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 +0.023%

Price spread now: Phemex against Coinbase International−0.049%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

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

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 3 days (all we have)+0.145%+$14 · spread now −0.049%, 7d avg +0.053%

Together, before fees+0.291%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.102% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of +0.053%). If the spread goes back, that is −$10 on $10k: about 5.0 days 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	44m 49s	$81K	$791K	50x
Short	Phemex u1000SHIBUSDT	0.000006110	0.0100	get 0.0100% / 8h	44m 49s	$2.1M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.049%Rate

Funding earned: $14.28
Price spread: −0.049% → +0.053%: −$10.25
Slippage, 4 orders: −$34.08
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.05
Costs to cover: 0.561%
Break-even: 32.5 days

Slippage from Coinbase International: live order book, 33 min ago; Phemex: 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, 33 min ago	6.59 bp	13.2 bp −$13	19.6 bp −$196	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.82 bp	13.3 bp −$13	42.7 bp −$427	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	0.000006105	−0.127%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006113	+0.003%	$73K	$1.9M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006109	−0.057%	$743	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0032%	1h	0.000006113	long leg	$81K	$791K	50x
Deribit 1000SHIB_USDC-PERPETUAL	+0.0077%	1h	0.000006111	−0.033%	$47K	$65K	25x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006105	−0.131%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006107	−0.098%	$154K	$290K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006110	−0.046%	$36K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006118	+0.082%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006101	−0.189%	$30.0M	$94.8M	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	0.000006105	−0.131%	$8.8M	$32.6M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006105	−0.131%	$7.0M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006109	−0.065%	$30.7M	$16.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006109	−0.065%	$5.0M	$2.5M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006105	−0.131%	$11.6M	$13.3M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006110	−0.049%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006120	+0.115%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006112	−0.016%	$539	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006112	−0.016%	$418K	$615K	75x	as long as short
Phemex u1000SHIBUSDTshort	+0.0100%	8h	0.000006110	−0.049%	$2.1M	$5.9M	50x
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000006116	+0.056%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006106	−0.108%	$54K	$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	0.000006109	−0.065%	$817K	$955K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006109	−0.058%	$1	—	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0333%	1h	0.000006110	−0.049%	$25K	$6K	15x	as long as short
Kraken Futures PF_SHIBUSD	+0.0377%	1h	0.000006113	+0.004%	$1.2M	$804K	50x	as long as short
Hyperliquid kSHIB	+0.0707%	1h	0.000006113	0.000%	$4.4M	$4.0M	10x	as long as short