Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.012%

Price spread now: Orderly against Injective−1.556%7-day average — · you buy dearer than you sell

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

Long on Injective 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 1.556% cheaper against Injective than usual: you would sell low and buy high (spread −1.556% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$156 on $10k: about 3 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SHIB/USDC PERP	0.000006040	0.0033	pay 0.0004% / 1h	33m 10s	$248	$134K	5.5x
Short	Orderly PERP_1000SHIB_USDC	0.000005946	0.0100	get 0.0100% / 8h	7h 33m	$6K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.556%Rate

Funding earned: $14
Price spread: −1.556% → 0.000%: −$155.63
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$147.65
Costs to cover: 0.060%
Break-even: 80.8 days

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and 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
Coinbase International 1000SHIB-PERP-INTX	−0.0024%	1h	0.000005980	−0.993%	$129K	$1.7M	50x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005954	−1.430%	$144K	$3.2M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005949	−1.507%	$50K	$55K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005950	−1.485%	$561	—	150x	as long as short
Injective SHIB/USDC PERPlong	+0.0033%	1h	0.000006040	long leg	$248	$134K	5.5x
Gate SHIB_USDT	+0.0047%	8h	0.000005946	−1.556%	$7.0M	$7.0M	75x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000005952	−1.457%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005955	−1.407%	$155K	$642K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000005959	−1.341%	$3.6M	$5.5M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005953	−1.446%	$40K	$297K	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	0.000005951	−1.474%	$12K	$6K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005952	−1.460%	$30.3M	$128.0M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005948	−1.523%	$8.9M	$44.6M	50x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005950	−1.490%	$28.4M	$20.1M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005949	−1.507%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005951	−1.474%	$11.3M	$17.2M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005953	−1.440%	$23K	$9K	15x	as long as short
Orderly PERP_1000SHIB_USDCshort	+0.0100%	8h	0.000005946	−1.556%	$6K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000005960	−1.325%	$2K	$26K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005948	−1.523%	$504	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005952	−1.457%	$411K	$566K	75x	as long as short
Kraken Futures PF_SHIBUSD	+0.0100%	1h	0.000005950	−1.483%	$1.1M	$1.0M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000005950	−1.490%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005944	−1.582%	$53K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0212% / S −0.2404%	1h	0.000005000	−17.219%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005943	−1.606%	$844K	$925K	50x	as long as short
Phemex u1000SHIBUSDT	+0.0266%	8h	0.000005953	−1.440%	$2.1M	$7.7M	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005960	−1.328%	$1	—	20x	as long as short
dYdX SHIB-USD	+1.0393%	1h	0.000005951	−1.482%	$23K	$82K	10x	as long as short