Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.022%

Price spread now: Binance against Coinbase International−0.017%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$420.416% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 3 days (all we have)+0.203%+$20 · spread now −0.017%, 7d avg +0.053%

Together, before fees+0.300%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.070% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.053%). If the spread goes back, that is −$7 on $10k: about 2.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000005933	0.0016	pay 0.0002% / 1h	44m 19s	$89K	$753K	50x
Short	Binance 1000SHIBUSDT	0.000005932	0.0100	get 0.0100% / 8h	2h 44m	$28.9M	$87.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.017%Rate

Funding earned: $17.64
Price spread: −0.017% → +0.053%: −$7.01
Slippage, 4 orders: −$21.63
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$31
Costs to cover: 0.416%
Break-even: 19.3 days

Slippage from Coinbase International: live order book, 44 min ago; Binance: live order book, 13 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 Coinbase International live order book, 44 min ago	6.69 bp	13.3 bp −$13	20.9 bp −$209	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.84 bp	6.8 bp −$7	15.8 bp −$158	60.7 bp −$6,073	153.4 bp −$76.7K

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	0.000005937	+0.062%	$50K	$1.6M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005932	−0.017%	$42K	$61K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000005929	−0.062%	$721	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0016%	1h	0.000005933	long leg	$89K	$753K	50x
Kraken Futures PF_SHIBUSD	+0.0056%	1h	0.000005928	−0.076%	$1.1M	$761K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000005929	−0.067%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005932	−0.017%	$151K	$285K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005932	−0.014%	$35K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005925	−0.135%	$11K	$4K	10x	as long as short
Binance 1000SHIBUSDTshort	+0.0100%	8h	0.000005932	−0.017%	$28.9M	$87.8M	75x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005928	−0.084%	$7.5M	$27.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005927	−0.101%	$6.7M	$5.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005930	−0.051%	$31.7M	$15.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005927	−0.101%	$4.9M	$2.3M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005931	−0.034%	$11.6M	$12.5M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005926	−0.118%	$25K	$5K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005932	−0.017%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005938	+0.084%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005930	−0.051%	$537	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005932	−0.017%	$399K	$623K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005931	−0.034%	$2.1M	$5.3M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0100%	8h	0.000005929	−0.064%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005927	−0.097%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0187%	1h	0.000005964	+0.523%	$245	$67K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−15.726%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005923	−0.169%	$714K	$1.0M	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005930	−0.059%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0591%	1h	0.000005939	+0.101%	$4.3M	$3.7M	10x	as long as short
dYdX SHIB-USD	+0.9392%	1h	0.000005926	−0.118%	$23K	$64K	10x	as long as short