheaper against Phemex than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of −0.020%). If the spread goes back, that is −$4 on $10k: about 10 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.041% in total) that is about 6.3 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% 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 | Phemex u1000PEPEUSDT | 0.000004947 | 0.0100 | pay 0.0100% / 8h | 5h 49m | $2.3M | $8.0M | 50x |
| Short | Coinbase International 1000PEPE-PERP-INTX | 0.000004944 | 0.0400 | get 0.0050% / 1h | 49m 48s | $731K | $38.8M | 50x |
Phemex u1000PEPEUSDT
Coinbase International 1000PEPE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phemex. 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
- $63
- Price spread: −0.057% → −0.020%
- −$3.64
- Slippage, 4 orders
- −$36.72
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- $0.64
- Costs to cover
- 0.587%
- Break-even
- 6.9 days
Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 2 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 Phemex live order book, 2 min ago | 3.54 bp | 18.6 bp −$19 | 33.9 bp −$339 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 2 min ago | 3.04 bp | 12.0 bp −$12 | 14.7 bp −$147 | 47.9 bp −$4,785 | 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_PEPEUSD | −0.0371% | 1h | 0.000004944 | −0.062% | $4.6M | $15.8M | 50x | as long as short |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004941 | −0.122% | $25K | $18K | 10x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | 0.0000% | 1h | 0.000004943 | −0.077% | $57K | $115K | 25x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0005% / S −0.0005% | 1h | 0.000004943 | −0.071% | $3K | — | 150x | as long as short |
| 01 Exchange kPEPEUSD | +0.0064% | 1h | 0.000004943 | −0.077% | $596 | $2K | 10x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004947 | +0.004% | $596K | $9.0M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0100% | 1h | 0.000004943 | −0.077% | $146K | $943K | 10x | as long as short |
| Hyperliquid kPEPE | +0.0100% | 1h | 0.000004943 | −0.077% | $50.0M | $155.1M | 10x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004945 | −0.036% | $57K | $195K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004944 | −0.065% | $94.2M | $442.0M | 50x | as long as short |
Kraken Futures PF_PEPEUSD
dYdX PEPE-USD
Deribit 1000PEPE_USDC-PERPETUAL
gTrade (Gains Network) PEPE/USD
01 Exchange kPEPEUSD
Lighter 1000PEPE
Nado kPEPE-PERP
Hyperliquid kPEPE
Pacifica kPEPE
Bybit 1000PEPEUSDTShow all 35 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004944 | −0.057% | $152.4M | $102.1M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004942 | −0.091% | $24.9M | $75.9M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004942 | −0.107% | $43.5M | $231.0M | 75x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0100% | 1h | 0.000004945 | −0.040% | $75K | $990K | 15x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004937 | −0.193% | $642K | $5.3M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004943 | −0.073% | $27K | $570K | 20x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0100% | 1h | 0.000004945 | −0.036% | $143K | $851K | 25x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004953 | +0.127% | $1K | $2.5M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004944 | −0.057% | $2K | $11K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004945 | −0.032% | $580K | $4.2M | 75x | as long as short |
| Phemex u1000PEPEUSDTlong | +0.0100% | 8h | 0.000004947 | long leg | $2.3M | $8.0M | 50x | |
| Paradex kPEPE-USD-PERP | +0.0110% | 8h | 0.000004944 | −0.052% | $6K | — | 20x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0129% | 8h | 0.000004942 | −0.097% | $44.4M | $720.0M | 50x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004938 | −0.182% | $7K | — | 15x | as long as short |
| BloFin PEPE-USDT | +0.0255% | 8h | 0.000004937 | −0.198% | $4.3M | $28.6M | 75x | as long as short |
| Binance 1000PEPEUSDT | +0.0271% | 8h | 0.000004945 | −0.036% | $128.2M | $1.52B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0272% | 1h | 0.000004945 | −0.029% | $518K | $285K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0272% | 1h | 0.000004940 | −0.137% | $140K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0276% | 8h | 0.000004944 | −0.065% | $102.0M | $295.2M | 300x | as long as short |
| Aster 1000PEPEUSDT | +0.0276% | 8h | 0.000004944 | −0.052% | $1.7M | $12.5M | 50x | as long as short |
| Injective PEPE/USDC PERP | +0.0284% | 1h | 0.000004944 | −0.057% | $4K | $122K | 12x | as long as short |
| BingX 1000PEPE-USDC | +0.0292% | 8h | 0.000004942 | −0.089% | — | $2.3M | — | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0342% | 8h | 0.000004941 | −0.109% | $32K | $30K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTXshort | +0.0400% | 1h | 0.000004944 | −0.057% | $731K | $38.8M | 50x | |
| GMX PEPE/USD [ETH-USDC] | L +0.0839% / S −0.0953% | 1h | 0.000004000 | −19.140% | $50K | — | 100x | as long as short |
Gate PEPE_USDT
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
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Aster 1000PEPEUSDT
Injective PEPE/USDC PERP
BingX 1000PEPE-USDC
Orderly PERP_1000PEPE_USDC
GMX PEPE/USD [ETH-USDC]