Funding you earn now, next payment 00:00 UTC+0.0020%/8h= +2.2% APRnext payment +$0.20 per $10,000 · paid last 24h +0.006%
Price spread now: Phemex against BingX−0.082%7-day average +0.055% · you buy dearer than you sell
Net, funding: paid 7d − costs−$56as in the Funding arb table
Net, price: spread back to 7d avg − costs−$85as in the Price arb table
costs, in and out, $10k−$710.708% of the position
Funding, last 7 days+0.146%+$15 on $10k
+Price spread, last 3 days (all we have)+0.185%+$19 · spread now −0.082%, 7d avg +0.055%
=Funding pays, the price is against you. Phemex is 0.138% cheaper against BingX than usual: you would sell low and buy high (spread −0.082% now, against its 7-day average of +0.055%). If the spread goes back, that is −$14 on $10k: about 23 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.146% in total) that is about 6.6 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | BingX 1000SHIB-USDC | 0.000006075 | 0.0080 | pay 0.0080% / 8h | 1h 36m | — | $1.6M | — |
| Short | Phemex u1000SHIBUSDT | 0.000006070 | 0.0100 | get 0.0100% / 8h | 1h 36m | $2.1M | $5.6M | 50x |
BingX 1000SHIB-USDC
Phemex u1000SHIBUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against BingX. 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
- $4.2
- Price spread: −0.082% → +0.055%
- −$13.76
- Slippage, 4 orders
- −$48.78
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$80.33
- Costs to cover
- 0.708%
- Break-even
- 140.9 days
Slippage from BingX: live order book, 10 min ago; Phemex: live order book, 2 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 BingX live order book, 10 min ago | 3.31 bp | 18.1 bp −$18 | 48.4 bp −$484 | 284.3 bp −$28.4K | 935.4 bp −$467.7K |
| Sell Phemex live order book, 2 min ago | 4.92 bp | 14.9 bp −$15 | 65.9 bp −$659 | doesn't fit | doesn't fit |
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 | 0.000006084 | +0.150% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006085 | +0.168% | $85K | $1.9M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000006074 | −0.016% | $47K | $65K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006074 | −0.016% | $739 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | +0.0008% | 1h | 0.000006137 | +1.021% | $82K | $798K | 50x | as long as short |
| BingX 1000SHIB-USDClong | +0.0080% | 8h | 0.000006075 | long leg | — | $1.6M | — | |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006076 | +0.016% | $153K | $288K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006074 | −0.018% | $35K | $175K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006085 | +0.165% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006077 | +0.026% | $29.9M | $91.9M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
Coinbase International 1000SHIB-PERP-INTX
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 | 0.000006076 | +0.016% | $8.9M | $31.4M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006074 | −0.016% | $6.9M | $5.5M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006070 | −0.082% | $31.0M | $15.8M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006074 | −0.016% | $4.9M | $2.5M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006074 | −0.016% | $11.6M | $12.8M | 75x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006075 | 0.000% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006084 | +0.148% | $2K | $23K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006075 | 0.000% | $538 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006075 | 0.000% | $414K | $634K | 75x | as long as short |
| Phemex u1000SHIBUSDTshort | +0.0100% | 8h | 0.000006070 | −0.082% | $2.1M | $5.6M | 50x | |
| Paradex kSHIB-USD-PERP | +0.0104% | 8h | 0.000006082 | +0.117% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006075 | 0.000% | $54K | $4K | 25x | as long as short |
| Injective SHIB/USDC PERP | +0.0141% | 1h | 0.000005975 | −1.646% | $245 | $99K | 5.5x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0197% | 1h | 0.000006076 | +0.016% | $25K | $5K | 15x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000006000 | −1.235% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006075 | 0.000% | $820K | $951K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006075 | +0.007% | $1 | — | 20x | as long as short |
| Kraken Futures PF_SHIBUSD | +0.0356% | 1h | 0.000006079 | +0.065% | $1.2M | $784K | 50x | as long as short |
| Hyperliquid kSHIB | +0.0860% | 1h | 0.000006087 | +0.198% | $4.4M | $4.0M | 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
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Injective SHIB/USDC PERP
Backpack kSHIB_USDC_PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Kraken Futures PF_SHIBUSD
Hyperliquid kSHIB