PIPPIN

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0335%/8h= −36.7% APRnext payment −$1.67 per $10,000 · paid last 24h +0.057%

Price spread now: MEXC against Bybit−0.158%7-day average −0.160% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$670.671% of the position

Long on Bybit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$17 on $10k

Price spread, last 7 days+0.071%+$7 · spread now −0.158%, 7d avg −0.160%

Together, before fees+0.246%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.160%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.175%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.175% in total (about 9.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.67 per $10,000. 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	Bybit PIPPINUSDT	0.01899	0.0701	pay 0.0350% / 4h	1h 47m	$3.6M	$1.3M	13x
Short	MEXC PIPPIN_USDT	0.01896	0.0366	get 0.0183% / 4h	1h 47m	$2.6M	$747K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Bybit. 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 BybitbpFee MEXCbpOrdersPrice spread, now −0.158%Rate

Funding earned: −$70.3
Price spread: −0.158% → −0.160%: $0.2
Slippage, 4 orders: −$56.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee MEXC: 0 bp × 2 orders: $0
Net: −$137.15
Costs to cover: 0.671%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; MEXC: live order book, 4 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 Bybit live order book, 5 min ago	2.63 bp	14.8 bp −$15	94.9 bp −$949	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	2.64 bp	17.2 bp −$17	120.2 bp −$1,202	223.8 bp −$22.4K	505.1 bp −$252.6K

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
Pacifica PIPPIN	+0.0100%	1h	0.01894	−0.274%	$18K	$9K	3x	as long as short
Bitget PIPPINUSDT	+0.0100%	4h	0.01891	−0.421%	$1.6M	$350K	10x	as long as short
SunX PIPPIN-USDT	+0.0100%	4h	0.01894	−0.263%	$1K	$9.7M	20x	as long as short
HTX PIPPIN-USDT	+0.0100%	4h	0.01888	−0.579%	$34K	$16K	20x	as long as short
OKX PIPPIN-USDT-SWAP	+0.0116%	4h	0.01897	−0.105%	$1.6M	$3.3M	20x	as long as short
Aster PIPPINUSDT	+0.0145%	4h	0.01896	−0.141%	$110K	$32K	5x	as long as short
MEXC PIPPIN_USDTshort	+0.0366%	4h	0.01896	−0.158%	$2.6M	$747K	50x
Binance PIPPINUSDT	+0.0368%	4h	0.01896	−0.139%	$5.3M	$4.6M	25x	as long as short
KuCoin PIPPINUSDTM	+0.0376%	4h	0.01896	−0.158%	$2.1M	$3.3M	25x	as long as short
BloFin PIPPIN-USDT	+0.0411%	4h	0.01889	−0.527%	$249K	$27K	25x	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	+0.0638%	4h	0.01897	−0.105%	—	$1.3M	—	as long as short
Bybit PIPPINUSDTlong	+0.0701%	4h	0.01899	long leg	$3.6M	$1.3M	13x
Gate PIPPIN_USDT	+0.0736%	4h	0.01898	−0.053%	$1.8M	$301K	20x	as long as short