PIPPIN

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0930%/8h= −101.9% APRnext payment −$4.65 per $10,000 · paid last 24h −0.117%

Price spread now: BloFin against KuCoin−0.157%110s7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$178as 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−$1191.186% of the position

Long on KuCoin Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.598%−$60 on $10k

Price spread, last 4 days (all we have)+0.211%+$21 · spread now −0.157%, 7d avg −0.009%

Together, before fees−0.387%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and BloFin is 0.148% cheaper against KuCoin than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.009%). Swap the legs. The two prices were read 110 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 -0.598% in total (about -31.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.65 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	KuCoin PIPPINUSDTM	0.01912	0.1076	pay 0.0538% / 4h	2h 25m	$2.1M	$5.7M	25x
Short	BloFin PIPPIN-USDT	0.01909	0.0146	get 0.0073% / 4h	2h 25m	$253K	$27K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against KuCoin. 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 KuCoinbpFee BloFinbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$195.4
Price spread: −0.157% → −0.009%: −$14.81
Slippage, 4 orders: −$94.58
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$328.79
Costs to cover: 1.186%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; BloFin: live order book, 56 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 KuCoin live order book, 2 min ago	7.85 bp	39.8 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 56 min ago	5.25 bp	20.8 bp −$21	81.0 bp −$810	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	0.01911	−0.057%	$111K	$33K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01911	−0.052%	$18K	$9K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01912	+0.017%	$5.4M	$5.1M	25x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01912	0.000%	$2.6M	$734K	50x	as long as short
SunX PIPPIN-USDT	+0.0100%	4h	0.01904	−0.418%	$1K	$10.4M	20x	as long as short
HTX PIPPIN-USDT	+0.0100%	4h	0.01903	−0.471%	$34K	$14K	20x	as long as short
BloFin PIPPIN-USDTshort	+0.0146%	4h	0.01909	−0.157%	$253K	$27K	25x
OKX PIPPIN-USDT-SWAP	+0.0376%	4h	0.01914	+0.105%	$1.6M	$3.5M	20x	as long as short
Gate PIPPIN_USDT	+0.0434%	4h	0.01909	−0.157%	$1.8M	$323K	20x	as long as short
Bitget PIPPINUSDT	+0.0776%	4h	0.01910	−0.105%	$1.6M	$317K	10x	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	+0.0976%	4h	0.01914	+0.105%	—	$1.3M	—	as long as short
Bybit PIPPINUSDT	+0.1009%	4h	0.01913	+0.052%	$3.7M	$1.5M	13x	as long as short
KuCoin PIPPINUSDTMlong	+0.1076%	4h	0.01912	long leg	$2.1M	$5.7M	25x