Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Orderly+0.265%46s7-day average — · you sell dearer than you buy

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

Long on Orderly 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.265% dearer against Orderly than usual: you sell high and buy low, +$26 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000SHIB_USDC	0.000006046	0.0100	pay 0.0100% / 8h	1h 26m	$7K	$4K	20x
Short	Backpack kSHIB_USDC_PERP	0.000006062	0.0100	get 0.0013% / 1h	26m 15s	$25K	$6K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.265%Rate

Funding earned: $0
Price spread: +0.265% → 0.000%: $26.46
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $10.46
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Orderly and 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	0.000006041	−0.083%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006042	−0.060%	$73K	$1.9M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006046	+0.008%	$735	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0008%	1h	0.000006039	−0.116%	$81K	$780K	50x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006045	−0.017%	—	$2.1M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0081%	1h	0.000006047	+0.017%	$46K	$65K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006045	−0.017%	$152K	$290K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006052	+0.098%	$35K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006048	+0.033%	$11K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006049	+0.050%	$29.6M	$93.3M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006043	−0.050%	$8.8M	$31.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006045	−0.017%	$6.9M	$5.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006047	+0.017%	$30.6M	$16.0M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006046	0.000%	$4.8M	$2.5M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006046	0.000%	$11.6M	$13.0M	75x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0100%	1h	0.000006062	+0.265%	$25K	$6K	15x
Orderly PERP_1000SHIB_USDClong	+0.0100%	8h	0.000006046	long leg	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006058	+0.198%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006045	−0.017%	$540	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006041	−0.083%	$412K	$618K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006050	+0.066%	$2.1M	$5.7M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0103%	8h	0.000006042	−0.061%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006046	−0.005%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0141%	1h	0.000006040	−0.099%	$248	$134K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.761%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006048	+0.033%	$830K	$947K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006048	+0.028%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0358%	1h	0.000006045	−0.018%	$1.1M	$793K	50x	as long as short
Hyperliquid kSHIB	+0.0819%	1h	0.000006057	+0.182%	$4.4M	$4.0M	10x	as long as short