Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h +0.047%

Price spread now: Orderly against Kraken Futures+0.048%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.048% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.048% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SHIBUSD	0.000006039	0.0260	pay 0.0032% / 1h	3m 00s	$1.1M	$826K	50x
Short	Orderly PERP_1000SHIB_USDC	0.000006042	0.0100	get 0.0100% / 8h	7h 03m	$7K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.048%Rate

Funding earned: −$33.57
Price spread: +0.048% → 0.000%: $4.84
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$44.73
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, just now; Orderly: 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 Kraken Futures live order book, just now	2.49 bp	21.8 bp −$22	35.0 bp −$350	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
dYdX SHIB-USD	0.0000%	1h	0.000006044	+0.082%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006036	−0.053%	$206K	$2.3M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006040	+0.015%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006039	−0.006%	$734	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.015%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006072	+0.545%	$85K	$853K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006038	−0.018%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006041	+0.032%	$238K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006043	+0.062%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006047	+0.131%	$12K	$4K	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	0.000006042	+0.048%	$29.7M	$99.1M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006045	+0.098%	$9.2M	$35.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006033	−0.101%	$7.0M	$5.7M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006030	−0.150%	$31.3M	$17.0M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006040	+0.015%	$4.9M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006042	+0.048%	$11.3M	$13.9M	75x	as long as short
Orderly PERP_1000SHIB_USDCshort	+0.0100%	8h	0.000006042	+0.048%	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006050	+0.181%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006041	+0.032%	$528	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006032	−0.117%	$414K	$599K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006033	−0.101%	$2.1M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006042	+0.051%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0126%	8h	0.000006049	+0.163%	$7K	$13	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0181%	1h	0.000006039	−0.001%	$23K	$7K	15x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.647%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006029	−0.167%	$858K	$933K	50x	as long as short
Kraken Futures PF_SHIBUSDlong	+0.0260%	1h	0.000006039	long leg	$1.1M	$826K	50x
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006041	+0.036%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0726%	1h	0.000006042	+0.048%	$4.4M	$4.0M	10x	as long as short