Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.012%

Price spread now: Injective against Binance−1.033%57s7-day average −0.103% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.043%−$4 on $10k

Price spread, last 3 days (all we have)+0.752%+$75 · spread now −1.033%, 7d avg −0.103%

Together, before fees+0.710%+$71 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.931% cheaper against Binance than usual: you would sell low and buy high (−$93 if the spread goes back to its 7-day average of −0.103%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 1000SHIBUSDT	0.000006103	0.0100	pay 0.0100% / 8h	7h 16m	$30.0M	$98.8M	75x
Short	Injective SHIB/USDC PERP	0.000006040	0.0033	get 0.0004% / 1h	16m 25s	$248	$134K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.033%Rate

Funding earned: −$14
Price spread: −1.033% → −0.103%: −$93.06
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$117.08
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 11 min ago; Injective: no order-book sample. 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 Binance live order book, 11 min ago	0.82 bp	8.4 bp −$8	16.7 bp −$167	65.1 bp −$6,506	203.1 bp −$101.6K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
dYdX SHIB-USD	0.0000%	1h	0.000006107	+0.065%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006092	−0.190%	$207K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006100	−0.052%	$742	—	150x	as long as short
Injective SHIB/USDC PERPshort	+0.0033%	1h	0.000006040	−1.033%	$248	$134K	5.5x
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006064	−0.640%	$85K	$877K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0078%	1h	0.000006091	−0.198%	$47K	$65K	25x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006101	−0.034%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006114	+0.179%	$241K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006097	−0.092%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006110	+0.114%	$12K	$4K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDTlong	+0.0100%	8h	0.000006103	long leg	$30.0M	$98.8M	75x
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006104	+0.015%	$9.3M	$35.1M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006100	−0.050%	$7.1M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006102	−0.018%	$31.6M	$16.9M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006100	−0.050%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006097	−0.099%	$11.4M	$14.0M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006102	−0.018%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006095	−0.132%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006091	−0.198%	$523	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006090	−0.214%	$417K	$595K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006100	−0.050%	$2.2M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006094	−0.145%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0123%	8h	0.000006100	−0.050%	$7K	$13	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0204%	1h	0.000006099	−0.067%	$23K	$7K	15x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.689%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006094	−0.149%	$872K	$941K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006092	−0.184%	$1.2M	$826K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006099	−0.066%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0724%	1h	0.000006111	+0.130%	$4.4M	$4.0M	10x	as long as short