Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRnext payment −$1.00 per $10,000 · paid last 24h −0.030%
Price spread now: Kalshi against Phemex+0.119%7-day average −0.082% · you sell dearer than you buy
Net, funding: paid 7d − costs−$70as in the Funding arb table
Net, price: spread back to 7d avg − costs−$35as in the Price arb table
costs, in and out, $10k−$560.555% of the position
Funding, last 7 days−0.146%−$15 on $10k
+Price spread, last 4 days (all we have)−0.146%−$15 · spread now +0.119%, 7d avg −0.082%
=The price spread pays, funding is against you. Kalshi is 0.201% dearer against Phemex than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of −0.082%): +$20 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.7 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex u1000SHIBUSDT | 0.000005973 | 0.0100 | pay 0.0100% / 8h | 5h 10m | $2.1M | $6.7M | 50x |
| Short | Kalshi KXKSHIBPERP | 0.000005980 | 0 | get 0.0000% / 8h | 1h 10m | $192K | $2.3M | 2x |
Phemex u1000SHIBUSDT
Kalshi KXKSHIBPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi 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
- −$21
- Price spread: +0.119% → −0.082%
- $20.12
- Slippage, 4 orders
- −$33.51
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$56.4
- Costs to cover
- 0.555%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 4 min ago; Kalshi: 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, 4 min ago | 0.83 bp | 14.4 bp −$14 | 48.1 bp −$481 | doesn't fit | doesn't fit |
| Sell Kalshi live order book, 3 min ago | 6.36 bp | 13.9 bp −$14 | 21.0 bp −$210 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_SHIBUSD | −0.0294% | 1h | 0.000005972 | −0.017% | $1.1M | $916K | 50x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | −0.0032% | 1h | 0.000005995 | +0.368% | $133K | $1.1M | 50x | as long as short |
| dYdX SHIB-USD | 0.0000% | 1h | 0.000005979 | +0.097% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERPshort | 0.0000% | 8h | 0.000005980 | +0.119% | $192K | $2.3M | 2x | |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000005975 | +0.033% | $46K | $61K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S 0.0000% | 1h | 0.000005972 | −0.010% | $564 | — | 150x | as long as short |
| Injective SHIB/USDC PERP | +0.0033% | 1h | 0.000006040 | +1.122% | $248 | $134K | 5.5x | as long as short |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000005968 | −0.084% | — | $1.6M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000005973 | 0.000% | $160K | $615K | 10x | as long as short |
| Hyperliquid kSHIB | +0.0100% | 1h | 0.000005975 | +0.033% | $3.6M | $4.8M | 10x | as long as short |
Kraken Futures PF_SHIBUSD
Coinbase International 1000SHIB-PERP-INTX
dYdX SHIB-USD
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
Injective SHIB/USDC PERP
BingX 1000SHIB-USDC
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 | 0.000005978 | +0.089% | $41K | $319K | 50x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000005972 | −0.019% | $29.3M | $102.6M | 75x | as long as short |
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000005964 | −0.151% | $9.3M | $36.0M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000005963 | −0.167% | $6.9M | $5.9M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000005970 | −0.050% | $29.5M | $17.4M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000005976 | +0.050% | $4.9M | $2.7M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000005968 | −0.084% | $11.2M | $14.4M | 75x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0100% | 1h | 0.000005970 | −0.050% | $23K | $7K | 15x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000005976 | +0.050% | $6K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000005992 | +0.318% | $2K | $24K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000005974 | +0.017% | $494 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000005970 | −0.050% | $409K | $582K | 75x | as long as short |
| Phemex u1000SHIBUSDTlong | +0.0100% | 8h | 0.000005973 | long leg | $2.1M | $6.7M | 50x | |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000005971 | −0.030% | $53K | $4K | 25x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0111% | 8h | 0.000005984 | +0.182% | $7K | $13 | 20x | as long as short |
| Pacifica kSHIB | +0.0135% | 1h | 0.000005983 | +0.167% | $12K | $4K | 10x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000005000 | −16.290% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000005988 | +0.251% | $875K | $891K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000005973 | +0.001% | $1 | — | 20x | as long as short |
Aster 1000SHIBUSDT
Binance 1000SHIBUSDT
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
Extended 1000SHIB-USD
Paradex kSHIB-USD-PERP
Pacifica kSHIB
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP