Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0694%/8h= +75.9% APRpaid last 24h +0.011%

Price spread now: Gate against Kraken Futures+0.057%51s7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$690.693% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now +0.057%, 7d avg −0.027%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Gate is 0.083% dearer against Kraken Futures than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.027%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.068% in total (about 3.5% 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	Kraken Futures PF_SHIBUSD	0.000006002	−0.0594	get 0.0074% / 1h	18m 25s	$1.1M	$1.0M	50x
Short	Gate SHIB_USDT	0.000006005	0.0100	get 0.0100% / 8h	2h 18m	$7.0M	$7.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. 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 Kraken FuturesbpFee GatebpOrdersPrice spread, now +0.057%Rate

Funding earned: $145.66
Price spread: +0.057% → −0.027%: $8.35
Slippage, 4 orders: −$44.28
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $84.73
Costs to cover: 0.693%
Break-even: 2.9 days

Slippage from Kraken Futures: live order book, 5 min ago; Gate: live order book, 5 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 Kraken Futures live order book, 5 min ago	7.58 bp	20.5 bp −$21	33.4 bp −$334	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.53 bp	15.2 bp −$15	34.3 bp −$343	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_SHIBUSDlong	−0.0594%	1h	0.000006002	long leg	$1.1M	$1.0M	50x
Coinbase International 1000SHIB-PERP-INTX	−0.0128%	1h	0.000005947	−0.910%	$116K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005998	−0.060%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006005	+0.055%	$109K	$3.2M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006002	+0.007%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006007	+0.085%	$567	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.640%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000006007	+0.090%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005997	−0.076%	$157K	$636K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006003	+0.024%	$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	0.000005999	−0.043%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006007	+0.086%	$30.3M	$124.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006008	+0.107%	$9.2M	$42.6M	50x	as long as short
Gate SHIB_USDTshort	+0.0100%	8h	0.000006005	+0.057%	$7.0M	$7.3M	75x
MEXC SHIB_USDT	+0.0100%	8h	0.000006003	+0.023%	$28.3M	$19.3M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006005	+0.057%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006004	+0.040%	$11.3M	$17.1M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006004	+0.040%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006009	+0.123%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006014	+0.207%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006002	+0.007%	$504	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006012	+0.173%	$410K	$570K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006000	−0.026%	$2.1M	$7.5M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000005997	−0.070%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005999	−0.035%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0184%	1h	0.000006014	+0.207%	$3.6M	$5.3M	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.026%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006001	−0.010%	$895K	$924K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006007	+0.095%	$1	—	20x	as long as short