Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.028%

Price spread now: Phemex against gTrade (Gains Network)−0.106%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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. Phemex is 0.106% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.106% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 3.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) SHIB/USD	0.000006017	L +0.0006% / S −0.0001%	pay 0.0001% / 1h	17m 34s	$732	—	150x
Short	Phemex u1000SHIBUSDT	0.000006011	0.0100	get 0.0100% / 8h	6h 17m	$2.1M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now −0.106%Rate

Funding earned: $19.68
Price spread: −0.106% → 0.000%: −$10.64
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$12.96
Costs to cover: 0.220%
Break-even: 11.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Phemex: live order book, 1 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	6.64 bp	18.3 bp −$18	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): 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 28 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	0.000006002	−0.259%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006021	+0.066%	$192K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USDlong	L +0.0006% / S −0.0001%	1h	0.000006017	long leg	$732	—	150x
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.376%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0072%	1h	0.000006027	+0.160%	$136K	$1.1M	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000005996	−0.356%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006004	−0.223%	$162K	$610K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006008	−0.156%	$3.6M	$4.7M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006012	−0.093%	$40K	$246K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006001	−0.273%	$29.3M	$102.0M	75x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006001	−0.273%	$9.3M	$36.1M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005994	−0.389%	$6.9M	$5.7M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006000	−0.289%	$30.2M	$17.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006004	−0.223%	$4.9M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006000	−0.289%	$11.3M	$14.2M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006011	−0.106%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006018	+0.010%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006019	+0.027%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006017	−0.007%	$516	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006010	−0.123%	$411K	$595K	75x	as long as short
Phemex u1000SHIBUSDTshort	+0.0100%	8h	0.000006011	−0.106%	$2.1M	$6.6M	50x
Extended 1000SHIB-USD	+0.0104%	1h	0.000005996	−0.361%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0117%	8h	0.000006005	−0.213%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0183%	1h	0.000006004	−0.223%	$12K	$4K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.289%	$1K	—	100x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006014	−0.058%	$1	—	20x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0415%	1h	0.000006021	+0.060%	$46K	$64K	25x	as long as short
Kraken Futures PF_SHIBUSD	+0.0757%	1h	0.000006013	−0.068%	$1.1M	$872K	50x	as long as short