Funding you earn now, next payment 08:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.001%
Price spread now: Kalshi against Kraken Futures+0.111%7-day average −0.029% · you sell dearer than you buy
Net, funding: paid 7d − costs−$69as in the Funding arb table
Net, price: spread back to 7d avg − costs−$51as in the Price arb table
costs, in and out, $10k−$650.655% of the position
Funding, last 7 days−0.036%−$4 on $10k
+Price spread, last 4 days (all we have)−0.114%−$11 · spread now +0.111%, 7d avg −0.029%
=The price spread pays, funding is against you. Kalshi is 0.141% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.111% now, against its 7-day average of −0.029%): +$14 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 7 days (−0.036% in total) that is about 27 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.036% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_SHIBUSD | 0.000005998 | 0.0200 | pay 0.0025% / 1h | 34m 57s | $1.2M | $1.0M | 50x |
| Short | Kalshi KXKSHIBPERP | 0.000006005 | 0 | get 0.0000% / 8h | 4h 34m | $119K | $3.2M | 2x |
Kraken Futures PF_SHIBUSD
Kalshi KXKSHIBPERPFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$41.99
- Price spread: +0.111% → −0.029%
- $14.08
- Slippage, 4 orders
- −$45.45
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$93.37
- Costs to cover
- 0.655%
- Break-even
- never at this rate
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 | 3.33 bp | 17.8 bp −$18 | 31.2 bp −$312 | doesn't fit | doesn't fit |
| Sell Kalshi live order book, 3 min ago | 7.99 bp | 14.5 bp −$15 | 21.8 bp −$218 | 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 | −0.0016% | 1h | 0.000006001 | +0.053% | $117K | $1.5M | 50x | as long as short |
| Kalshi KXKSHIBPERPshort | 0.0000% | 8h | 0.000006005 | +0.111% | $119K | $3.2M | 2x | |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000006000 | +0.036% | $50K | $59K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S 0.0000% | 1h | 0.000005997 | −0.007% | $566 | — | 150x | as long as short |
| Injective SHIB/USDC PERP | +0.0033% | 1h | 0.000006040 | +0.703% | $248 | $134K | 5.5x | as long as short |
| BingX 1000SHIB-USDT | +0.0070% | 8h | 0.000006004 | +0.103% | — | $2.3M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006003 | +0.086% | $156K | $640K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006007 | +0.154% | $41K | $305K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006007 | +0.153% | $12K | $6K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006008 | +0.172% | $30.4M | $127.5M | 75x | as long as short |
Coinbase International 1000SHIB-PERP-INTX
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
Injective SHIB/USDC PERP
BingX 1000SHIB-USDT
Lighter 1000SHIB
Aster 1000SHIBUSDT
Pacifica kSHIB
Binance 1000SHIBUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000006005 | +0.120% | $9.2M | $43.3M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000005997 | −0.014% | $7.0M | $7.3M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006006 | +0.136% | $29.0M | $20.1M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006006 | +0.136% | $4.7M | $3.2M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006005 | +0.120% | $11.3M | $17.1M | 75x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0100% | 1h | 0.000006004 | +0.103% | $23K | $8K | 15x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000005999 | +0.020% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006010 | +0.203% | $2K | $27K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006001 | +0.053% | $510 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006002 | +0.070% | $409K | $576K | 75x | as long as short |
| Phemex u1000SHIBUSDT | +0.0100% | 8h | 0.000006002 | +0.070% | $2.1M | $7.6M | 50x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0103% | 8h | 0.000006006 | +0.140% | $7K | $13 | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006003 | +0.088% | $53K | $4K | 25x | as long as short |
| Kraken Futures PF_SHIBUSDlong | +0.0200% | 1h | 0.000005998 | long leg | $1.2M | $1.0M | 50x | |
| GMX SHIB/USD [ETH-USDC] | L +0.0212% / S −0.2404% | 1h | 0.000005000 | −16.636% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006001 | +0.053% | $867K | $935K | 50x | as long as short |
| Hyperliquid kSHIB | +0.0277% | 1h | 0.000006011 | +0.220% | $3.6M | $5.5M | 10x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000005998 | −0.004% | $1 | — | 20x | as long as short |
| dYdX SHIB-USD | +0.2084% | 1h | 0.000006000 | +0.036% | $35K | $70K | 10x | as long as short |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Backpack kSHIB_USDC_PERP
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Phemex u1000SHIBUSDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Hyperliquid kSHIB
Reya kSHIBRUSDPERP
dYdX SHIB-USD