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: Coinbase International against HTX−0.350%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$820.822% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 3 days (all we have)+0.295%+$29 · spread now −0.350%, 7d avg +0.022%

Together, before fees+0.085%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Coinbase International is 0.371% cheaper against HTX than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of +0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX SHIB-USDT	0.000006005	0.0100	pay 0.0100% / 8h	1h 52m	$405K	$615K	75x
Short	Coinbase International 1000SHIB-PERP-INTX	0.000005984	0.0008	get 0.0001% / 1h	52m 45s	$89K	$759K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.350%Rate

Funding earned: −$19.32
Price spread: −0.350% → +0.022%: −$37.13
Slippage, 4 orders: −$60.19
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$138.64
Costs to cover: 0.822%
Break-even: never at this rate

Slippage from HTX: live order book, 31 min ago; Coinbase International: live order book, 31 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 HTX live order book, 31 min ago	4.18 bp	34.7 bp −$35	121.2 bp −$1,212	doesn't fit	doesn't fit
Sell Coinbase International live order book, 31 min ago	8.36 bp	13.4 bp −$13	16.9 bp −$169	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
dYdX SHIB-USD	0.0000%	1h	0.000006014	+0.157%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006012	+0.110%	$58K	$1.7M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006007	+0.033%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006009	+0.060%	$731	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXshort	+0.0008%	1h	0.000005984	−0.350%	$89K	$759K	50x
BingX 1000SHIB-USDT	+0.0062%	8h	0.000006010	+0.083%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006020	+0.250%	$153K	$286K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006014	+0.153%	$36K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006018	+0.216%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006022	+0.283%	$29.3M	$89.0M	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	0.000006015	+0.167%	$7.6M	$28.4M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006004	−0.017%	$6.8M	$5.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006008	+0.050%	$31.8M	$15.4M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006008	+0.050%	$4.9M	$2.3M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006015	+0.167%	$11.7M	$12.4M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006011	+0.100%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006024	+0.316%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006007	+0.033%	$544	$5K	10x	as long as short
HTX SHIB-USDTlong	+0.0100%	8h	0.000006005	long leg	$405K	$615K	75x
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006003	−0.033%	$2.2M	$5.5M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0104%	8h	0.000006019	+0.230%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006003	−0.033%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0141%	1h	0.000005975	−0.500%	$245	$99K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.083%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006006	+0.017%	$709K	$942K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0230%	1h	0.000006006	+0.017%	$25K	$5K	15x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006008	+0.043%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0360%	1h	0.000006010	+0.089%	$1.1M	$765K	50x	as long as short
Hyperliquid kSHIB	+0.1007%	1h	0.000006026	+0.350%	$4.4M	$3.8M	10x	as long as short