Funding you earn now, next payment 00:00 UTC−0.0194%/8h= −21.2% APRnext payment −$0.24 per $10,000 · paid last 24h +0.024%
Price spread now: Coinbase International against Kraken Futures−0.090%7-day average −0.015% · you buy dearer than you sell
Net, funding: paid 7d − costs−$67as in the Funding arb table
Net, price: spread back to 7d avg − costs−$70as in the Price arb table
costs, in and out, $10k−$630.626% of the position
Funding, last 7 days−0.046%−$5 on $10k
+Price spread, last 3 days (all we have)+0.083%+$8 · spread now −0.090%, 7d avg −0.015%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Coinbase International is 0.075% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.015%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.046% in total (about -2.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 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 | Kraken Futures PF_SHIBUSD | 0.000006090 | 0.0258 | pay 0.0032% / 1h | 38m 13s | $1.2M | $821K | 50x |
| Short | Coinbase International 1000SHIB-PERP-INTX | 0.000006085 | 0.0064 | get 0.0008% / 1h | 38m 13s | $77K | $811K | 50x |
Kraken Futures PF_SHIBUSD
Coinbase International 1000SHIB-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Kraken Futures. 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
- −$40.67
- Price spread: −0.090% → −0.015%
- −$7.53
- Slippage, 4 orders
- −$42.59
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$110.78
- Costs to cover
- 0.626%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Coinbase International: live order book, 35 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 Kraken Futures live order book, 5 min ago | 2.48 bp | 22.4 bp −$22 | 39.2 bp −$392 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 35 min ago | 7.51 bp | 12.5 bp −$13 | 18.1 bp −$181 | 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 | 0.000006079 | −0.188% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006091 | +0.009% | $103K | $2.0M | 2x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006084 | −0.100% | $740 | — | 150x | as long as short |
| Injective SHIB/USDC PERP | +0.0033% | 1h | 0.000006040 | −0.829% | $248 | $134K | 5.5x | as long as short |
| Coinbase International 1000SHIB-PERP-INTXshort | +0.0064% | 1h | 0.000006085 | −0.090% | $77K | $811K | 50x | |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000006086 | −0.074% | — | $1.6M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006091 | +0.009% | $219K | $437K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006084 | −0.106% | $37K | $180K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006085 | −0.090% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006088 | −0.041% | $29.7M | $97.5M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
gTrade (Gains Network) SHIB/USD
Injective SHIB/USDC PERP
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 | 0.000006090 | −0.008% | $9.3M | $34.3M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006083 | −0.123% | $7.0M | $5.5M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006086 | −0.074% | $31.5M | $16.8M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006086 | −0.074% | $5.0M | $2.6M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006087 | −0.057% | $11.5M | $13.7M | 75x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006089 | −0.024% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006098 | +0.123% | $2K | $24K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006089 | −0.024% | $562 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006088 | −0.041% | $416K | $594K | 75x | as long as short |
| Phemex u1000SHIBUSDT | +0.0100% | 8h | 0.000006082 | −0.139% | $2.2M | $6.3M | 50x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006086 | −0.074% | $54K | $4K | 25x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0111% | 8h | 0.000006083 | −0.126% | $7K | — | 20x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0197% | 1h | 0.000006089 | −0.024% | $25K | $6K | 15x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000006000 | −1.486% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006063 | −0.451% | $812K | $940K | 50x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | +0.0243% | 1h | 0.000006090 | −0.008% | $47K | $65K | 25x | as long as short |
| Kraken Futures PF_SHIBUSDlong | +0.0258% | 1h | 0.000006090 | long leg | $1.2M | $821K | 50x | |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006088 | −0.040% | $1 | — | 20x | as long as short |
| Hyperliquid kSHIB | +0.0660% | 1h | 0.000006100 | +0.156% | $4.4M | $4.0M | 10x | as long as short |
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
Extended 1000SHIB-USD
Paradex kSHIB-USD-PERP
Backpack kSHIB_USDC_PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Deribit 1000SHIB_USDC-PERPETUAL
Reya kSHIBRUSDPERP
Hyperliquid kSHIB