Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.023%

Price spread now: MEXC against Coinbase International−0.314%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 3 days (all we have)+0.399%+$40 · spread now −0.314%, 7d avg +0.001%

Together, before fees+0.541%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.315% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.314% now, against its 7-day average of +0.001%). If the spread goes back, that is −$32 on $10k: about 11 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	0.000006057	0.0008	pay 0.0001% / 1h	34m 17s	$81K	$782K	50x
Short	MEXC SHIB_USDT	0.000006038	0.0100	get 0.0100% / 8h	1h 34m	$30.7M	$15.9M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.314%Rate

Funding earned: $19.32
Price spread: −0.314% → +0.001%: −$31.52
Slippage, 4 orders: −$25.8
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$48
Costs to cover: 0.358%
Break-even: 24.4 days

Slippage from Coinbase International: live order book, 49 min ago; MEXC: 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 Coinbase International live order book, 49 min ago	8.36 bp	15.0 bp −$15	21.0 bp −$210	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.82 bp	4.4 bp −$4	8.1 bp −$81	49.1 bp −$4,912	80.5 bp −$40.3K

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	0.000006051	−0.098%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006060	+0.041%	$84K	$1.9M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006053	−0.066%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006045	−0.195%	$735	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0008%	1h	0.000006057	long leg	$81K	$782K	50x
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006046	−0.182%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006055	−0.033%	$153K	$288K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006041	−0.256%	$35K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006053	−0.066%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006045	−0.199%	$29.6M	$92.2M	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	0.000006054	−0.050%	$8.8M	$31.4M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006041	−0.264%	$6.9M	$5.5M	75x	as long as short
MEXC SHIB_USDTshort	+0.0100%	8h	0.000006038	−0.314%	$30.7M	$15.9M	300x
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006036	−0.347%	$4.9M	$2.5M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006052	−0.083%	$11.6M	$12.8M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006053	−0.066%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006060	+0.050%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006056	−0.017%	$541	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006046	−0.182%	$413K	$634K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006050	−0.116%	$2.1M	$5.6M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0104%	8h	0.000006051	−0.100%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006053	−0.063%	$54K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0141%	1h	0.000005975	−1.354%	$245	$99K	5.5x	as long as short
Backpack kSHIB_USDC_PERP	+0.0169%	1h	0.000006060	+0.050%	$25K	$6K	15x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.941%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006067	+0.165%	$819K	$949K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006035	−0.358%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0357%	1h	0.000006059	+0.031%	$1.2M	$787K	50x	as long as short
Hyperliquid kSHIB	+0.0828%	1h	0.000006048	−0.149%	$4.4M	$4.0M	10x	as long as short