Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0374%/8h= −41.0% APRpaid last 24h +0.002%

Price spread now: Kraken Futures against Kalshi−0.040%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.040%, 7d avg +0.030%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Kraken Futures is 0.071% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXKSHIBPERP	0.000006013	0	get 0.0000% / 8h	5h 02m	$106K	$3.2M	2x
Short	Kraken Futures PF_SHIBUSD	0.000006011	−0.0374	pay 0.0047% / 1h	2m 10s	$1.1M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Kalshi. 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 KalshibpFee Kraken FuturesbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$78.55
Price spread: −0.040% → +0.030%: −$7.07
Slippage, 4 orders: −$40.55
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$146.17
Costs to cover: 0.606%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Kraken Futures: live order book, 1 min ago.

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 Kalshi live order book, 1 min ago	7.31 bp	15.3 bp −$15	22.1 bp −$221	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	1.66 bp	18.5 bp −$18	25.3 bp −$253	doesn't fit	doesn't fit

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_SHIBUSDshort	−0.0374%	1h	0.000006011	−0.040%	$1.1M	$1.0M	50x
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006016	+0.045%	$117K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006015	+0.025%	$24K	$56K	10x	as long as short
Kalshi KXKSHIBPERPlong	0.0000%	8h	0.000006013	long leg	$106K	$3.2M	2x
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006013	−0.005%	$47K	$62K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006011	−0.032%	$567	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.444%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000006015	+0.028%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006016	+0.045%	$156K	$641K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006011	−0.031%	$41K	$336K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kSHIB	+0.0100%	1h	0.000006014	+0.012%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006014	+0.012%	$30.1M	$127.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006013	−0.005%	$9.2M	$43.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006010	−0.055%	$7.1M	$7.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006011	−0.038%	$28.1M	$19.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006010	−0.055%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006013	−0.005%	$11.4M	$17.2M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006015	+0.028%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006013	−0.005%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006024	+0.178%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006014	+0.012%	$509	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006022	+0.145%	$410K	$575K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006010	−0.055%	$2.1M	$7.7M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006010	−0.057%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0105%	8h	0.000006015	+0.026%	$7K	$13	20x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0212% / S −0.2404%	1h	0.000006000	−0.221%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006018	+0.078%	$861K	$935K	50x	as long as short
Hyperliquid kSHIB	+0.0225%	1h	0.000006022	+0.145%	$3.6M	$5.4M	10x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006011	−0.046%	$1	—	20x	as long as short