Funding arb · Price arb /

SHIB

all SHIB markets

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: Kalshi against Kraken Futures−0.095%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

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

Long on Kraken Futures Short on Kalshi

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+0.059%+$6 on $10k · with fees, hour by hour

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SHIBUSD	0.000006228	−0.0063	get 0.0008% / 1h	39m 59s	$1.2M	$989K	50x
Short	Kalshi KXKSHIBPERP	0.000006222	0	get 0.0000% / 8h	7h 39m	$171K	$2.8M	2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.095%Rate

Funding earned: $13.21
Price spread: −0.095% → −0.036%: −$5.83
Slippage, 4 orders: −$47.44
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$60.05
Costs to cover: 0.674%
Break-even: 38.8 days

Slippage from Kraken Futures: live order book, 3 min ago; Kalshi: 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 Kraken Futures live order book, 3 min ago	4.83 bp	13.0 bp −$13	23.3 bp −$233	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	9.26 bp	14.3 bp −$14	21.7 bp −$217	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	−0.581%	$124K	$1.4M	50x	as long as short
Kraken Futures PF_SHIBUSDlong	−0.0063%	1h	0.000006228	long leg	$1.2M	$989K	50x
dYdX SHIB-USD	0.0000%	1h	0.000006229	+0.011%	$24K	$64K	10x	as long as short
Kalshi KXKSHIBPERPshort	0.0000%	8h	0.000006222	−0.095%	$171K	$2.8M	2x
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006227	−0.016%	$588	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−3.022%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0070%	8h	0.000006232	+0.061%	—	$2.2M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0071%	1h	0.000006232	+0.061%	$48K	$58K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006232	+0.061%	$164K	$622K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006239	+0.174%	$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	+0.008%	$42K	$326K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006244	+0.258%	$32.3M	$114.5M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006241	+0.206%	$10.1M	$40.8M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006235	+0.109%	$7.4M	$6.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006231	+0.045%	$31.3M	$18.7M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006238	+0.158%	$4.9M	$3.0M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006233	+0.077%	$11.8M	$15.6M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006228	−0.003%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006239	+0.174%	$3K	$25K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006228	−0.003%	$507	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006229	+0.013%	$430K	$564K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006227	−0.019%	$2.1M	$7.1M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006232	+0.057%	$55K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0120%	8h	0.000006233	+0.073%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0188%	1h	0.000006229	+0.013%	$12K	$5K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0214% / S −0.2404%	1h	0.000006000	−3.664%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006213	−0.244%	$912K	$924K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0300%	1h	0.000006238	+0.158%	$24K	$7K	15x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006224	−0.063%	$1	—	20x	as long as short