Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.005%

Price spread now: Kraken Futures against Kalshi+0.095%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now +0.095%, 7d avg +0.036%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.058% dearer against Kalshi than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of +0.036%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.052%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXKSHIBPERP	0.000006222	0	get 0.0000% / 8h	7h 40m	$171K	$2.8M	2x
Short	Kraken Futures PF_SHIBUSD	0.000006228	−0.0063	pay 0.0008% / 1h	40m 01s	$1.2M	$989K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$13.21
Price spread: +0.095% → +0.036%: $5.84
Slippage, 4 orders: −$47.44
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$74.81
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Kraken Futures: live order book, 3 min ago.

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, 3 min ago	9.26 bp	14.3 bp −$14	21.1 bp −$211	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	4.83 bp	25.9 bp −$26	46.2 bp −$462	doesn't fit	doesn't fit

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	0.000006192	−0.487%	$124K	$1.4M	50x	as long as short
Kraken Futures PF_SHIBUSDshort	−0.0063%	1h	0.000006228	+0.095%	$1.2M	$989K	50x
dYdX SHIB-USD	0.0000%	1h	0.000006229	+0.106%	$24K	$64K	10x	as long as short
Kalshi KXKSHIBPERPlong	0.0000%	8h	0.000006222	long leg	$171K	$2.8M	2x
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006227	+0.079%	$588	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−2.930%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0070%	8h	0.000006232	+0.156%	—	$2.2M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0071%	1h	0.000006232	+0.156%	$48K	$58K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006232	+0.156%	$164K	$622K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006239	+0.268%	$3.7M	$5.0M	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	0.000006229	+0.103%	$42K	$326K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006244	+0.353%	$32.3M	$114.5M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006241	+0.301%	$10.1M	$40.8M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006235	+0.204%	$7.4M	$6.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006231	+0.140%	$31.3M	$18.7M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006238	+0.252%	$4.9M	$3.0M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006233	+0.172%	$11.8M	$15.6M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006228	+0.092%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006239	+0.268%	$3K	$25K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006228	+0.092%	$507	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006229	+0.108%	$430K	$564K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006227	+0.076%	$2.1M	$7.1M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006232	+0.152%	$55K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0120%	8h	0.000006233	+0.167%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0188%	1h	0.000006229	+0.108%	$12K	$5K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0214% / S −0.2404%	1h	0.000006000	−3.573%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006213	−0.149%	$912K	$924K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0300%	1h	0.000006238	+0.252%	$24K	$7K	15x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006224	+0.031%	$1	—	20x	as long as short