Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0013%/8h= −1.5% APRpaid last 24h +0.001%

Price spread now: Backpack against Paradex+0.175%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Backpack is 0.175% dearer against Paradex than usual: you sell high and buy low (spread +0.175% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 43 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex kSHIB-USD-PERP	0.000006028	0.0113	pay 0.0113% / 8h	6h 01m	$7K	$13	20x
Short	Backpack kSHIB_USDC_PERP	0.000006039	0.0100	get 0.0013% / 1h	1m 42s	$23K	$7K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.175%Rate

Funding earned: −$2.81
Price spread: +0.175% → 0.000%: $17.47
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $0.65
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Paradex 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 28 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	0.000006030	+0.022%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006031	+0.049%	$194K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006037	+0.135%	$734	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.191%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0072%	1h	0.000006021	−0.124%	$135K	$1.1M	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006026	−0.041%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006029	+0.009%	$162K	$611K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006037	+0.141%	$3.7M	$4.7M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006034	+0.091%	$92K	$312K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006030	+0.029%	$29.5M	$101.6M	75x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006027	−0.024%	$9.3M	$36.1M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006024	−0.074%	$7.0M	$5.8M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006030	+0.025%	$30.1M	$17.7M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006029	+0.009%	$4.9M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006028	−0.008%	$11.3M	$14.2M	75x	as long as short
Backpack kSHIB_USDC_PERPshort	+0.0100%	1h	0.000006039	+0.175%	$23K	$7K	15x
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006040	+0.191%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006048	+0.324%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006039	+0.175%	$519	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006031	+0.042%	$413K	$583K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006031	+0.042%	$2.1M	$6.6M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006024	−0.073%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERPlong	+0.0113%	8h	0.000006028	long leg	$7K	$13	20x
Pacifica kSHIB	+0.0183%	1h	0.000006029	+0.009%	$12K	$4K	10x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.472%	$1K	—	100x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0247%	1h	0.000006041	+0.208%	$46K	$64K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006037	+0.134%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0755%	1h	0.000006035	+0.112%	$1.1M	$889K	50x	as long as short