Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h +0.013%

Price spread now: Paradex against Injective+2.108%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Paradex

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

The price spread pays, funding is against you. Paradex is 2.108% dearer against Injective than usual: you sell high and buy low (spread +2.108% now, against zero (this spread has no 7-day history yet)): +$211 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SHIB/USDC PERP	0.000005975	0.0141	pay 0.0018% / 1h	44m 41s	$245	$99K	5.5x
Short	Paradex kSHIB-USD-PERP	0.000006101	0.0104	get 0.0104% / 8h	1h 44m	$7K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Injective. 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 InjectivebpFee ParadexbpOrdersPrice spread, now +2.108%Rate

Funding earned: −$7.78
Price spread: +2.108% → 0.000%: $210.81
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: $199.01
Costs to cover: 0.040%
Break-even: from the start

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

Injective and Paradex: 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
dYdX SHIB-USD	0.0000%	1h	0.000006105	+2.179%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006085	+1.838%	$95K	$1.8M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006101	+2.100%	$742	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0008%	1h	0.000006102	+2.126%	$85K	$805K	50x	as long as short
BingX 1000SHIB-USDT	+0.0068%	8h	0.000006106	+2.192%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006105	+2.176%	$155K	$287K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006107	+2.209%	$36K	$169K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006107	+2.209%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006104	+2.155%	$29.8M	$90.3M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006112	+2.293%	$8.9M	$30.9M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SHIB_USDT	+0.0100%	8h	0.000006108	+2.226%	$7.0M	$5.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006110	+2.259%	$32.0M	$15.6M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006104	+2.159%	$5.0M	$2.4M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006107	+2.209%	$11.8M	$12.6M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006107	+2.209%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006117	+2.377%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006108	+2.226%	$545	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006109	+2.243%	$412K	$633K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006100	+2.092%	$2.2M	$5.5M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006108	+2.232%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERPshort	+0.0104%	8h	0.000006101	+2.108%	$7K	—	20x
Injective SHIB/USDC PERPlong	+0.0141%	1h	0.000005975	long leg	$245	$99K	5.5x
Backpack kSHIB_USDC_PERP	+0.0186%	1h	0.000006107	+2.209%	$25K	$5K	15x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	+0.418%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006109	+2.243%	$708K	$957K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006099	+2.079%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0354%	1h	0.000006110	+2.256%	$1.2M	$772K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0405%	1h	0.000006110	+2.259%	$47K	$65K	25x	as long as short
Hyperliquid kSHIB	+0.0970%	1h	0.000006115	+2.343%	$4.4M	$3.9M	10x	as long as short