Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against SoDEX+0.081%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 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. Kalshi is 0.081% dearer against SoDEX than usual: you sell high and buy low (spread +0.081% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX 1000SHIB-USD	0.000005938	0.0100	pay 0.0013% / 1h	4m 58s	$495	$5K	10x
Short	Kalshi KXKSHIBPERP	0.000005943	0	get 0.0000% / 8h	1h 04m	$191K	$2.3M	2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.081%Rate

Funding earned: −$21
Price spread: +0.081% → 0.000%: $8.08
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$30.92
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Kalshi: live order book, 3 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	5.79 bp	12.0 bp −$12	20.2 bp −$202	doesn't fit	doesn't fit

SoDEX: 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	−0.0296%	1h	0.000005935	−0.050%	$1.1M	$916K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0032%	1h	0.000005995	+0.960%	$133K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005941	+0.047%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERPshort	0.0000%	8h	0.000005943	+0.081%	$191K	$2.3M	2x
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005937	−0.017%	$45K	$61K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005936	−0.042%	$560	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+1.718%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000005934	−0.067%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005945	+0.118%	$160K	$615K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000005938	0.000%	$3.6M	$4.8M	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	0.000005935	−0.056%	$40K	$320K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005938	+0.006%	$29.1M	$102.9M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005935	−0.051%	$9.2M	$35.9M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005928	−0.168%	$6.9M	$5.9M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005936	−0.034%	$29.3M	$17.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005936	−0.034%	$4.9M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005933	−0.084%	$11.2M	$14.5M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005934	−0.067%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005938	0.000%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005951	+0.219%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USDlong	+0.0100%	1h	0.000005938	long leg	$495	$5K	10x
HTX SHIB-USDT	+0.0100%	8h	0.000005934	−0.067%	$406K	$583K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005943	+0.084%	$2.1M	$6.8M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005932	−0.101%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0110%	8h	0.000005945	+0.125%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0135%	1h	0.000005942	+0.067%	$12K	$4K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000005000	−15.797%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000005936	−0.034%	$870K	$883K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005941	+0.046%	$1	—	20x	as long as short