Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h −0.001%

Price spread now: Paradex against Backpack+0.212%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.212% dearer against Backpack than usual: you sell high and buy low (spread +0.212% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kSHIB_USDC_PERP	0.000006104	0.0209	pay 0.0026% / 1h	15m 45s	$23K	$7K	15x
Short	Paradex kSHIB-USD-PERP	0.000006117	0.0124	get 0.0124% / 8h	7h 15m	$7K	$13	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.212%Rate

Funding earned: −$17.91
Price spread: +0.212% → 0.000%: $21.23
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$10.68
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Paradex: 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 Backpack no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

Backpack and Paradex: 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	0.000006109	+0.081%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006099	−0.090%	$208K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006100	−0.067%	$742	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−1.048%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006095	−0.147%	$85K	$882K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0078%	1h	0.000006104	0.000%	$47K	$65K	25x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006109	+0.082%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006121	+0.279%	$241K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006110	+0.105%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006115	+0.180%	$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	0.000006114	+0.164%	$30.0M	$98.9M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006116	+0.197%	$9.3M	$35.2M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006112	+0.131%	$7.1M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006114	+0.164%	$31.7M	$16.9M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006115	+0.180%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006112	+0.131%	$11.5M	$14.0M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006102	−0.033%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006112	+0.131%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006106	+0.033%	$527	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006098	−0.098%	$418K	$595K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006102	−0.033%	$2.2M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006111	+0.114%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERPshort	+0.0124%	8h	0.000006117	+0.212%	$7K	$13	20x
Backpack kSHIB_USDC_PERPlong	+0.0209%	1h	0.000006104	long leg	$23K	$7K	15x
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.704%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006094	−0.164%	$872K	$941K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0257%	1h	0.000006105	+0.024%	$1.2M	$826K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006099	−0.081%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0730%	1h	0.000006123	+0.311%	$4.4M	$4.0M	10x	as long as short