Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.023%

Price spread now: Bitget against Coinbase International−0.033%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 3 days (all we have)+0.130%+$13 · spread now −0.033%, 7d avg +0.013%

Together, before fees+0.227%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.046% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.013%). If the spread goes back, that is −$5 on $10k: about 40 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000006073	0.0008	pay 0.0001% / 1h	19m 10s	$81K	$785K	50x
Short	Bitget SHIBUSDT	0.000006071	0.0100	get 0.0100% / 8h	1h 19m	$11.6M	$13.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.033%Rate

Funding earned: $19.32
Price spread: −0.033% → +0.013%: −$4.56
Slippage, 4 orders: −$27.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$34.31
Costs to cover: 0.491%
Break-even: 19.4 days

Slippage from Coinbase International: live order book, 64 min ago; Bitget: live order book, 4 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 Coinbase International live order book, 64 min ago	8.36 bp	15.0 bp −$15	21.0 bp −$210	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.82 bp	10.4 bp −$10	15.6 bp −$156	76.1 bp −$7,609	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
dYdX SHIB-USD	0.0000%	1h	0.000006075	+0.036%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006076	+0.043%	$73K	$1.9M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006071	−0.033%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006074	+0.013%	$739	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0008%	1h	0.000006073	long leg	$81K	$785K	50x
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006072	−0.016%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006071	−0.033%	$153K	$290K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006078	+0.085%	$35K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006078	+0.082%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006066	−0.113%	$29.8M	$93.6M	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	0.000006071	−0.033%	$8.8M	$32.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006068	−0.082%	$7.0M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006071	−0.033%	$30.7M	$16.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006070	−0.049%	$4.9M	$2.5M	75x	as long as short
Bitget SHIBUSDTshort	+0.0100%	8h	0.000006071	−0.033%	$11.6M	$13.1M	75x
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006073	0.000%	$25K	$6K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006070	−0.049%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006078	+0.082%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006070	−0.049%	$541	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006071	−0.033%	$414K	$618K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006061	−0.198%	$2.1M	$5.8M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0103%	8h	0.000006078	+0.088%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006068	−0.077%	$54K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0141%	1h	0.000006040	−0.543%	$248	$134K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.202%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006076	+0.049%	$818K	$951K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006076	+0.049%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0357%	1h	0.000006070	−0.050%	$1.2M	$797K	50x	as long as short
Hyperliquid kSHIB	+0.0814%	1h	0.000006081	+0.132%	$4.4M	$4.0M	10x	as long as short