Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Binance against Lighter+0.270%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)−0.275%−$28 · spread now +0.270%, 7d avg +0.038%

Together, before fees−0.176%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.232% dearer against Lighter than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000SHIB	0.000006080	0.0096	pay 0.0012% / 1h	40m 19s	$218K	$435K	10x
Short	Binance 1000SHIBUSDT	0.000006096	0.0100	get 0.0100% / 8h	7h 40m	$29.7M	$97.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now +0.270%Rate

Funding earned: $0.84
Price spread: +0.270% → +0.038%: $23.22
Slippage, 4 orders: −$26.34
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$12.28
Costs to cover: 0.363%
Break-even: 109.3 days

Slippage from Lighter: live order book, 15 min ago; Binance: live order book, 2 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 Lighter live order book, 15 min ago	1.66 bp	5.1 bp −$5	67.2 bp −$672	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.82 bp	8.7 bp −$9	16.9 bp −$169	71.2 bp −$7,119	182.2 bp −$91.1K

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	0.000006077	−0.049%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006052	−0.467%	$93K	$2.0M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006093	+0.212%	$741	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.658%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006093	+0.214%	$77K	$810K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006095	+0.247%	—	$1.6M	—	as long as short
Lighter 1000SHIBlong	+0.0096%	1h	0.000006080	long leg	$218K	$435K	10x
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006082	+0.031%	$37K	$180K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006070	−0.164%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDTshort	+0.0100%	8h	0.000006096	+0.270%	$29.7M	$97.6M	75x

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	0.000006095	+0.247%	$9.3M	$34.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006091	+0.181%	$7.0M	$5.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006093	+0.214%	$31.4M	$16.7M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006093	+0.214%	$5.0M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006088	+0.132%	$11.6M	$13.7M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006091	+0.181%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006103	+0.378%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006087	+0.115%	$561	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006056	−0.395%	$414K	$593K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006062	−0.296%	$2.1M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006087	+0.119%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0110%	8h	0.000006099	+0.306%	$7K	—	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0167%	1h	0.000006056	−0.395%	$25K	$6K	15x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.316%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006057	−0.378%	$811K	$941K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006091	+0.175%	$1.2M	$820K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006093	+0.207%	$1	—	20x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0407%	1h	0.000006093	+0.214%	$47K	$65K	25x	as long as short
Hyperliquid kSHIB	+0.0657%	1h	0.000006103	+0.378%	$4.4M	$4.0M	10x	as long as short