Funding arb · Price arb /

PIPPIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0424%/8hnext payment +$2.12 per $10,000 · paid last 24h +0.098%

Price spread now: Gate against SunX0.000%53s7-day average −0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$710as 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−$7367.358% of the position

Long on SunX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 3 days (all we have)−0.091%−$9 · spread now 0.000%, 7d avg −0.097%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Gate is 0.097% dearer against SunX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.097%. The two prices were read 53 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 0.263% in total (about 13.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.12 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	SunX PIPPIN-USDT	0.01900	0.0100	pay 0.0050% / 4h	7m 19s	$979	$9.7M	20x
Short	Gate PIPPIN_USDT	0.01900	0.0524	get 0.0262% / 4h	7m 19s	$1.8M	$304K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against SunX. 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 SunXbpFee GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: $89.04
Price spread: 0.000% → −0.097%: $9.74
Slippage, 4 orders: −$712.83
Fee SunX: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$637.05
Costs to cover: 7.358%
Break-even: 57.1 days

Slippage from SunX: live order book, 6 min ago; Gate: 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 SunX live order book, 6 min ago	18.42 bp	58.4 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.63 bp	417.1 bp −$417	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	0.01898	−0.112%	$110K	$32K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01896	−0.211%	$18K	$9K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01898	−0.105%	$5.3M	$4.5M	25x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01898	−0.105%	$2.5M	$761K	50x	as long as short
KuCoin PIPPINUSDTM	+0.0100%	4h	0.01900	0.000%	$2.2M	$3.7M	25x	as long as short
Bitget PIPPINUSDT	+0.0100%	4h	0.01900	0.000%	$1.6M	$356K	10x	as long as short
SunX PIPPIN-USDTlong	+0.0100%	4h	0.01900	long leg	$979	$9.7M	20x
HTX PIPPIN-USDT	+0.0100%	4h	0.01892	−0.421%	$34K	$17K	20x	as long as short
Bybit PIPPINUSDT	+0.0102%	4h	0.01901	+0.053%	$3.6M	$1.3M	13x	as long as short
OKX PIPPIN-USDT-SWAP	+0.0136%	4h	0.01899	−0.053%	$1.6M	$3.3M	20x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PIPPIN-USDT	+0.0145%	4h	0.01900	0.000%	$218K	$25K	25x	as long as short
BingX PIPPIN-USDT	+0.0146%	4h	0.01899	−0.053%	—	$1.3M	—	as long as short
Gate PIPPIN_USDTshort	+0.0524%	4h	0.01900	0.000%	$1.8M	$304K	20x