Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0163%/8h= −17.8% APRpaid last 24h −0.025%

Price spread now: Kraken Futures against Phemex−0.101%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1101.095% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.101%, 7d avg −0.039%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Kraken Futures is 0.063% cheaper against Phemex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000SHIBUSDT	0.000006240	0.0100	pay 0.0100% / 8h	3h 44m	$2.1M	$7.1M	50x
Short	Kraken Futures PF_SHIBUSD	0.000006234	−0.0063	pay 0.0008% / 1h	44m 35s	$1.2M	$976K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$34.2
Price spread: −0.101% → −0.039%: −$6.29
Slippage, 4 orders: −$87.51
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$150.01
Costs to cover: 1.095%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Kraken Futures: 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 Phemex live order book, 4 min ago	19.23 bp	42.8 bp −$43	117.2 bp −$1,172	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	4.81 bp	25.3 bp −$25	43.6 bp −$436	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
Coinbase International 1000SHIB-PERP-INTX	−0.0168%	1h	0.000006218	−0.353%	$123K	$1.3M	50x	as long as short
Kraken Futures PF_SHIBUSDshort	−0.0063%	1h	0.000006234	−0.101%	$1.2M	$976K	50x
dYdX SHIB-USD	0.0000%	1h	0.000006215	−0.403%	$24K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006220	−0.322%	$273K	$2.7M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006235	−0.077%	$589	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−3.205%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006227	−0.208%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006219	−0.337%	$164K	$620K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006223	−0.274%	$42K	$322K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006216	−0.389%	$31.9M	$113.0M	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	0.000006222	−0.288%	$10.1M	$40.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006219	−0.337%	$7.4M	$6.3M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006213	−0.433%	$31.4M	$18.6M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006211	−0.465%	$4.8M	$3.0M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006223	−0.272%	$11.8M	$15.4M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006241	+0.016%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006249	+0.144%	$3K	$25K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006238	−0.032%	$503	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006232	−0.128%	$429K	$574K	75x	as long as short
Phemex u1000SHIBUSDTlong	+0.0100%	8h	0.000006240	long leg	$2.1M	$7.1M	50x
Extended 1000SHIB-USD	+0.0104%	1h	0.000006228	−0.196%	$55K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0122%	8h	0.000006226	−0.217%	$7K	$13	20x	as long as short
Hyperliquid kSHIB	+0.0128%	1h	0.000006218	−0.353%	$3.7M	$5.0M	10x	as long as short
Pacifica kSHIB	+0.0188%	1h	0.000006214	−0.417%	$12K	$5K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0214% / S −0.2404%	1h	0.000006000	−3.846%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006230	−0.160%	$892K	$926K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0231%	1h	0.000006242	+0.032%	$48K	$58K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006233	−0.104%	$1	—	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0335%	1h	0.000006234	−0.096%	$24K	$7K	15x	as long as short