Funding you earn now, next payment 05:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.063%
Price spread now: Phemex against Hyperliquid−0.160%7-day average −0.080% · you buy dearer than you sell
Net, funding: paid 7d − costs−$97as in the Funding arb table
Net, price: spread back to 7d avg − costs−$97as in the Price arb table
costs, in and out, $10k−$890.890% of the position
Funding, last 7 days−0.084%−$8 on $10k
+Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.160%, 7d avg −0.080%
=Together, before fees−0.014%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.080% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.080%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid kSHIB | 0.000006238 | 0.0173 | pay 0.0022% / 1h | 49m 16s | $3.7M | $5.0M | 10x |
| Short | Phemex u1000SHIBUSDT | 0.000006228 | 0.0100 | get 0.0100% / 8h | 3h 49m | $2.2M | $7.0M | 50x |
Hyperliquid kSHIB
Phemex u1000SHIBUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$15.43
- Price spread: −0.160% → −0.080%
- −$7.98
- Slippage, 4 orders
- −$68.02
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$112.43
- Costs to cover
- 0.890%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 3 min ago; Phemex: live order book, 5 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 Hyperliquid live order book, 3 min ago | 3.21 bp | 9.3 bp −$9 | 18.5 bp −$185 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 24.13 bp | 32.4 bp −$32 | 66.9 bp −$669 | 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 | 0.000006225 | −0.208% | $123K | $1.3M | 50x | as long as short |
| Kraken Futures PF_SHIBUSD | −0.0063% | 1h | 0.000006225 | −0.210% | $1.2M | $967K | 50x | as long as short |
| dYdX SHIB-USD | 0.0000% | 1h | 0.000006242 | +0.063% | $24K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006235 | −0.043% | $183K | $2.5M | 2x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S 0.0000% | 1h | 0.000006229 | −0.149% | $588 | — | 150x | as long as short |
| Injective SHIB/USDC PERP | +0.0033% | 1h | 0.000006040 | −3.174% | $248 | $134K | 5.5x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | +0.0071% | 1h | 0.000006230 | −0.128% | $48K | $58K | 25x | as long as short |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000006227 | −0.176% | — | $1.6M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006232 | −0.096% | $166K | $618K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006232 | −0.096% | $43K | $322K | 50x | as long as short |
Coinbase International 1000SHIB-PERP-INTX
Kraken Futures PF_SHIBUSD
dYdX SHIB-USD
Kalshi KXKSHIBPERP
gTrade (Gains Network) SHIB/USD
Injective SHIB/USDC PERP
Deribit 1000SHIB_USDC-PERPETUAL
BingX 1000SHIB-USDC
Lighter 1000SHIB
Aster 1000SHIBUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006232 | −0.096% | $32.0M | $111.5M | 75x | as long as short |
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000006223 | −0.240% | $10.0M | $39.9M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006228 | −0.160% | $7.2M | $6.2M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006227 | −0.176% | $31.7M | $18.6M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006229 | −0.144% | $4.9M | $2.9M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006226 | −0.192% | $11.8M | $15.3M | 75x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006229 | −0.144% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006245 | +0.112% | $3K | $25K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006227 | −0.176% | $501 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006231 | −0.112% | $428K | $572K | 75x | as long as short |
| Phemex u1000SHIBUSDTshort | +0.0100% | 8h | 0.000006228 | −0.160% | $2.2M | $7.0M | 50x | |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006224 | −0.228% | $55K | $4K | 25x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0122% | 8h | 0.000006232 | −0.090% | $7K | $13 | 20x | as long as short |
| Hyperliquid kSHIBlong | +0.0173% | 1h | 0.000006238 | long leg | $3.7M | $5.0M | 10x | |
| Pacifica kSHIB | +0.0188% | 1h | 0.000006237 | −0.016% | $12K | $5K | 10x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0214% / S −0.2404% | 1h | 0.000006000 | −3.815% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006229 | −0.144% | $900K | $925K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006228 | −0.160% | $1 | — | 20x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0423% | 1h | 0.000006229 | −0.144% | $24K | $7K | 15x | as long as short |
Binance 1000SHIBUSDT
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Extended 1000SHIB-USD
Paradex kSHIB-USD-PERP
Pacifica kSHIB
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Backpack kSHIB_USDC_PERP