Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.012%

Price spread now: Injective against MEXC−1.146%55s7-day average −0.020% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.864%+$86 · spread now −1.146%, 7d avg −0.020%

Together, before fees+0.841%+$84 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.126% cheaper against MEXC than usual: you would sell low and buy high (−$113 if the spread goes back to its 7-day average of −0.020%). Swap the legs. The two prices were read 55 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	MEXC SHIB_USDT	0.000006110	0.0100	pay 0.0100% / 8h	3h 56m	$31.6M	$18.0M	300x
Short	Injective SHIB/USDC PERP	0.000006040	0.0033	get 0.0004% / 1h	56m 31s	$248	$134K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee InjectivebpOrdersPrice spread, now −1.146%Rate

Funding earned: −$14
Price spread: −1.146% → −0.020%: −$112.58
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$126.6
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 2 min ago; Injective: no order-book sample. 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 MEXC live order book, 2 min ago	0.82 bp	3.0 bp −$3	9.3 bp −$93	54.0 bp −$5,400	87.1 bp −$43.6K
Sell Injective no order-book sample	—	—	—	—	—

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
Coinbase International 1000SHIB-PERP-INTX	−0.0168%	1h	0.000006092	−0.295%	$124K	$1.1M	50x	as long as short
Kraken Futures PF_SHIBUSD	−0.0064%	1h	0.000006108	−0.040%	$1.1M	$945K	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006099	−0.184%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006102	−0.128%	$193K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006128	+0.303%	$578	—	150x	as long as short
Injective SHIB/USDC PERPshort	+0.0033%	1h	0.000006040	−1.146%	$248	$134K	5.5x
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006132	+0.360%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006103	−0.115%	$161K	$608K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006102	−0.129%	$42K	$322K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006125	+0.244%	$30.4M	$106.7M	75x	as long as short

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	0.000006112	+0.033%	$9.6M	$37.8M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006102	−0.131%	$7.1M	$6.0M	75x	as long as short
MEXC SHIB_USDTlong	+0.0100%	8h	0.000006110	long leg	$31.6M	$18.0M	300x
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006107	−0.049%	$4.8M	$2.8M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006110	0.000%	$11.6M	$14.8M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006106	−0.065%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006124	+0.229%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006109	−0.016%	$488	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006110	0.000%	$416K	$551K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006111	+0.016%	$2.1M	$7.0M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006101	−0.142%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0121%	8h	0.000006107	−0.042%	$7K	$13	20x	as long as short
Hyperliquid kSHIB	+0.0156%	1h	0.000006115	+0.082%	$3.7M	$4.8M	10x	as long as short
Pacifica kSHIB	+0.0188%	1h	0.000006101	−0.147%	$12K	$5K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.800%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006109	−0.016%	$899K	$905K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0311%	1h	0.000006115	+0.082%	$23K	$7K	15x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006110	−0.008%	$1	—	20x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0405%	1h	0.000006110	0.000%	$47K	$58K	25x	as long as short