Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.031%

Price spread now: Orderly against Coinbase International−1.087%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 1.087% cheaper against Coinbase International than usual: you would sell low and buy high (spread −1.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$109 on $10k: about 29 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000SHIB-PERP-INTX	0.000005980	−0.0024	get 0.0003% / 1h	29m 53s	$129K	$1.7M	50x
Short	Orderly PERP_1000SHIB_USDC	0.000005915	0.0100	get 0.0100% / 8h	7h 29m	$6K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.087%Rate

Funding earned: $26.04
Price spread: −1.087% → 0.000%: −$108.7
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$98.66
Costs to cover: 0.160%
Break-even: 33.5 days

Slippage unknown: Coinbase International: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

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, 4 min ago	9.25 bp	19.0 bp −$19	22.6 bp −$226	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
BingX 1000SHIB-USDT	−0.0101%	8h	0.000005920	−1.003%	—	$2.3M	—	as long as short
Coinbase International 1000SHIB-PERP-INTXlong	−0.0024%	1h	0.000005980	long leg	$129K	$1.7M	50x
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005907	−1.226%	$153K	$3.3M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005914	−1.104%	$53K	$58K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005918	−1.032%	$558	—	150x	as long as short
Gate SHIB_USDT	+0.0015%	8h	0.000005918	−1.037%	$7.0M	$7.0M	75x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+1.003%	$248	$134K	5.5x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005920	−1.003%	$154K	$642K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000005930	−0.836%	$3.6M	$5.5M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005925	−0.925%	$40K	$298K	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	0.000005908	−1.204%	$12K	$6K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005926	−0.910%	$30.2M	$128.7M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005918	−1.037%	$8.8M	$44.6M	50x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005921	−0.987%	$28.0M	$20.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005923	−0.953%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005917	−1.054%	$11.2M	$17.3M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005923	−0.953%	$23K	$9K	15x	as long as short
Orderly PERP_1000SHIB_USDCshort	+0.0100%	8h	0.000005915	−1.087%	$6K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000005929	−0.853%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005925	−0.920%	$504	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005911	−1.154%	$407K	$567K	75x	as long as short
Kraken Futures PF_SHIBUSD	+0.0101%	1h	0.000005916	−1.065%	$1.1M	$1.0M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000005909	−1.182%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005918	−1.037%	$52K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0212% / S −0.2404%	1h	0.000005000	−16.388%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005921	−0.987%	$846K	$922K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005914	−1.111%	$1	—	20x	as long as short
Phemex u1000SHIBUSDT	+0.0440%	8h	0.000005925	−0.920%	$2.1M	$7.7M	50x	as long as short
dYdX SHIB-USD	+1.1192%	1h	0.000005909	−1.187%	$23K	$82K	10x	as long as short