Funding arb · Price arb /

SHIB

all SHIB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.029%

Price spread now: Backpack against Kalshi−0.304%7-day average — · you buy dearer than you sell

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

Long on Kalshi 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 0.304% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.304% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$30 on $10k: about 5.4 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXKSHIBPERP	0.000006089	0	get 0.0000% / 8h	3h 04m	$208K	$2.3M	2x
Short	Backpack kSHIB_USDC_PERP	0.000006070	0.0189	get 0.0024% / 1h	4m 01s	$23K	$7K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.304%Rate

Funding earned: $39.67
Price spread: −0.304% → 0.000%: −$30.39
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$10.72
Costs to cover: 0.200%
Break-even: 8.9 days

Slippage unknown: Kalshi: live order book, 4 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 Kalshi live order book, 4 min ago	6.08 bp	12.2 bp −$12	18.4 bp −$184	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
dYdX SHIB-USD	0.0000%	1h	0.000006080	−0.142%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERPlong	0.0000%	8h	0.000006089	long leg	$208K	$2.3M	2x
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006080	−0.140%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006082	−0.110%	$740	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.797%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006072	−0.271%	$85K	$854K	50x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006069	−0.320%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006080	−0.140%	$240K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006081	−0.131%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006087	−0.025%	$12K	$4K	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	0.000006070	−0.299%	$29.8M	$98.9M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006060	−0.468%	$9.2M	$35.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006063	−0.419%	$7.0M	$5.7M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006068	−0.337%	$31.5M	$17.0M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006077	−0.189%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006068	−0.337%	$11.4M	$13.9M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006081	−0.123%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006095	+0.107%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006076	−0.205%	$535	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006072	−0.271%	$417K	$598K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006072	−0.271%	$2.2M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006075	−0.219%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0126%	8h	0.000006088	−0.003%	$7K	$13	20x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0189%	1h	0.000006070	−0.304%	$23K	$7K	15x
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−1.454%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006080	−0.140%	$865K	$936K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006073	−0.247%	$1.2M	$826K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006084	−0.066%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0729%	1h	0.000006079	−0.156%	$4.4M	$4.0M	10x	as long as short