Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.005%

Price spread now: BingX against Backpack+0.049%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on BingX

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

The price spread pays, funding is against you. BingX is 0.049% dearer against Backpack than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kSHIB_USDC_PERP	0.000006069	0.0212	pay 0.0027% / 1h	20m 34s	$23K	$7K	15x
Short	BingX 1000SHIB-USDC	0.000006072	0.0080	get 0.0080% / 8h	7h 20m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$27.78
Price spread: +0.049% → 0.000%: $4.94
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$42.84
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; BingX: live order book, 11 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 Backpack no order-book sample	—	—	—	—	—
Sell BingX live order book, 11 min ago	4.94 bp	21.5 bp −$22	54.9 bp −$549	250.4 bp −$25.0K	959.1 bp −$479.6K

Backpack: 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
dYdX SHIB-USD	0.0000%	1h	0.000006063	−0.099%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006070	+0.018%	$207K	$2.3M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006072	+0.049%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006072	+0.044%	$738	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.478%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006072	+0.049%	$85K	$878K	50x	as long as short
BingX 1000SHIB-USDCshort	+0.0080%	8h	0.000006072	+0.049%	—	$1.6M	—
Lighter 1000SHIB	+0.0096%	1h	0.000006072	+0.049%	$239K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006072	+0.043%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006069	0.000%	$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 1000SHIBUSDT	+0.0100%	8h	0.000006076	+0.111%	$29.8M	$98.8M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006073	+0.066%	$9.2M	$34.9M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006065	−0.066%	$7.0M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006076	+0.115%	$31.6M	$16.9M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006074	+0.082%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006070	+0.016%	$11.4M	$14.0M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006071	+0.033%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006079	+0.165%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006072	+0.049%	$523	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006070	+0.016%	$416K	$595K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006070	+0.016%	$2.1M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006070	+0.022%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0120%	8h	0.000006068	−0.020%	$7K	$13	20x	as long as short
Backpack kSHIB_USDC_PERPlong	+0.0212%	1h	0.000006069	long leg	$23K	$7K	15x
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.137%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006071	+0.033%	$860K	$938K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006073	+0.065%	$1.2M	$828K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006072	+0.042%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0711%	1h	0.000006082	+0.214%	$4.4M	$4.0M	10x	as long as short