Funding you earn now, next payment 21:00 UTC−0.0084%/8h= −9.2% APRnext payment −$0.10 per $10,000 · paid last 24h −0.021%
Price spread now: Coinbase International against Backpack−0.636%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Coinbase International is 0.636% cheaper against Backpack than usual: you would sell low and buy high (−$64 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack kSHIB_USDC_PERP | 0.000005971 | 0.0100 | pay 0.0013% / 1h | 15m 00s | $25K | $5K | 15x |
| Short | Coinbase International 1000SHIB-PERP-INTX | 0.000005933 | 0.0016 | get 0.0002% / 1h | 15m 00s | $89K | $752K | 50x |
Backpack kSHIB_USDC_PERP
Coinbase International 1000SHIB-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$17.64
- Price spread: −0.636% → 0.000%
- −$63.64
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$101.28
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Coinbase International: live order book, 8 min ago. Net counts fees only.
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 Backpack no order-book sample | — | — | — | — | — |
| Sell Coinbase International live order book, 8 min ago | 8.36 bp | 13.4 bp −$13 | 16.9 bp −$169 | doesn't fit | doesn't fit |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
SHIB on 29 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 | |
|---|---|---|---|---|---|---|---|---|
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000005963 | −0.141% | $58K | $1.7M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000005967 | −0.067% | $46K | $65K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000005966 | −0.079% | $725 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTXshort | +0.0016% | 1h | 0.000005933 | −0.636% | $89K | $752K | 50x | |
| Kraken Futures PF_SHIBUSD | +0.0056% | 1h | 0.000005968 | −0.048% | $1.1M | $762K | 50x | as long as short |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000005975 | +0.067% | — | $1.6M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000005969 | −0.033% | $152K | $286K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000005969 | −0.038% | $35K | $179K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000005966 | −0.084% | $11K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000005976 | +0.077% | $29.0M | $88.6M | 75x | as long as short |
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
Kraken Futures PF_SHIBUSD
BingX 1000SHIB-USDC
Lighter 1000SHIB
Aster 1000SHIBUSDT
Pacifica kSHIB
Binance 1000SHIBUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000005980 | +0.151% | $7.6M | $28.1M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000005967 | −0.067% | $6.8M | $5.4M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000005964 | −0.117% | $31.7M | $15.8M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000005968 | −0.050% | $4.9M | $2.3M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000005969 | −0.033% | $11.6M | $12.4M | 75x | as long as short |
| Backpack kSHIB_USDC_PERPlong | +0.0100% | 1h | 0.000005971 | long leg | $25K | $5K | 15x | |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000005968 | −0.050% | $6K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000005974 | +0.050% | $2K | $23K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000005965 | −0.100% | $539 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000005971 | 0.000% | $403K | $615K | 75x | as long as short |
| Phemex u1000SHIBUSDT | +0.0100% | 8h | 0.000005972 | +0.017% | $2.1M | $5.5M | 50x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0100% | 8h | 0.000005967 | −0.063% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000005968 | −0.052% | $53K | $4K | 25x | as long as short |
| Injective SHIB/USDC PERP | +0.0187% | 1h | 0.000005964 | −0.117% | $245 | $67K | 5.5x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000005000 | −16.262% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000005961 | −0.167% | $712K | $963K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000005963 | −0.135% | $1 | — | 20x | as long as short |
| Hyperliquid kSHIB | +0.0673% | 1h | 0.000005978 | +0.117% | $4.3M | $3.7M | 10x | as long as short |
| dYdX SHIB-USD | +0.7713% | 1h | 0.000005963 | −0.140% | $23K | $64K | 10x | as long as short |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Phemex u1000SHIBUSDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Injective SHIB/USDC PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Hyperliquid kSHIB
dYdX SHIB-USD