Funding you earn now, next payment 23:00 UTC−0.0602%/8h= −65.9% APRnext payment −$0.75 per $10,000 · paid last 24h −0.071%
Price spread now: Coinbase International against Hyperliquid+1.041%7-day average −0.129% · you sell dearer than you buy
Net, funding: paid 7d − costs−$71as in the Funding arb table
Net, price: spread back to 7d avg − costs+$67as in the Price arb table
costs, in and out, $10k−$500.497% of the position
Funding, last 7 days−0.215%−$22 on $10k
+Price spread, last 3 days (all we have)−1.228%−$123 · spread now +1.041%, 7d avg −0.129%
=Together, before fees−1.443%+ Points / potential airdropHyperliquid: Season 2 · farm board−$144 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Coinbase International is 1.171% dearer against Hyperliquid than usual: you sell high and buy low (spread +1.041% now, against its 7-day average of −0.129%): +$117 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 6.5 days. At the pace of the last 7 days (−0.215% in total) that is about 38 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.215% in total (about -11.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.75 per $10,000. 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 | Hyperliquid kSHIB | 0.000006050 | 0.0634 | pay 0.0079% / 1h | 34m 47s | $4.4M | $4.0M | 10x |
| Short | Coinbase International 1000SHIB-PERP-INTX | 0.000006113 | 0.0032 | get 0.0004% / 1h | 34m 47s | $81K | $791K | 50x |
Hyperliquid kSHIB
Coinbase International 1000SHIB-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$126.34
- Price spread: +1.041% → −0.129%
- $117.08
- Slippage, 4 orders
- −$30.71
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$58.96
- Costs to cover
- 0.497%
- Break-even
- from the start
Slippage from Hyperliquid: live order book, 7 min ago; Coinbase International: live order book, 43 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 Hyperliquid live order book, 7 min ago | 1.64 bp | 12.7 bp −$13 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 43 min ago | 6.59 bp | 13.2 bp −$13 | 19.2 bp −$192 | 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 | 0.000006039 | −0.178% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006046 | −0.068% | $73K | $1.9M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000006047 | −0.050% | $46K | $65K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006044 | −0.098% | $735 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTXshort | +0.0032% | 1h | 0.000006113 | +1.041% | $81K | $791K | 50x | |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000006038 | −0.198% | — | $1.6M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006038 | −0.198% | $152K | $291K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006035 | −0.244% | $35K | $175K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006037 | −0.215% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006036 | −0.237% | $29.7M | $95.1M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
BingX 1000SHIB-USDC
Lighter 1000SHIB
Aster 1000SHIBUSDT
Pacifica kSHIB
Binance 1000SHIBUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000006034 | −0.264% | $8.7M | $32.5M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006036 | −0.231% | $6.9M | $5.6M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006034 | −0.264% | $30.3M | $16.3M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006039 | −0.182% | $4.9M | $2.5M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006034 | −0.264% | $11.5M | $13.3M | 75x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006047 | −0.050% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006055 | +0.083% | $2K | $24K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006044 | −0.099% | $537 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006044 | −0.099% | $413K | $615K | 75x | as long as short |
| Phemex u1000SHIBUSDT | +0.0100% | 8h | 0.000006052 | +0.033% | $2.1M | $5.9M | 50x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0102% | 8h | 0.000006037 | −0.208% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006037 | −0.207% | $54K | $4K | 25x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0115% | 1h | 0.000006046 | −0.066% | $25K | $6K | 15x | as long as short |
| Injective SHIB/USDC PERP | +0.0161% | 1h | 0.000006040 | −0.165% | $248 | $134K | 5.5x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000006000 | −0.826% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006045 | −0.083% | $820K | $945K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006043 | −0.111% | $1 | — | 20x | as long as short |
| Kraken Futures PF_SHIBUSD | +0.0381% | 1h | 0.000006048 | −0.036% | $1.1M | $805K | 50x | as long as short |
| Hyperliquid kSHIBlong | +0.0634% | 1h | 0.000006050 | long leg | $4.4M | $4.0M | 10x |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Phemex u1000SHIBUSDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Backpack kSHIB_USDC_PERP
Injective SHIB/USDC PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Kraken Futures PF_SHIBUSD