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 +0.020%

Price spread now: Bitget against Coinbase International−0.334%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$450.452% of the position

Long on Coinbase International Short on Bitget

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)+0.535%+$54 · spread now −0.334%, 7d avg +0.012%

Together, before fees+0.632%+$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.347% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.334% now, against its 7-day average of +0.012%). If the spread goes back, that is −$35 on $10k: about 14 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	0.000005980	0.0016	pay 0.0002% / 1h	58m 13s	$93K	$760K	50x
Short	Bitget SHIBUSDT	0.000005960	0.0100	get 0.0100% / 8h	2h 58m	$11.4M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.334%Rate

Funding earned: $17.64
Price spread: −0.334% → +0.012%: −$34.68
Slippage, 4 orders: −$23.21
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$62.25
Costs to cover: 0.452%
Break-even: 31.7 days

Slippage from Coinbase International: live order book, 30 min ago; Bitget: live order book, just now.

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, 30 min ago	6.69 bp	13.3 bp −$13	20.9 bp −$209	doesn't fit	doesn't fit
Sell Bitget live order book, just now	1.68 bp	9.0 bp −$9	9.3 bp −$93	45.0 bp −$4,496	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
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005963	−0.291%	$55K	$1.6M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005961	−0.318%	$42K	$61K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0007% / S −0.0022%	1h	0.000005961	−0.319%	$3K	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0016%	1h	0.000005980	long leg	$93K	$760K	50x
Kraken Futures PF_SHIBUSD	+0.0056%	1h	0.000005957	−0.377%	$1.1M	$731K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000005957	−0.385%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005958	−0.368%	$151K	$284K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005964	−0.272%	$36K	$180K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005967	−0.217%	$11K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005959	−0.357%	$29.2M	$87.4M	75x	as long as short

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	0.000005956	−0.401%	$7.6M	$27.8M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005960	−0.334%	$6.8M	$5.3M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005961	−0.318%	$32.2M	$15.4M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005965	−0.251%	$5.0M	$2.4M	75x	as long as short
Bitget SHIBUSDTshort	+0.0100%	8h	0.000005960	−0.334%	$11.4M	$12.2M	75x
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005968	−0.201%	$25K	$5K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005961	−0.318%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005972	−0.134%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005957	−0.385%	$540	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005957	−0.385%	$401K	$635K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005960	−0.334%	$2.1M	$5.3M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0100%	8h	0.000005968	−0.202%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005956	−0.409%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0187%	1h	0.000005964	−0.268%	$245	$67K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−16.388%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005967	−0.217%	$715K	$1.0M	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005961	−0.320%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0564%	1h	0.000005973	−0.117%	$4.3M	$3.7M	10x	as long as short
dYdX SHIB-USD	+0.4174%	1h	0.000005965	−0.250%	$23K	$64K	10x	as long as short