Funding you earn now, next payment 23:00 UTC−0.0256%/8h= −28.1% APRpaid last 24h +0.065%
Price spread now: Phemex against Kraken Futures+0.046%7-day average +0.041% · you sell dearer than you buy
Net, funding: paid 7d − costs−$63as in the Funding arb table
Net, price: spread back to 7d avg − costs−$72as in the Price arb table
costs, in and out, $10k−$730.729% of the position
Funding, last 7 days+0.100%+$10 on $10k
+Price spread, last 3 days (all we have)+0.023%+$2 · spread now +0.046%, 7d avg +0.041%
=The price spread sits at its 7-day average of +0.041%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.100%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.100% in total (about 5.2% a year). A funding rate is set anew for every payment. 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 | 0.000006077 | 0.0356 | pay 0.0045% / 1h | 20m 10s | $1.2M | $796K | 50x |
| Short | Phemex u1000SHIBUSDT | 0.000006080 | 0.0100 | get 0.0100% / 8h | 1h 20m | $2.1M | $5.8M | 50x |
Kraken Futures PF_SHIBUSD
Phemex u1000SHIBUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$53.8
- Price spread: +0.046% → +0.041%
- $0.47
- Slippage, 4 orders
- −$50.91
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$126.25
- Costs to cover
- 0.729%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 3 min ago; Phemex: live order book, 4 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, 3 min ago | 2.47 bp | 17.7 bp −$18 | 32.1 bp −$321 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 4 min ago | 4.11 bp | 16.1 bp −$16 | 61.4 bp −$614 | 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 | 0.000006080 | +0.046% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006078 | +0.014% | $73K | $1.9M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000006076 | −0.020% | $47K | $65K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006078 | +0.010% | $739 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | +0.0008% | 1h | 0.000006088 | +0.177% | $81K | $787K | 50x | as long as short |
| BingX 1000SHIB-USDT | +0.0080% | 8h | 0.000006079 | +0.029% | — | $2.1M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006078 | +0.013% | $153K | $290K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006079 | +0.036% | $35K | $175K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006083 | +0.095% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006078 | +0.014% | $29.9M | $93.6M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
Coinbase International 1000SHIB-PERP-INTX
BingX 1000SHIB-USDT
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 | 0.000006078 | +0.013% | $8.8M | $32.1M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006076 | −0.020% | $7.0M | $5.6M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006078 | +0.013% | $30.7M | $16.2M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006079 | +0.029% | $4.9M | $2.5M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006075 | −0.037% | $11.6M | $13.1M | 75x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0100% | 1h | 0.000006080 | +0.046% | $25K | $6K | 15x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006077 | −0.004% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006083 | +0.095% | $2K | $23K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006077 | −0.004% | $542 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006079 | +0.029% | $415K | $618K | 75x | as long as short |
| Phemex u1000SHIBUSDTshort | +0.0100% | 8h | 0.000006080 | +0.046% | $2.1M | $5.8M | 50x | |
| Paradex kSHIB-USD-PERP | +0.0103% | 8h | 0.000006085 | +0.125% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006073 | −0.068% | $54K | $4K | 25x | as long as short |
| Injective SHIB/USDC PERP | +0.0141% | 1h | 0.000006040 | −0.612% | $248 | $134K | 5.5x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000006000 | −1.271% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006084 | +0.112% | $831K | $952K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006077 | 0.000% | $1 | — | 20x | as long as short |
| Kraken Futures PF_SHIBUSDlong | +0.0356% | 1h | 0.000006077 | long leg | $1.2M | $796K | 50x | |
| Hyperliquid kSHIB | +0.0826% | 1h | 0.000006088 | +0.177% | $4.4M | $4.0M | 10x | as long as short |
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
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Injective SHIB/USDC PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Hyperliquid kSHIB