Funding you earn now, next payment 04:00 UTC−0.0268%/8h= −29.3% APRpaid last 24h −0.029%
Price spread now: Coinbase International against Phemex−0.113%7-day average −0.051% · you buy dearer than you sell
Net, funding: paid 7d − costs−$83as in the Funding arb table
Net, price: spread back to 7d avg − costs−$75as in the Price arb table
costs, in and out, $10k−$690.687% of the position
Funding, last 7 days−0.145%−$14 on $10k
+Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.113%, 7d avg −0.051%
=Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Coinbase International is 0.062% cheaper against Phemex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.051%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.145% in total (about -7.6% 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 | Phemex u1000SHIBUSDT | 0.000006201 | 0.0100 | pay 0.0100% / 8h | 3h 30m | $2.1M | $7.1M | 50x |
| Short | Coinbase International 1000SHIB-PERP-INTX | 0.000006194 | −0.0168 | pay 0.0021% / 1h | 30m 49s | $121K | $1.4M | 50x |
Phemex u1000SHIBUSDT
Coinbase International 1000SHIB-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phemex. 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
- −$56.28
- Price spread: −0.113% → −0.051%
- −$6.17
- Slippage, 4 orders
- −$46.69
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$131.13
- Costs to cover
- 0.687%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 3 min ago; Coinbase International: live order book, 3 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 Phemex live order book, 3 min ago | 9.64 bp | 19.8 bp −$20 | 62.6 bp −$626 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 3 min ago | 7.23 bp | 12.2 bp −$12 | 17.0 bp −$170 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International 1000SHIB-PERP-INTXshort | −0.0168% | 1h | 0.000006194 | −0.113% | $121K | $1.4M | 50x | |
| Kraken Futures PF_SHIBUSD | −0.0063% | 1h | 0.000006205 | +0.063% | $1.2M | $1.0M | 50x | as long as short |
| dYdX SHIB-USD | 0.0000% | 1h | 0.000006193 | −0.129% | $24K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006206 | +0.076% | $171K | $2.9M | 2x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S 0.0000% | 1h | 0.000006208 | +0.108% | $586 | — | 150x | as long as short |
| Injective SHIB/USDC PERP | +0.0033% | 1h | 0.000006040 | −2.596% | $248 | $134K | 5.5x | as long as short |
| BingX 1000SHIB-USDT | +0.0070% | 8h | 0.000006192 | −0.145% | — | $2.2M | — | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | +0.0072% | 1h | 0.000006213 | +0.194% | $48K | $58K | 25x | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006194 | −0.113% | $163K | $622K | 10x | as long as short |
| Hyperliquid kSHIB | +0.0100% | 1h | 0.000006195 | −0.097% | $3.7M | $5.1M | 10x | as long as short |
Kraken Futures PF_SHIBUSD
dYdX SHIB-USD
Kalshi KXKSHIBPERP
gTrade (Gains Network) SHIB/USD
Injective SHIB/USDC PERP
BingX 1000SHIB-USDT
Deribit 1000SHIB_USDC-PERPETUAL
Lighter 1000SHIB
Hyperliquid kSHIBShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006199 | −0.040% | $43K | $328K | 50x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006194 | −0.114% | $31.9M | $115.9M | 75x | as long as short |
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000006186 | −0.242% | $10.0M | $41.2M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006194 | −0.113% | $7.4M | $6.7M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006200 | −0.016% | $31.0M | $18.8M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006202 | +0.016% | $4.8M | $3.0M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006189 | −0.194% | $11.9M | $16.0M | 75x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006213 | +0.194% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006220 | +0.306% | $2K | $26K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006209 | +0.129% | $508 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006210 | +0.145% | $428K | $572K | 75x | as long as short |
| Phemex u1000SHIBUSDTlong | +0.0100% | 8h | 0.000006201 | long leg | $2.1M | $7.1M | 50x | |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006194 | −0.118% | $55K | $4K | 25x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0116% | 8h | 0.000006213 | +0.197% | $7K | $13 | 20x | as long as short |
| Pacifica kSHIB | +0.0188% | 1h | 0.000006197 | −0.065% | $12K | $5K | 10x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0214% / S −0.2404% | 1h | 0.000006000 | −3.241% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006203 | +0.032% | $953K | $923K | 50x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0246% | 1h | 0.000006206 | +0.081% | $24K | $7K | 15x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006207 | +0.103% | $1 | — | 20x | as long as short |
Aster 1000SHIBUSDT
Binance 1000SHIBUSDT
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
Extended 1000SHIB-USD
Paradex kSHIB-USD-PERP
Pacifica kSHIB
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Backpack kSHIB_USDC_PERP
Reya kSHIBRUSDPERP