Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0131%/8h= +14.3% APRpaid last 24h +0.023%

Price spread now: BingX against Coinbase International−0.246%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)+0.446%+$45 · spread now −0.246%, 7d avg +0.010%

Together, before fees+0.474%+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.256% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.246% now, against its 7-day average of +0.010%). If the spread goes back, that is −$26 on $10k: about 6.5 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.028% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000006109	−0.0080	get 0.0010% / 1h	57m 49s	$132K	$1.7M	50x
Short	BingX 1000SHIB-USDT	0.000006094	0.0051	get 0.0051% / 8h	6h 57m	—	$2.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.246%Rate

Funding earned: $27.51
Price spread: −0.246% → +0.010%: −$25.57
Slippage, 4 orders: −$28.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$46.41
Costs to cover: 0.484%
Break-even: 18.8 days

Slippage from Coinbase International: live order book, 1 min ago; BingX: live order book, 10 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, 1 min ago	9.02 bp	14.0 bp −$14	22.7 bp −$227	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	1.65 bp	7.7 bp −$8	14.8 bp −$148	63.9 bp −$6,387	137.5 bp −$68.8K

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-INTXlong	−0.0080%	1h	0.000006109	long leg	$132K	$1.7M	50x
dYdX SHIB-USD	0.0000%	1h	0.000006097	−0.200%	$32K	$75K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006097	−0.195%	$108K	$3.5M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006113	+0.067%	$577	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−1.129%	$248	$134K	5.5x	as long as short
Kraken Futures PF_SHIBUSD	+0.0036%	1h	0.000006096	−0.206%	$1.2M	$1.0M	50x	as long as short
BingX 1000SHIB-USDTshort	+0.0051%	8h	0.000006094	−0.246%	—	$2.2M	—
Deribit 1000SHIB_USDC-PERPETUAL	+0.0078%	1h	0.000006102	−0.115%	$49K	$46K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006101	−0.131%	$157K	$623K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006096	−0.205%	$41K	$295K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kSHIB	+0.0100%	1h	0.000006098	−0.180%	$12K	$6K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006097	−0.193%	$31.4M	$129.8M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006097	−0.196%	$9.8M	$47.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006094	−0.246%	$7.2M	$6.8M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006093	−0.262%	$27.9M	$19.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006092	−0.278%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006097	−0.196%	$11.5M	$17.7M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006096	−0.213%	$24K	$9K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006104	−0.082%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006107	−0.033%	$2K	$26K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006097	−0.196%	$516	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006096	−0.213%	$418K	$514K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006100	−0.147%	$2.1M	$7.8M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006100	−0.140%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006096	−0.215%	$54K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0212% / S −0.2404%	1h	0.000006000	−1.784%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006096	−0.213%	$914K	$942K	50x	as long as short
Hyperliquid kSHIB	+0.0297%	1h	0.000006102	−0.115%	$3.7M	$5.5M	10x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006095	−0.231%	$1	—	20x	as long as short