PIPPIN Funding Rate — live across 10 venues

Compared across 10 supported venues · net of estimated fees · updated every few minutes

Live annualized PIPPIN perpetual funding across all 10 venues Perpia tracks. Right now PIPPIN funding is positive on 10 and negative on 0, ranging from +41.4% on KuCoin to +10.9% on Pacifica — a spread of 30.4%. The widest delta-neutral trade is long Binance / short KuCoin at 26.9% net APR.

venues

paying positive

30.4%

funding spread

Best PIPPIN spread now

26.9%

net APR after fees

Long Binance→Short KuCoin

size depends on live venue depth — see the real cap in the scanner

PIPPIN funding trend & liquidity

168h of history

30.3%

current gross APR

19.4%

24h average

19.1%

7-day average

$3.1M

pair OI · lower leg

$2.9M

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

PIPPIN funding rate history

30d · 6h buckets · 9 venues

196%0-100.2%

6 Aug5 Sep

PIPPIN — average across 9 venuesAsterPacificaBinanceBitget

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +23.9%. A break in a line means no data was recorded for that stretch, not a zero rate.

PIPPIN funding rate by venue

23 pairs scanned

Venue	Funding APR	Interval
KuCoin ↗	+41.4%	4h
Aster ↗	+30.0%	1h
BingX ↗	+16.9%	4h
MEXC ↗	+12.5%	4h
Binance ↗	+11.0%	4h
Bybit ↗	+10.9%	4h
Gate.io ↗	+10.9%	4h
OKX ↗	+10.9%	4h
Bitget ↗	+10.9%	4h
Pacifica ↗	+10.9%	1h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Binance vs KuCoin page.

PIPPIN arbitrage — 30-day backtest

long Binance · short KuCoin

8.7%

backtested APR

+$71

historical net P&L on $10,000

0.11%

max drawdown

$10,000$10,071

30 days agostarting capital $10,000today

Over the last 30 days, holding long Binance / short KuCoin would have produced 8.7% APR — versus the 26.9% the live spread implies right now (equity $10,000 → $10,071). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

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PIPPIN funding — FAQ

Is PIPPIN funding positive right now?

PIPPIN perpetual funding is positive on 10 of 10 venues Perpia tracks. The highest is +41.4% on KuCoin; the lowest is +10.9% on Pacifica.

What is the best PIPPIN funding arbitrage right now?

Go long Binance and short KuCoin for about 26.9% net APR after fees — the widest delta-neutral PIPPIN spread Perpia currently sees.

Which exchange has the highest PIPPIN funding rate?

KuCoin, at +41.4% annualized. Funding shifts continuously, so check the live table above before trading.

How PIPPIN funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to PIPPIN

Markets also quoted on both Binance and KuCoin — the same two exchanges you would already have funded for the PIPPIN trade.

See every spread between them on the Binance vs KuCoin page.

Open the live scanner →All funding rates Funding by exchange How we calculate this