Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.036%

Price spread now: Backpack against BloFin+0.067%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 6 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. Backpack is 0.067% dearer against BloFin than usual: you sell high and buy low (spread +0.067% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SHIB-USDT	0.000006011	0.0220	pay 0.0220% / 8h	1h 54m	$867K	$929K	50x
Short	Backpack kSHIB_USDC_PERP	0.000006015	0.0100	get 0.0013% / 1h	54m 54s	$23K	$8K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$25.2
Price spread: +0.067% → 0.000%: $6.65
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$40.55
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 32 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 BloFin live order book, 32 min ago	0.84 bp	9.4 bp −$9	15.8 bp −$158	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	−0.0374%	1h	0.000006015	+0.069%	$1.2M	$1.0M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006050	+0.649%	$123K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006016	+0.083%	$24K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006017	+0.096%	$105K	$3.2M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006016	+0.083%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006015	+0.067%	$568	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.482%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0057%	8h	0.000006009	−0.033%	—	$2.3M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006016	+0.083%	$156K	$639K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006021	+0.166%	$3.6M	$5.3M	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	0.000006011	+0.002%	$41K	$336K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006017	+0.100%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006012	+0.016%	$30.1M	$126.5M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006007	−0.067%	$9.2M	$43.2M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006009	−0.033%	$7.1M	$7.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006011	0.000%	$28.5M	$19.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006014	+0.050%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006015	+0.067%	$11.4M	$17.3M	75x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0100%	1h	0.000006015	+0.067%	$23K	$8K	15x
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006013	+0.033%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006025	+0.233%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006015	+0.067%	$506	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006022	+0.183%	$411K	$574K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006020	+0.150%	$2.1M	$7.6M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006017	+0.102%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006011	−0.001%	$53K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0212% / S −0.2404%	1h	0.000006000	−0.183%	$1K	—	100x	as long as short
BloFin SHIB-USDTlong	+0.0220%	8h	0.000006011	long leg	$867K	$929K	50x
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006016	+0.076%	$1	—	20x	as long as short