Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.028%

Price spread now: Orderly against gTrade (Gains Network)−0.062%63s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 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 0.062% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.062% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.2 days of funding at the current rate (+$3 a day). The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) SHIB/USD	0.000005996	L +0.0006% / S 0.0000%	pay 0.0001% / 1h	49m 51s	$566	—	150x
Short	Orderly PERP_1000SHIB_USDC	0.000005992	0.0100	get 0.0100% / 8h	7h 49m	$7K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now −0.062%Rate

Funding earned: $19.68
Price spread: −0.062% → 0.000%: −$6.17
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.49
Costs to cover: 0.160%
Break-even: 7.9 days

Slippage unknown: gTrade (Gains Network): no order-book sample; 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and 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
Coinbase International 1000SHIB-PERP-INTX	−0.0024%	1h	0.000005944	−0.862%	$128K	$1.6M	50x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005996	+0.002%	$144K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USDlong	L +0.0006% / S 0.0000%	1h	0.000005996	long leg	$566	—	150x
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.739%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000005988	−0.128%	—	$1.6M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0084%	1h	0.000005994	−0.028%	$50K	$59K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005996	+0.005%	$156K	$641K	10x	as long as short
Kraken Futures PF_SHIBUSD	+0.0100%	1h	0.000005991	−0.074%	$1.2M	$1.0M	50x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000005994	−0.028%	$3.6M	$5.5M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005986	−0.165%	$41K	$299K	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	0.000005999	+0.055%	$12K	$6K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005984	−0.198%	$30.5M	$128.4M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005986	−0.162%	$8.9M	$45.1M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005983	−0.212%	$7.0M	$6.9M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005981	−0.245%	$28.7M	$20.0M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005982	−0.228%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005992	−0.062%	$11.4M	$17.3M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005986	−0.162%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDCshort	+0.0100%	8h	0.000005992	−0.062%	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006003	+0.122%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005993	−0.045%	$507	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005992	−0.062%	$413K	$591K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006000	+0.072%	$2.1M	$7.7M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000005997	+0.029%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005983	−0.212%	$53K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0212% / S −0.2404%	1h	0.000005000	−16.607%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005991	−0.078%	$828K	$933K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005989	−0.111%	$1	—	20x	as long as short
dYdX SHIB-USD	+0.7965%	1h	0.000005997	+0.021%	$23K	$82K	10x	as long as short