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: OKX against Coinbase International+0.082%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$450.449% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 3 days (all we have)−0.003%$0 · spread now +0.082%, 7d avg −0.008%

Together, before fees+0.139%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.090% dearer against Coinbase International than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000006102	0.0008	pay 0.0001% / 1h	44m 56s	$85K	$805K	50x
Short	OKX SHIB-USDT-SWAP	0.000006107	0.0100	get 0.0100% / 8h	1h 44m	$8.9M	$30.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.082%Rate

Funding earned: $19.32
Price spread: +0.082% → −0.008%: $8.97
Slippage, 4 orders: −$24.95
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$16.66
Costs to cover: 0.449%
Break-even: 13.0 days

Slippage from Coinbase International: live order book, 38 min ago; OKX: 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, 38 min ago	8.36 bp	15.0 bp −$15	21.0 bp −$210	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.83 bp	8.7 bp −$9	23.3 bp −$233	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	0.000006074	−0.453%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006085	−0.282%	$95K	$1.8M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006101	−0.025%	$742	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0008%	1h	0.000006102	long leg	$85K	$805K	50x
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006097	−0.082%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006109	+0.115%	$155K	$287K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006107	+0.082%	$36K	$169K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006077	−0.410%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006104	+0.038%	$29.8M	$90.2M	75x	as long as short
OKX SHIB-USDT-SWAPshort	+0.0100%	8h	0.000006107	+0.082%	$8.9M	$30.9M	50x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SHIB_USDT	+0.0100%	8h	0.000006099	−0.049%	$6.9M	$5.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006102	0.000%	$32.0M	$15.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006106	+0.066%	$5.0M	$2.3M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006107	+0.082%	$11.8M	$12.6M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006107	+0.082%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006117	+0.246%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006108	+0.098%	$545	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006109	+0.115%	$412K	$633K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006100	−0.033%	$2.2M	$5.5M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0104%	8h	0.000006090	−0.190%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006104	+0.038%	$54K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0141%	1h	0.000005975	−2.081%	$245	$99K	5.5x	as long as short
Backpack kSHIB_USDC_PERP	+0.0186%	1h	0.000006107	+0.082%	$25K	$5K	15x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.672%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006109	+0.115%	$708K	$957K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006099	−0.045%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0354%	1h	0.000006110	+0.128%	$1.2M	$772K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0405%	1h	0.000006110	+0.131%	$47K	$65K	25x	as long as short
Hyperliquid kSHIB	+0.0979%	1h	0.000006110	+0.131%	$4.4M	$3.8M	10x	as long as short