Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.029%

Price spread now: Orderly against Coinbase International−0.151%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.151% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.151% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 2.2 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000005947	−0.0128	get 0.0016% / 1h	22m 50s	$116K	$1.6M	50x
Short	Orderly PERP_1000SHIB_USDC	0.000005938	0.0100	get 0.0100% / 8h	2h 22m	$6K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now −0.151%Rate

Funding earned: $47.88
Price spread: −0.151% → 0.000%: −$15.13
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $16.75
Costs to cover: 0.160%
Break-even: 4.6 days

Slippage unknown: Coinbase International: live order book, 1 min ago; Orderly: 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 Coinbase International live order book, 1 min ago	8.43 bp	16.8 bp −$17	22.8 bp −$228	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Kraken Futures PF_SHIBUSD	−0.0600%	1h	0.000005936	−0.193%	$1.1M	$1.0M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	−0.0128%	1h	0.000005947	long leg	$116K	$1.6M	50x
Deribit 1000SHIB_USDC-PERPETUAL	−0.0087%	1h	0.000005936	−0.185%	$46K	$65K	25x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005946	−0.017%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005936	−0.178%	$109K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005940	−0.113%	$561	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+1.564%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000005938	−0.151%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005948	+0.017%	$156K	$635K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005949	+0.026%	$41K	$336K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kSHIB	+0.0100%	1h	0.000005948	+0.017%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005951	+0.064%	$30.0M	$124.0M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005955	+0.135%	$9.1M	$42.1M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005938	−0.151%	$6.9M	$7.3M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005940	−0.118%	$28.1M	$19.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005941	−0.101%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005940	−0.118%	$11.1M	$17.1M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005938	−0.151%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDCshort	+0.0100%	8h	0.000005938	−0.151%	$6K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000005945	−0.034%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005937	−0.168%	$499	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005945	−0.034%	$405K	$569K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005950	+0.050%	$2.0M	$7.4M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000005947	+0.002%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005940	−0.111%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0159%	1h	0.000005946	−0.017%	$3.6M	$5.3M	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−15.924%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005942	−0.084%	$892K	$914K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005939	−0.142%	$1	—	20x	as long as short