Funding arb · Price arb /

PIPPIN

all PIPPIN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.079%

Price spread now: SunX against Gate+0.212%7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,023as in the Funding arb table

Net, price: spread back to 7d avg − costs−$981as in the Price arb table

costs, in and out, $10k−$9939.933% of the position

Long on Gate Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.296%−$30 on $10k

Price spread, last 4 days (all we have)−0.157%−$16 · spread now +0.212%, 7d avg +0.091%

Together, before fees−0.453%−$45 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 0.121% dearer against Gate than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PIPPIN_USDT	0.01890	0.0100	pay 0.0050% / 4h	3h 25m	$1.8M	$320K	20x
Short	SunX PIPPIN-USDT	0.01894	0.0100	get 0.0050% / 4h	3h 25m	$771	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Gate. 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 GatebpFee SunXbpOrdersPrice spread, now +0.212%Rate

Funding earned: $0
Price spread: +0.212% → +0.091%: $12.05
Slippage, 4 orders: −$970.26
Fee Gate: 7.5 bp × 2 orders: −$15
Fee SunX: 4 bp × 2 orders: −$8
Net: −$981.21
Costs to cover: 9.933%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; SunX: live order book, 3 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 Gate live order book, 2 min ago	2.64 bp	234.4 bp −$234	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	18.48 bp	65.0 bp −$65	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	0.01891	+0.073%	$110K	$35K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01892	+0.116%	$18K	$5K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01894	+0.202%	$5.4M	$5.3M	25x	as long as short
Bybit PIPPINUSDT	+0.0100%	4h	0.01896	+0.317%	$3.6M	$1.5M	13x	as long as short
OKX PIPPIN-USDT-SWAP	+0.0100%	4h	0.01896	+0.317%	$1.5M	$3.5M	20x	as long as short
Gate PIPPIN_USDTlong	+0.0100%	4h	0.01890	long leg	$1.8M	$320K	20x
MEXC PIPPIN_USDT	+0.0100%	4h	0.01893	+0.159%	$2.7M	$786K	50x	as long as short
Bitget PIPPINUSDT	+0.0100%	4h	0.01895	+0.265%	$1.6M	$336K	10x	as long as short
BingX PIPPIN-USDT	+0.0100%	4h	0.01897	+0.370%	—	$1.4M	—	as long as short
SunX PIPPIN-USDTshort	+0.0100%	4h	0.01894	+0.212%	$771	$10.4M	20x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PIPPIN-USDT	+0.0100%	4h	0.01888	−0.106%	$34K	$14K	20x	as long as short
BloFin PIPPIN-USDT	+0.0149%	4h	0.01896	+0.317%	$256K	$32K	25x	as long as short
KuCoin PIPPINUSDTM	+0.0306%	4h	0.01892	+0.106%	$2.1M	$6.5M	25x	as long as short