Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.010%

Price spread now: Gate against Coinbase International−1.734%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 3 days (all we have)+1.757%+$176 · spread now −1.734%, 7d avg −0.016%

Together, before fees+1.874%+$187 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 1.718% cheaper against Coinbase International than usual: you would sell low and buy high (spread −1.734% now, against its 7-day average of −0.016%). If the spread goes back, that is −$172 on $10k: about 3 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000006113	0.0032	pay 0.0004% / 1h	24m 55s	$81K	$791K	50x
Short	Gate SHIB_USDT	0.000006007	0.0100	get 0.0100% / 8h	24m 55s	$6.9M	$5.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −1.734%Rate

Funding earned: $14.28
Price spread: −1.734% → −0.016%: −$171.77
Slippage, 4 orders: −$31.06
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$213.55
Costs to cover: 0.561%
Break-even: 111.7 days

Slippage from Coinbase International: live order book, 53 min ago; Gate: 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 Coinbase International live order book, 53 min ago	6.59 bp	13.2 bp −$13	19.6 bp −$196	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.83 bp	16.3 bp −$16	27.3 bp −$273	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
dYdX SHIB-USD	0.0000%	1h	0.000006011	−1.669%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006002	−1.811%	$67K	$1.9M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006010	−1.685%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006007	−1.742%	$731	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0032%	1h	0.000006113	long leg	$81K	$791K	50x
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006010	−1.685%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006012	−1.652%	$151K	$292K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006011	−1.676%	$35K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006016	−1.587%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006017	−1.565%	$29.6M	$95.6M	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	0.000006011	−1.669%	$8.6M	$32.6M	50x	as long as short
Gate SHIB_USDTshort	+0.0100%	8h	0.000006007	−1.734%	$6.9M	$5.6M	75x
MEXC SHIB_USDT	+0.0100%	8h	0.000006015	−1.603%	$29.9M	$16.4M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006013	−1.636%	$4.9M	$2.5M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006012	−1.652%	$11.5M	$13.3M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006010	−1.685%	$25K	$6K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006013	−1.636%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006022	−1.489%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006013	−1.636%	$540	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006010	−1.685%	$411K	$617K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006014	−1.619%	$2.1M	$6.0M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006016	−1.583%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006009	−1.696%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0161%	1h	0.000006040	−1.194%	$248	$134K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.849%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006007	−1.734%	$818K	$938K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006007	−1.742%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0384%	1h	0.000006012	−1.644%	$1.1M	$808K	50x	as long as short
Hyperliquid kSHIB	+0.0627%	1h	0.000006020	−1.521%	$4.4M	$4.0M	10x	as long as short