Funding you earn now, next payment 11:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.012%
Price spread now: Phemex against Injective−0.248%55s7-day average +0.055% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.027%+$3 on $10k
+Price spread, last 4 days (all we have)+0.567%+$57 · spread now −0.248%, 7d avg +0.055%
=Funding pays, the price is against you. Phemex is 0.304% cheaper against Injective than usual: you would sell low and buy high (spread −0.248% now, against its 7-day average of +0.055%). If the spread goes back, that is −$30 on $10k: about 15 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.027% in total) that is about 3 months. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
| 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 | 51m 18s | $248 | $134K | 5.5x |
| Short | Phemex u1000SHIBUSDT | 0.000006025 | 0.0100 | get 0.0100% / 8h | 5h 51m | $2.1M | $7.7M | 50x |
Injective SHIB/USDC PERP
Phemex u1000SHIBUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. 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
- $14
- Price spread: −0.248% → +0.055%
- −$30.37
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$28.39
- Costs to cover
- 0.120%
- Break-even
- 21.2 days
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 6 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 Injective no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 6 min ago | 4.96 bp | 16.5 bp −$17 | 47.5 bp −$475 | doesn't fit | doesn't fit |
Injective: 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 exchanges
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 | −0.0056% | 1h | 0.000006068 | +0.464% | $131K | $1.7M | 50x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006022 | −0.298% | $79K | $3.5M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000006016 | −0.397% | $45K | $46K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S 0.0000% | 1h | 0.000006023 | −0.281% | $569 | — | 150x | as long as short |
| Injective SHIB/USDC PERPlong | +0.0033% | 1h | 0.000006040 | long leg | $248 | $134K | 5.5x | |
| BingX 1000SHIB-USDC | +0.0070% | 8h | 0.000006014 | −0.430% | — | $1.7M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006020 | −0.331% | $155K | $606K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006016 | −0.401% | $40K | $273K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006018 | −0.364% | $12K | $5K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006014 | −0.433% | $31.1M | $128.4M | 75x | as long as short |
Coinbase International 1000SHIB-PERP-INTX
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
BingX 1000SHIB-USDC
Lighter 1000SHIB
Aster 1000SHIBUSDT
Pacifica kSHIB
Binance 1000SHIBUSDTShow all 29 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000006014 | −0.430% | $9.6M | $45.8M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006011 | −0.480% | $7.1M | $6.7M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006012 | −0.464% | $27.7M | $19.0M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006013 | −0.447% | $4.7M | $3.2M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006014 | −0.430% | $11.3M | $17.5M | 75x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0100% | 1h | 0.000006026 | −0.232% | $23K | $9K | 15x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006015 | −0.414% | $7K | $2K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006025 | −0.248% | $2K | $25K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006015 | −0.414% | $515 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006023 | −0.281% | $413K | $482K | 75x | as long as short |
| Phemex u1000SHIBUSDTshort | +0.0100% | 8h | 0.000006025 | −0.248% | $2.1M | $7.7M | 50x | |
| Paradex kSHIB-USD-PERP | +0.0101% | 8h | 0.000006016 | −0.391% | $7K | $13 | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006010 | −0.493% | $54K | $4K | 25x | as long as short |
| Hyperliquid kSHIB | +0.0136% | 1h | 0.000006023 | −0.281% | $3.6M | $5.2M | 10x | as long as short |
| Kraken Futures PF_SHIBUSD | +0.0203% | 1h | 0.000006010 | −0.490% | $1.2M | $1.0M | 50x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0212% / S −0.2404% | 1h | 0.000006000 | −0.662% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006027 | −0.215% | $924K | $899K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006010 | −0.492% | $1 | — | 20x | as long as short |
| dYdX SHIB-USD | +0.8101% | 1h | 0.000006015 | −0.406% | $32K | $65K | 10x | as long as short |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Backpack kSHIB_USDC_PERP
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Hyperliquid kSHIB
Kraken Futures PF_SHIBUSD
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
dYdX SHIB-USD