Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.037%

Price spread now: Backpack against BloFin+0.084%7-day average — · you sell dearer than you buy

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

Long on BloFin 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

The price spread pays, funding is against you. Backpack is 0.084% dearer against BloFin than usual: you sell high and buy low (spread +0.084% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SHIB-USDT	0.000005930	0.0220	pay 0.0220% / 8h	2h 50m	$710K	$1.0M	50x
Short	Backpack kSHIB_USDC_PERP	0.000005935	0.0100	get 0.0013% / 1h	50m 16s	$25K	$5K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$25.2
Price spread: +0.084% → 0.000%: $8.43
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.77
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: 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 BloFin live order book, 2 min ago	1.69 bp	11.5 bp −$11	20.5 bp −$205	doesn't fit	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
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005934	+0.066%	$50K	$1.6M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005943	+0.219%	$42K	$61K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000005941	+0.184%	$722	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0016%	1h	0.000005933	+0.051%	$89K	$753K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0056%	1h	0.000005941	+0.179%	$1.1M	$759K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000005938	+0.135%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005939	+0.152%	$151K	$284K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005942	+0.201%	$35K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005939	+0.152%	$11K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005939	+0.146%	$28.9M	$87.9M	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	0.000005939	+0.152%	$7.6M	$27.8M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005938	+0.135%	$6.7M	$5.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005935	+0.084%	$31.8M	$15.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005937	+0.118%	$5.0M	$2.3M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005939	+0.152%	$11.6M	$12.5M	75x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0100%	1h	0.000005935	+0.084%	$25K	$5K	15x
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005941	+0.185%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005948	+0.304%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005938	+0.135%	$540	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005942	+0.202%	$400K	$623K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005933	+0.051%	$2.1M	$5.3M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0100%	8h	0.000005939	+0.157%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005937	+0.119%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0187%	1h	0.000005964	+0.573%	$245	$67K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−15.683%	$1K	—	100x	as long as short
BloFin SHIB-USDTlong	+0.0220%	8h	0.000005930	long leg	$710K	$1.0M	50x
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005938	+0.138%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0600%	1h	0.000005950	+0.337%	$4.3M	$3.7M	10x	as long as short
dYdX SHIB-USD	+0.9271%	1h	0.000005936	+0.101%	$23K	$64K	10x	as long as short