Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0146%/8h= +16.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Paradex−0.149%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.149% cheaper against Paradex than usual: you would sell low and buy high (spread −0.149% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 3.4 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex kSHIB-USD-PERP	0.000006213	0.0116	pay 0.0116% / 8h	3h 31m	$7K	$13	20x
Short	Backpack kSHIB_USDC_PERP	0.000006204	0.0262	get 0.0033% / 1h	31m 24s	$24K	$7K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now −0.149%Rate

Funding earned: $30.62
Price spread: −0.149% → 0.000%: −$14.86
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $1.76
Costs to cover: 0.140%
Break-even: 6.6 days

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

Paradex and 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
Coinbase International 1000SHIB-PERP-INTX	−0.0168%	1h	0.000006194	−0.310%	$121K	$1.4M	50x	as long as short
Kraken Futures PF_SHIBUSD	−0.0063%	1h	0.000006205	−0.134%	$1.2M	$1.0M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006193	−0.326%	$24K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006212	−0.015%	$171K	$2.9M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006208	−0.089%	$586	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−2.788%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000006209	−0.068%	—	$1.6M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0072%	1h	0.000006213	−0.004%	$48K	$58K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006200	−0.213%	$163K	$622K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006218	+0.077%	$3.7M	$5.1M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006209	−0.069%	$43K	$328K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006209	−0.060%	$32.0M	$115.9M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006209	−0.068%	$10.1M	$41.4M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006205	−0.132%	$7.4M	$6.7M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006210	−0.052%	$31.0M	$18.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006205	−0.132%	$4.8M	$3.0M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006211	−0.036%	$12.0M	$16.0M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006213	−0.004%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006220	+0.109%	$2K	$26K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006209	−0.068%	$508	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006210	−0.052%	$428K	$572K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006201	−0.197%	$2.1M	$7.1M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006206	−0.121%	$55K	$4K	25x	as long as short
Paradex kSHIB-USD-PERPlong	+0.0116%	8h	0.000006213	long leg	$7K	$13	20x
Pacifica kSHIB	+0.0188%	1h	0.000006197	−0.261%	$12K	$5K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0214% / S −0.2404%	1h	0.000006000	−3.432%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006220	+0.109%	$950K	$925K	50x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0262%	1h	0.000006204	−0.149%	$24K	$7K	15x
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006207	−0.094%	$1	—	20x	as long as short