Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.023%

Price spread now: Coinbase International against Orderly+0.033%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Coinbase International is 0.033% dearer against Orderly than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000SHIB_USDC	0.000006091	0.0100	pay 0.0100% / 8h	7h 39m	$7K	$4K	20x
Short	Coinbase International 1000SHIB-PERP-INTX	0.000006093	0.0064	get 0.0008% / 1h	39m 27s	$77K	$810K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$7.56
Price spread: +0.033% → 0.000%: $3.28
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$20.28
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 34 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 34 min ago	7.51 bp	12.5 bp −$13	18.1 bp −$181	doesn't fit	doesn't fit

Orderly: 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
dYdX SHIB-USD	0.0000%	1h	0.000006090	−0.016%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006074	−0.277%	$103K	$2.0M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006066	−0.404%	$738	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.837%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTXshort	+0.0064%	1h	0.000006093	+0.033%	$77K	$810K	50x
BingX 1000SHIB-USDT	+0.0070%	8h	0.000006096	+0.082%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006100	+0.148%	$219K	$437K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006092	+0.024%	$37K	$180K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006096	+0.082%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006089	−0.032%	$29.7M	$97.5M	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	0.000006082	−0.148%	$9.3M	$34.2M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006092	+0.016%	$7.0M	$5.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006077	−0.230%	$31.5M	$16.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006077	−0.230%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006080	−0.181%	$11.6M	$13.6M	75x	as long as short
Orderly PERP_1000SHIB_USDClong	+0.0100%	8h	0.000006091	long leg	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006103	+0.197%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006087	−0.066%	$561	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006093	+0.033%	$416K	$594K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006090	−0.016%	$2.2M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006092	+0.016%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0110%	8h	0.000006097	+0.099%	$7K	—	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0187%	1h	0.000006092	+0.016%	$25K	$6K	15x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.494%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006057	−0.558%	$811K	$941K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006091	−0.005%	$1.2M	$820K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006077	−0.225%	$1	—	20x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0407%	1h	0.000006093	+0.033%	$47K	$65K	25x	as long as short
Hyperliquid kSHIB	+0.0647%	1h	0.000006091	0.000%	$4.4M	$4.0M	10x	as long as short