Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.012%

Price spread now: Injective against Phemex+1.496%65s7-day average −0.091% · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)−1.605%−$161 · spread now +1.496%, 7d avg −0.091%

Together, before fees−1.632%−$163 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.586% dearer against Phemex than usual: you sell high and buy low (spread +1.496% now, against its 7-day average of −0.091%): +$159 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. At the pace of the last 7 days (−0.027% in total) that is about 14 months. The two prices were read 65 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	Phemex u1000SHIBUSDT	0.000005951	0.0100	pay 0.0100% / 8h	5h 05m	$2.1M	$6.7M	50x
Short	Injective SHIB/USDC PERP	0.000006040	0.0033	get 0.0004% / 1h	5m 48s	$248	$134K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +1.496%Rate

Funding earned: −$14
Price spread: +1.496% → −0.091%: $158.65
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $132.63
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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 Phemex live order book, 3 min ago	5.03 bp	15.2 bp −$15	63.2 bp −$632	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 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
Kraken Futures PF_SHIBUSD	−0.0295%	1h	0.000005942	−0.144%	$1.1M	$916K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0032%	1h	0.000005995	+0.739%	$133K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005941	−0.171%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005946	−0.077%	$191K	$2.3M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005944	−0.118%	$46K	$61K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005943	−0.143%	$561	—	150x	as long as short
Injective SHIB/USDC PERPshort	+0.0033%	1h	0.000006040	+1.496%	$248	$134K	5.5x
BingX 1000SHIB-USDT	+0.0080%	8h	0.000005942	−0.151%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005941	−0.168%	$160K	$615K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000005950	−0.017%	$3.6M	$4.8M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005942	−0.144%	$40K	$320K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005943	−0.134%	$29.1M	$102.7M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005943	−0.134%	$9.2M	$36.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005939	−0.202%	$6.9M	$5.9M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005941	−0.168%	$29.3M	$17.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005940	−0.185%	$4.9M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005940	−0.185%	$11.1M	$14.4M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005947	−0.067%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005945	−0.101%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005952	+0.017%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005945	−0.101%	$492	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005940	−0.185%	$406K	$583K	75x	as long as short
Phemex u1000SHIBUSDTlong	+0.0100%	8h	0.000005951	long leg	$2.1M	$6.7M	50x
Extended 1000SHIB-USD	+0.0104%	1h	0.000005942	−0.152%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0110%	8h	0.000005945	−0.094%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0135%	1h	0.000005942	−0.151%	$12K	$4K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−15.981%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005956	+0.084%	$873K	$886K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005941	−0.169%	$1	—	20x	as long as short