Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.012%
Price spread now: Phemex against Injective−0.927%65s7-day average +0.091% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.027%+$3 on $10k
+Price spread, last 4 days (all we have)+1.037%+$104 · spread now −0.927%, 7d avg +0.091%
=Funding pays, the price is against you. Phemex is 1.018% cheaper against Injective than usual: you would sell low and buy high (spread −0.927% now, against its 7-day average of +0.091%). If the spread goes back, that is −$102 on $10k: about 51 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.027% in total) that is about 9 months. The two prices were read 65 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 | Injective SHIB/USDC PERP | 0.000006040 | 0.0033 | pay 0.0004% / 1h | 13m 33s | $248 | $134K | 5.5x |
| Short | Phemex u1000SHIBUSDT | 0.000005984 | 0.0100 | get 0.0100% / 8h | 5h 13m | $2.1M | $6.7M | 50x |
Injective SHIB/USDC PERP
Phemex u1000SHIBUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. 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
- $14
- Price spread: −0.927% → +0.091%
- −$101.81
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$99.83
- Costs to cover
- 0.120%
- Break-even
- 56.9 days
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 5 min ago. 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 Injective no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 5 min ago | 2.50 bp | 15.2 bp −$15 | 40.6 bp −$406 | doesn't fit | doesn't fit |
Injective: 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_SHIBUSD | −0.0293% | 1h | 0.000005985 | −0.907% | $1.1M | $911K | 50x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | −0.0032% | 1h | 0.000005995 | −0.745% | $133K | $1.1M | 50x | as long as short |
| dYdX SHIB-USD | 0.0000% | 1h | 0.000005982 | −0.964% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000005987 | −0.871% | $193K | $2.3M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000005989 | −0.844% | $46K | $61K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S 0.0000% | 1h | 0.000005985 | −0.907% | $565 | — | 150x | as long as short |
| Injective SHIB/USDC PERPlong | +0.0033% | 1h | 0.000006040 | long leg | $248 | $134K | 5.5x | |
| BingX 1000SHIB-USDT | +0.0080% | 8h | 0.000005986 | −0.894% | — | $2.1M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000005987 | −0.877% | $161K | $614K | 10x | as long as short |
| Hyperliquid kSHIB | +0.0100% | 1h | 0.000005989 | −0.844% | $3.6M | $4.8M | 10x | as long as short |
Kraken Futures PF_SHIBUSD
Coinbase International 1000SHIB-PERP-INTX
dYdX SHIB-USD
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
BingX 1000SHIB-USDT
Lighter 1000SHIB
Hyperliquid kSHIBShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000005987 | −0.871% | $41K | $319K | 50x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000005988 | −0.861% | $29.3M | $102.5M | 75x | as long as short |
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000005986 | −0.894% | $9.3M | $36.1M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000005983 | −0.944% | $6.9M | $5.9M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000005988 | −0.861% | $29.6M | $17.4M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000005985 | −0.911% | $4.9M | $2.7M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000005986 | −0.894% | $11.3M | $14.4M | 75x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0100% | 1h | 0.000005989 | −0.844% | $23K | $7K | 15x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000005990 | −0.828% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000005999 | −0.679% | $2K | $24K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000005989 | −0.844% | $499 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000005992 | −0.795% | $410K | $583K | 75x | as long as short |
| Phemex u1000SHIBUSDTshort | +0.0100% | 8h | 0.000005984 | −0.927% | $2.1M | $6.7M | 50x | |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000005984 | −0.928% | $53K | $4K | 25x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0110% | 8h | 0.000005987 | −0.880% | $7K | $13 | 20x | as long as short |
| Pacifica kSHIB | +0.0135% | 1h | 0.000005989 | −0.844% | $12K | $4K | 10x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000005000 | −17.219% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000005993 | −0.778% | $878K | $898K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000005984 | −0.919% | $1 | — | 20x | as long as short |
Aster 1000SHIBUSDT
Binance 1000SHIBUSDT
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Backpack kSHIB_USDC_PERP
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Extended 1000SHIB-USD
Paradex kSHIB-USD-PERP
Pacifica kSHIB
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP