Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0142%/8h= −15.6% APRpaid last 24h −0.030%

Price spread now: Kalshi against Backpack+0.053%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 Kalshi

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. Kalshi is 0.053% dearer against Backpack than usual: you sell high and buy low (spread +0.053% 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	0.000006095	0.0142	pay 0.0018% / 1h	59m 34s	$23K	$7K	15x
Short	Kalshi KXKSHIBPERP	0.000006098	0	get 0.0000% / 8h	3h 59m	$194K	$2.3M	2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +0.053%Rate

Funding earned: −$29.89
Price spread: +0.053% → 0.000%: $5.25
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$44.64
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Kalshi: live order book, 4 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 Kalshi live order book, 4 min ago	9.22 bp	14.2 bp −$14	19.8 bp −$198	doesn't fit	doesn't fit

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
Kraken Futures PF_SHIBUSD	−0.0346%	1h	0.000006088	−0.109%	$1.1M	$943K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006077	−0.295%	$124K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006092	−0.052%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERPshort	0.0000%	8h	0.000006098	+0.053%	$194K	$2.3M	2x
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006076	−0.317%	$574	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.902%	$248	$134K	5.5x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0078%	1h	0.000006095	0.000%	$47K	$58K	25x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006096	+0.016%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006094	−0.016%	$161K	$608K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006089	−0.098%	$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	0.000006087	−0.139%	$42K	$321K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006094	−0.016%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006086	−0.148%	$30.2M	$106.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006082	−0.213%	$9.6M	$37.5M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006091	−0.066%	$7.1M	$5.9M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006082	−0.213%	$30.3M	$17.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006086	−0.148%	$4.8M	$2.8M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006081	−0.230%	$11.6M	$14.7M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006096	+0.016%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006103	+0.131%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006092	−0.049%	$490	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006089	−0.098%	$415K	$551K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006090	−0.082%	$2.1M	$7.0M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006093	−0.032%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0120%	8h	0.000006098	+0.057%	$7K	$13	20x	as long as short
Backpack kSHIB_USDC_PERPlong	+0.0142%	1h	0.000006095	long leg	$23K	$7K	15x
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.559%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006082	−0.213%	$898K	$902K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006079	−0.271%	$1	—	20x	as long as short