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 −0.006%

Price spread now: Coinbase International against Gate+0.051%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$590.587% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 3 days (all we have)−0.215%−$21 · spread now +0.051%, 7d avg +0.018%

Together, before fees−0.332%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.033% dearer against Gate than usual: you sell high and buy low (spread +0.051% now, against its 7-day average of +0.018%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SHIB_USDT	0.000005927	0.0100	pay 0.0100% / 8h	2h 54m	$6.7M	$5.4M	75x
Short	Coinbase International 1000SHIB-PERP-INTX	0.000005930	0.0016	get 0.0002% / 1h	54m 10s	$89K	$752K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$17.64
Price spread: +0.051% → +0.018%: $3.27
Slippage, 4 orders: −$33.74
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$73.11
Costs to cover: 0.587%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Coinbase International: live order book, 34 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 Gate live order book, 4 min ago	1.68 bp	16.7 bp −$17	32.9 bp −$329	doesn't fit	doesn't fit
Sell Coinbase International live order book, 34 min ago	6.69 bp	13.3 bp −$13	17.6 bp −$176	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
BingX 1000SHIB-USDT	−0.0006%	8h	0.000005930	+0.051%	—	$2.1M	—	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005938	+0.186%	$50K	$1.6M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005926	−0.017%	$42K	$61K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000005927	0.000%	$721	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXshort	+0.0016%	1h	0.000005930	+0.051%	$89K	$752K	50x
Kraken Futures PF_SHIBUSD	+0.0056%	1h	0.000005934	+0.113%	$1.1M	$758K	50x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005932	+0.084%	$151K	$284K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005932	+0.084%	$35K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005943	+0.270%	$11K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005933	+0.103%	$28.9M	$87.7M	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	0.000005929	+0.034%	$7.6M	$27.7M	50x	as long as short
Gate SHIB_USDTlong	+0.0100%	8h	0.000005927	long leg	$6.7M	$5.4M	75x
MEXC SHIB_USDT	+0.0100%	8h	0.000005928	+0.017%	$31.8M	$15.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005930	+0.051%	$5.0M	$2.3M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005933	+0.101%	$11.6M	$12.5M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005932	+0.084%	$25K	$5K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005927	0.000%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005940	+0.219%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005931	+0.067%	$535	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005932	+0.084%	$399K	$623K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005933	+0.101%	$2.1M	$5.3M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0100%	8h	0.000005930	+0.044%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005926	−0.010%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0187%	1h	0.000005964	+0.624%	$245	$67K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−15.640%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005962	+0.591%	$714K	$1.0M	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005925	−0.027%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0605%	1h	0.000005941	+0.236%	$4.3M	$3.7M	10x	as long as short
dYdX SHIB-USD	+0.9037%	1h	0.000005940	+0.219%	$23K	$64K	10x	as long as short