Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.024%

Price spread now: Coinbase International against Binance+0.004%7-day average −0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$510.511% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now +0.004%, 7d avg −0.053%

Together, before fees−0.178%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.057% dearer against Binance than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.053%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 1000SHIBUSDT	0.000006006	0.0100	pay 0.0100% / 8h	6h 28m	$29.4M	$101.7M	75x
Short	Coinbase International 1000SHIB-PERP-INTX	0.000006006	0.0072	get 0.0009% / 1h	28m 49s	$135K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$5.88
Price spread: +0.004% → −0.053%: $5.72
Slippage, 4 orders: −$31.12
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$51.28
Costs to cover: 0.511%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Coinbase International: 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 Binance live order book, 14 min ago	0.84 bp	8.6 bp −$9	17.1 bp −$171	71.0 bp −$7,097	216.6 bp −$108.3K
Sell Coinbase International live order book, 5 min ago	9.23 bp	14.2 bp −$14	21.1 bp −$211	doesn't fit	doesn't fit

SHIB on 28 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
dYdX SHIB-USD	0.0000%	1h	0.000006001	−0.079%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006000	−0.088%	$190K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000005997	−0.154%	$729	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.570%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTXshort	+0.0072%	1h	0.000006006	+0.004%	$135K	$1.1M	50x
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006004	−0.029%	—	$2.1M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0084%	1h	0.000005997	−0.146%	$46K	$64K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005998	−0.129%	$162K	$610K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006004	−0.029%	$3.7M	$4.7M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005995	−0.187%	$39K	$183K	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDTlong	+0.0100%	8h	0.000006006	long leg	$29.4M	$101.7M	75x
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006011	+0.087%	$9.2M	$35.9M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006002	−0.063%	$6.9M	$5.7M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006005	−0.013%	$30.7M	$17.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006006	+0.004%	$4.9M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006006	+0.004%	$11.4M	$14.2M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005998	−0.129%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005996	−0.163%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006005	−0.013%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005996	−0.163%	$523	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005999	−0.113%	$411K	$592K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006000	−0.096%	$2.1M	$6.6M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006002	−0.060%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0121%	8h	0.000006008	+0.032%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0183%	1h	0.000006006	+0.004%	$12K	$4K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−16.747%	$1K	—	100x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005996	−0.166%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0760%	1h	0.000005992	−0.231%	$1.1M	$862K	50x	as long as short