Funding arb · Price arb /

SHIB

all SHIB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.059%

Price spread now: BloFin against Coinbase International−0.100%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$480.477% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.382%+$38 on $10k

Price spread, last 3 days (all we have)+0.159%+$16 · spread now −0.100%, 7d avg +0.001%

Together, before fees+0.541%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.101% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.100% now, against its 7-day average of +0.001%). If the spread goes back, that is −$10 on $10k: about 43 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000006002	0.0032	pay 0.0004% / 1h	18m 36s	$76K	$795K	50x
Short	BloFin SHIB-USDT	0.000005996	0.0220	get 0.0220% / 8h	18m 36s	$810K	$936K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.100%Rate

Funding earned: $39.48
Price spread: −0.100% → +0.001%: −$10.06
Slippage, 4 orders: −$25.71
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$18.29
Costs to cover: 0.477%
Break-even: 10.2 days

Slippage from Coinbase International: live order book, 60 min ago; BloFin: live order book, 8 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, 60 min ago	6.59 bp	13.2 bp −$13	19.6 bp −$196	doesn't fit	doesn't fit
Sell BloFin live order book, 8 min ago	1.66 bp	12.0 bp −$12	21.2 bp −$212	81.8 bp −$8,178	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	0.000005997	−0.083%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005999	−0.058%	$77K	$1.9M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000005999	−0.050%	$730	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	+0.0032%	1h	0.000006002	long leg	$76K	$795K	50x
BingX 1000SHIB-USDC	+0.0080%	8h	0.000005997	−0.083%	—	$1.6M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0083%	1h	0.000006001	−0.017%	$46K	$65K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005998	−0.067%	$151K	$293K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005996	−0.106%	$35K	$173K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005998	−0.067%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005999	−0.043%	$29.4M	$96.0M	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	0.000005999	−0.050%	$8.6M	$32.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005991	−0.183%	$6.9M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005994	−0.133%	$31.0M	$16.7M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005996	−0.100%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005998	−0.067%	$11.4M	$13.4M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005999	−0.050%	$25K	$6K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006001	−0.017%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006011	+0.150%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006001	−0.017%	$540	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005997	−0.083%	$410K	$618K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006000	−0.033%	$2.1M	$6.1M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006001	−0.014%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005997	−0.077%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0161%	1h	0.000006040	+0.633%	$248	$134K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−16.694%	$1K	—	100x	as long as short
BloFin SHIB-USDTshort	+0.0220%	8h	0.000005996	−0.100%	$810K	$936K	50x
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006002	−0.006%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0384%	1h	0.000006001	−0.019%	$1.1M	$816K	50x	as long as short
Hyperliquid kSHIB	+0.0617%	1h	0.000006006	+0.067%	$4.3M	$4.0M	10x	as long as short