Funding arb · Price arb /

SHIB

all SHIB markets

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: Phemex against Coinbase International−0.843%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$148as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$14 on $10k

Price spread, last 4 days (all we have)+0.964%+$96 · spread now −0.843%, 7d avg +0.051%

Together, before fees+1.109%+$111 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.894% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.843% now, against its 7-day average of +0.051%). If the spread goes back, that is −$89 on $10k: about 13 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.145% in total) that is about 43 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.145% in total (about 7.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000006051	−0.0128	get 0.0016% / 1h	57m 21s	$118K	$1.6M	50x
Short	Phemex u1000SHIBUSDT	0.000006000	0.0100	get 0.0100% / 8h	2h 57m	$2.0M	$7.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.843%Rate

Funding earned: $47.88
Price spread: −0.843% → +0.051%: −$89.41
Slippage, 4 orders: −$36.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$99.83
Costs to cover: 0.583%
Break-even: 21.6 days

Slippage from Coinbase International: live order book, 1 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 Coinbase International live order book, 1 min ago	7.50 bp	14.1 bp −$14	19.5 bp −$195	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.33 bp	16.6 bp −$17	49.5 bp −$495	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
Kraken Futures PF_SHIBUSD	−0.0594%	1h	0.000005999	−0.863%	$1.1M	$1.0M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	−0.0128%	1h	0.000006051	long leg	$118K	$1.6M	50x
dYdX SHIB-USD	0.0000%	1h	0.000006013	−0.629%	$23K	$65K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005994	−0.942%	$111K	$3.1M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006025	−0.436%	$569	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.182%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000006026	−0.413%	—	$1.6M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0083%	1h	0.000006006	−0.744%	$47K	$65K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006013	−0.628%	$158K	$628K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006019	−0.533%	$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	0.000006015	−0.595%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006027	−0.397%	$30.5M	$121.5M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006025	−0.430%	$9.6M	$41.5M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006023	−0.463%	$7.1M	$7.0M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006020	−0.512%	$28.8M	$19.1M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006023	−0.463%	$4.6M	$3.1M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006026	−0.413%	$11.4M	$16.9M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005996	−0.909%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006027	−0.397%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006015	−0.595%	$2K	$26K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006005	−0.760%	$505	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006002	−0.810%	$409K	$593K	75x	as long as short
Phemex u1000SHIBUSDTshort	+0.0100%	8h	0.000006000	−0.843%	$2.0M	$7.2M	50x
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006022	−0.486%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006017	−0.568%	$53K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.843%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005984	−1.107%	$927K	$913K	50x	as long as short
Hyperliquid kSHIB	+0.0269%	1h	0.000006031	−0.331%	$3.6M	$5.3M	10x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006024	−0.454%	$1	—	20x	as long as short