Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Binance against Phemex+0.101%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.100%−$10 · spread now +0.101%, 7d avg +0.004%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.097% dearer against Phemex than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000SHIBUSDT	0.000006072	0.0100	pay 0.0100% / 8h	7h 28m	$2.1M	$6.3M	50x
Short	Binance 1000SHIBUSDT	0.000006078	0.0100	get 0.0100% / 8h	7h 28m	$29.7M	$98.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phemex. 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 PhemexbpFee BinancebpOrdersPrice spread, now +0.101%Rate

Funding earned: $0
Price spread: +0.101% → +0.004%: $9.71
Slippage, 4 orders: −$43.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$56.06
Costs to cover: 0.658%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Binance: live order book, 15 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 Phemex live order book, 6 min ago	9.82 bp	29.8 bp −$30	64.8 bp −$648	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.82 bp	8.7 bp −$9	16.9 bp −$169	71.2 bp −$7,119	182.2 bp −$91.1K

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
dYdX SHIB-USD	0.0000%	1h	0.000006072	0.000%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006073	+0.012%	$208K	$2.3M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006073	+0.016%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006069	−0.044%	$738	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.527%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006064	−0.132%	$78K	$870K	50x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006073	+0.016%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006077	+0.082%	$240K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006072	−0.003%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006077	+0.082%	$12K	$4K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDTshort	+0.0100%	8h	0.000006078	+0.101%	$29.7M	$98.4M	75x
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006075	+0.049%	$9.3M	$34.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006070	−0.033%	$7.0M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006074	+0.033%	$31.4M	$16.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006073	+0.016%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006074	+0.033%	$11.5M	$13.8M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006073	+0.016%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006079	+0.115%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006075	+0.049%	$521	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006072	0.000%	$416K	$597K	75x	as long as short
Phemex u1000SHIBUSDTlong	+0.0100%	8h	0.000006072	long leg	$2.1M	$6.3M	50x
Extended 1000SHIB-USD	+0.0104%	1h	0.000006075	+0.048%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0120%	8h	0.000006080	+0.134%	$7K	$13	20x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.186%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006070	−0.033%	$807K	$939K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0229%	1h	0.000006073	+0.016%	$23K	$7K	15x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006076	+0.065%	$1.2M	$830K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006073	+0.009%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0690%	1h	0.000006082	+0.165%	$4.4M	$4.0M	10x	as long as short