PIPPIN

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0292%/8h= −31.9% APRnext payment −$1.46 per $10,000 · paid last 24h −0.002%

Price spread now: BloFin against OKX−0.052%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$770.773% of the position

Long on OKX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.052%, 7d avg −0.042%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.144% in total (about -7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.46 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	OKX PIPPIN-USDT-SWAP	0.01922	0.0405	pay 0.0202% / 4h	1h 19m	$1.5M	$3.5M	20x
Short	BloFin PIPPIN-USDT	0.01921	0.0113	get 0.0057% / 4h	1h 19m	$258K	$27K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against OKX. 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 OKXbpFee BloFinbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$61.24
Price spread: −0.052% → −0.042%: −$1
Slippage, 4 orders: −$55.34
Fee OKX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$139.59
Costs to cover: 0.773%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; BloFin: live order book, 57 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 OKX live order book, 3 min ago	2.60 bp	24.7 bp −$25	154.1 bp −$1,541	doesn't fit	doesn't fit
Sell BloFin live order book, 57 min ago	7.83 bp	17.3 bp −$17	102.6 bp −$1,026	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	0.01919	−0.138%	$112K	$33K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01920	−0.104%	$18K	$6K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01921	−0.052%	$5.5M	$5.3M	25x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01921	−0.052%	$2.6M	$753K	50x	as long as short
SunX PIPPIN-USDT	+0.0100%	4h	0.01927	+0.260%	$497	$10.4M	20x	as long as short
HTX PIPPIN-USDT	+0.0100%	4h	0.01911	−0.572%	$35K	$14K	20x	as long as short
BloFin PIPPIN-USDTshort	+0.0113%	4h	0.01921	−0.052%	$258K	$27K	25x
OKX PIPPIN-USDT-SWAPlong	+0.0405%	4h	0.01922	long leg	$1.5M	$3.5M	20x
Gate PIPPIN_USDT	+0.0424%	4h	0.01921	−0.052%	$1.8M	$327K	20x	as long as short
Bybit PIPPINUSDT	+0.0556%	4h	0.01922	0.000%	$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	+0.0988%	4h	0.01923	+0.052%	—	$1.3M	—	as long as short
Bitget PIPPINUSDT	+0.1000%	4h	0.01924	+0.104%	$1.6M	$321K	10x	as long as short
KuCoin PIPPINUSDTM	+0.1106%	4h	0.01923	+0.052%	$2.1M	$6.0M	25x	as long as short