PIPPIN

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0464%/8h= −50.8% APRnext payment −$2.32 per $10,000 · paid last 24h −0.050%

Price spread now: SunX against Bybit−0.052%46s7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$190as 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−$1631.633% of the position

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.268%−$27 on $10k

Price spread, last 4 days (all we have)+0.025%+$2 · spread now −0.052%, 7d avg −0.036%

Together, before fees−0.243%−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: −$14 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.268% in total (about -14.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.32 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	0.01917	0.0564	pay 0.0282% / 4h	1h 54m	$3.7M	$1.5M	13x
Short	SunX PIPPIN-USDT	0.01916	0.0100	get 0.0050% / 4h	1h 54m	$1K	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$97.38
Price spread: −0.052% → −0.036%: −$1.65
Slippage, 4 orders: −$144.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$262.31
Costs to cover: 1.633%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; SunX: 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 Bybit live order book, 3 min ago	2.61 bp	26.7 bp −$27	221.2 bp −$2,212	doesn't fit	doesn't fit
Sell SunX live order book, 5 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
Aster PIPPINUSDT	+0.0100%	4h	0.01915	−0.125%	$112K	$34K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01915	−0.078%	$18K	$9K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01915	−0.104%	$5.4M	$5.2M	25x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01915	−0.104%	$2.5M	$725K	50x	as long as short
SunX PIPPIN-USDTshort	+0.0100%	4h	0.01916	−0.052%	$1K	$10.4M	20x
HTX PIPPIN-USDT	+0.0100%	4h	0.01909	−0.417%	$35K	$14K	20x	as long as short
BloFin PIPPIN-USDT	+0.0154%	4h	0.01915	−0.104%	$256K	$27K	25x	as long as short
Gate PIPPIN_USDT	+0.0388%	4h	0.01916	−0.052%	$1.8M	$324K	20x	as long as short
OKX PIPPIN-USDT-SWAP	+0.0396%	4h	0.01915	−0.104%	$1.5M	$3.5M	20x	as long as short
Bybit PIPPINUSDTlong	+0.0564%	4h	0.01917	long leg	$3.7M	$1.5M	13x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX PIPPIN-USDT	+0.1070%	4h	0.01918	+0.052%	—	$1.3M	—	as long as short
Bitget PIPPINUSDT	+0.1072%	4h	0.01917	0.000%	$1.6M	$319K	10x	as long as short
KuCoin PIPPINUSDTM	+0.1146%	4h	0.01920	+0.156%	$2.1M	$5.9M	25x	as long as short