Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0114%/8h= −12.5% APRpaid last 24h −0.002%

Price spread now: Orderly against Backpack+0.032%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.032% dearer against Backpack than usual: you sell high and buy low (spread +0.032% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kSHIB_USDC_PERP	0.000006184	0.0214	pay 0.0027% / 1h	28m 35s	$24K	$7K	15x
Short	Orderly PERP_1000SHIB_USDC	0.000006186	0.0100	get 0.0100% / 8h	3h 28m	$7K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Backpack. 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 BackpackbpFee OrderlybpOrdersPrice spread, now +0.032%Rate

Funding earned: −$23.88
Price spread: +0.032% → 0.000%: $3.23
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$36.65
Costs to cover: 0.160%
Break-even: never at this rate

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

Backpack and Orderly: 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	+0.162%	$121K	$1.4M	50x	as long as short
Kraken Futures PF_SHIBUSD	−0.0063%	1h	0.000006182	−0.035%	$1.2M	$1.0M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006176	−0.132%	$24K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006187	+0.050%	$171K	$2.9M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006188	+0.058%	$584	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−2.329%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0070%	8h	0.000006173	−0.178%	—	$2.2M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0073%	1h	0.000006189	+0.081%	$51K	$61K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006177	−0.113%	$162K	$622K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006189	+0.081%	$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	0.000006181	−0.052%	$43K	$328K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006178	−0.094%	$31.9M	$116.1M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006169	−0.243%	$10.0M	$41.2M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006176	−0.129%	$7.4M	$6.8M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006173	−0.178%	$30.8M	$18.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006170	−0.226%	$4.8M	$3.0M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006176	−0.129%	$11.9M	$16.1M	75x	as long as short
Orderly PERP_1000SHIB_USDCshort	+0.0100%	8h	0.000006186	+0.032%	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006193	+0.146%	$2K	$26K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006186	+0.032%	$506	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006181	−0.049%	$426K	$572K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006190	+0.097%	$2.1M	$7.1M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006170	−0.223%	$55K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0105%	8h	0.000006181	−0.056%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0188%	1h	0.000006178	−0.097%	$12K	$5K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0214% / S −0.2404%	1h	0.000006000	−2.975%	$1K	—	100x	as long as short
Backpack kSHIB_USDC_PERPlong	+0.0214%	1h	0.000006184	long leg	$24K	$7K	15x
BloFin SHIB-USDT	+0.0220%	8h	0.000006180	−0.065%	$950K	$921K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006182	−0.039%	$1	—	20x	as long as short