Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h −0.001%

Price spread now: Backpack against Bitget−0.082%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.082% cheaper against Bitget than usual: you would sell low and buy high (spread −0.082% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 3.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SHIBUSDT	0.000006134	0.0100	pay 0.0100% / 8h	1h 41m	$11.8M	$12.7M	75x
Short	Backpack kSHIB_USDC_PERP	0.000006129	0.0185	get 0.0023% / 1h	41m 59s	$25K	$5K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.082%Rate

Funding earned: $17.92
Price spread: −0.082% → 0.000%: −$8.15
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$12.23
Costs to cover: 0.220%
Break-even: 11.8 days

Slippage unknown: Bitget: live order book, 2 min ago; Backpack: 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 Bitget live order book, 2 min ago	2.46 bp	12.0 bp −$12	24.5 bp −$245	96.8 bp −$9,681	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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	0.000006117	−0.273%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006117	−0.274%	$85K	$1.9M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006126	−0.139%	$745	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0008%	1h	0.000006124	−0.163%	$85K	$802K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0077%	1h	0.000006127	−0.114%	$47K	$65K	25x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006129	−0.082%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006129	−0.082%	$155K	$288K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006128	−0.105%	$36K	$173K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006120	−0.228%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006135	+0.013%	$30.0M	$91.0M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006134	0.000%	$9.0M	$31.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006123	−0.179%	$7.0M	$5.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006134	0.000%	$32.2M	$15.6M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006134	0.000%	$5.0M	$2.4M	75x	as long as short
Bitget SHIBUSDTlong	+0.0100%	8h	0.000006134	long leg	$11.8M	$12.7M	75x
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006123	−0.179%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006134	0.000%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006125	−0.147%	$543	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006120	−0.228%	$417K	$633K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006130	−0.065%	$2.1M	$5.6M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006131	−0.050%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0104%	8h	0.000006121	−0.216%	$7K	—	20x	as long as short
Injective SHIB/USDC PERP	+0.0141%	1h	0.000005975	−2.592%	$245	$99K	5.5x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0185%	1h	0.000006129	−0.082%	$25K	$5K	15x
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−2.185%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006108	−0.424%	$708K	$957K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006126	−0.126%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0353%	1h	0.000006126	−0.128%	$1.2M	$780K	50x	as long as short
Hyperliquid kSHIB	+0.0929%	1h	0.000006142	+0.130%	$4.5M	$3.9M	10x	as long as short