Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.027%

Price spread now: Kraken Futures against Orderly−0.071%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Kraken Futures

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. Kraken Futures is 0.071% cheaper against Orderly than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000SHIB_USDC	0.000006013	0.0100	pay 0.0100% / 8h	57m 49s	$7K	$4K	20x
Short	Kraken Futures PF_SHIBUSD	0.000006009	0.0200	get 0.0025% / 1h	57m 49s	$1.1M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.071%Rate

Funding earned: $20.92
Price spread: −0.071% → 0.000%: −$7.13
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$2.22
Costs to cover: 0.160%
Break-even: 7.7 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 1 min ago. 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 Kraken Futures live order book, 1 min ago	3.33 bp	17.3 bp −$17	33.4 bp −$334	doesn't fit	doesn't fit

Orderly: 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
Coinbase International 1000SHIB-PERP-INTX	−0.0016%	1h	0.000006016	+0.050%	$117K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006010	−0.052%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006008	−0.080%	$106K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006009	−0.060%	$567	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.449%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0069%	8h	0.000006015	+0.033%	—	$2.3M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0083%	1h	0.000006015	+0.033%	$47K	$62K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006014	+0.017%	$156K	$640K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006017	+0.060%	$41K	$336K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006008	−0.083%	$12K	$5K	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	0.000006016	+0.053%	$30.1M	$127.3M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006010	−0.050%	$9.2M	$43.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006011	−0.033%	$7.1M	$7.2M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006011	−0.033%	$28.0M	$19.6M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006015	+0.033%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006012	−0.017%	$11.4M	$17.2M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006017	+0.067%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDClong	+0.0100%	8h	0.000006013	long leg	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006018	+0.083%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006012	−0.017%	$509	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006011	−0.033%	$409K	$575K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006011	−0.033%	$2.1M	$7.7M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006012	−0.024%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0105%	8h	0.000006009	−0.068%	$7K	$13	20x	as long as short
Kraken Futures PF_SHIBUSDshort	+0.0200%	1h	0.000006009	−0.071%	$1.1M	$1.0M	50x
GMX SHIB/USD [ETH-USDC]	L +0.0212% / S −0.2404%	1h	0.000006000	−0.216%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006013	0.000%	$861K	$935K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006004	−0.141%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0352%	1h	0.000006020	+0.116%	$3.6M	$5.4M	10x	as long as short