Funding arb · Price arb /

PIPPIN

all PIPPIN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.060%

Price spread now: SunX against Binance−0.013%56s7-day average +0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1561.564% of the position

Long on Binance Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.425%−$43 on $10k

Price spread, last 4 days (all we have)+0.111%+$11 · spread now −0.013%, 7d avg +0.071%

Together, before fees−0.314%−$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.084% cheaper against Binance than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.071%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PIPPINUSDT	0.01924	0.0100	pay 0.0050% / 4h	1h 49m	$5.5M	$5.2M	25x
Short	SunX PIPPIN-USDT	0.01924	0.0100	get 0.0050% / 4h	1h 49m	$1K	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Binance. 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 BinancebpFee SunXbpOrdersPrice spread, now −0.013%Rate

Funding earned: $0
Price spread: −0.013% → +0.071%: −$8.44
Slippage, 4 orders: −$138.37
Fee Binance: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$164.81
Costs to cover: 1.564%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; SunX: live order book, 10 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 Binance live order book, 3 min ago	2.61 bp	20.6 bp −$21	239.3 bp −$2,393	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	18.20 bp	57.0 bp −$57	doesn't fit	doesn't fit	doesn't fit

PIPPIN on 13 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
BloFin PIPPIN-USDT	+0.0077%	4h	0.01922	−0.117%	$258K	$27K	25x	as long as short
Aster PIPPINUSDT	+0.0100%	4h	0.01924	−0.031%	$112K	$34K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01924	−0.013%	$18K	$9K	3x	as long as short
Binance PIPPINUSDTlong	+0.0100%	4h	0.01924	long leg	$5.5M	$5.2M	25x
MEXC PIPPIN_USDT	+0.0100%	4h	0.01923	−0.065%	$2.6M	$727K	50x	as long as short
SunX PIPPIN-USDTshort	+0.0100%	4h	0.01924	−0.013%	$1K	$10.4M	20x
HTX PIPPIN-USDT	+0.0100%	4h	0.01910	−0.741%	$35K	$14K	20x	as long as short
OKX PIPPIN-USDT-SWAP	+0.0416%	4h	0.01924	−0.013%	$1.6M	$3.5M	20x	as long as short
Gate PIPPIN_USDT	+0.0438%	4h	0.01924	−0.013%	$1.8M	$325K	20x	as long as short
Bybit PIPPINUSDT	+0.0572%	4h	0.01924	−0.013%	$3.7M	$1.5M	13x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX PIPPIN-USDT	+0.1018%	4h	0.01925	+0.039%	—	$1.3M	—	as long as short
Bitget PIPPINUSDT	+0.1026%	4h	0.01924	−0.013%	$1.6M	$319K	10x	as long as short
KuCoin PIPPINUSDTM	+0.1130%	4h	0.01924	−0.013%	$2.2M	$5.9M	25x	as long as short