Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Phemex−0.050%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 0.050% cheaper against Phemex than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 2.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000SHIBUSDT	0.000006050	0.0100	pay 0.0100% / 8h	4h 28m	$2.1M	$6.8M	50x
Short	Backpack kSHIB_USDC_PERP	0.000006047	0.0164	get 0.0021% / 1h	28m 52s	$23K	$7K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.050%Rate

Funding earned: $13.49
Price spread: −0.050% → 0.000%: −$4.96
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$13.47
Costs to cover: 0.220%
Break-even: 14.0 days

Slippage unknown: Phemex: live order book, 5 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 Phemex live order book, 5 min ago	6.68 bp	18.9 bp −$19	60.9 bp −$609	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
Kraken Futures PF_SHIBUSD	−0.0348%	1h	0.000006047	−0.052%	$1.1M	$931K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006010	−0.661%	$126K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006039	−0.184%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006054	+0.066%	$195K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006044	−0.104%	$570	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.165%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006043	−0.116%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006051	+0.017%	$162K	$606K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006043	−0.121%	$41K	$321K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006045	−0.083%	$12K	$5K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006042	−0.132%	$29.7M	$104.0M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006043	−0.116%	$9.5M	$37.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006040	−0.165%	$7.0M	$5.9M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006040	−0.165%	$30.1M	$17.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006042	−0.132%	$4.8M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006041	−0.149%	$11.4M	$14.6M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006050	0.000%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006059	+0.149%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006050	0.000%	$482	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006043	−0.116%	$412K	$558K	75x	as long as short
Phemex u1000SHIBUSDTlong	+0.0100%	8h	0.000006050	long leg	$2.1M	$6.8M	50x
Extended 1000SHIB-USD	+0.0104%	1h	0.000006037	−0.207%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0118%	8h	0.000006048	−0.026%	$7K	$13	20x	as long as short
Hyperliquid kSHIB	+0.0147%	1h	0.000006051	+0.017%	$3.6M	$4.8M	10x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0164%	1h	0.000006047	−0.050%	$23K	$7K	15x
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.826%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006047	−0.050%	$881K	$899K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0246%	1h	0.000006049	−0.017%	$46K	$61K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006049	−0.012%	$1	—	20x	as long as short