Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.2324%/8h= +254.4% APRpaid last 24h +0.651%

Price spread now: GMX against BingX−1.832%7-day average — · you buy dearer than you sell

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 1.832% cheaper against BingX than usual: you would sell low and buy high (spread −1.832% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$183 on $10k: about 2.6 days of funding at the current rate (+$70 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX 1000SHIB-USDT	0.000006112	0.0080	pay 0.0080% / 8h	7h 15m	—	$2.1M	—
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	15m 32s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now −1.832%Rate

Funding earned: $487.94
Price spread: −1.832% → 0.000%: −$183.25
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $282.7
Costs to cover: 0.220%
Break-even: 2.9 days

Slippage unknown: BingX: live order book, 2 min ago; GMX: 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 BingX live order book, 2 min ago	1.64 bp	9.0 bp −$9	15.6 bp −$156	53.4 bp −$5,339	128.8 bp −$64.4K
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	0.000006109	−0.050%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006099	−0.221%	$208K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006100	−0.198%	$742	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−1.178%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006095	−0.278%	$85K	$882K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0078%	1h	0.000006104	−0.131%	$47K	$65K	25x	as long as short
BingX 1000SHIB-USDTlong	+0.0080%	8h	0.000006112	long leg	—	$2.1M	—
Lighter 1000SHIB	+0.0096%	1h	0.000006121	+0.147%	$241K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006110	−0.033%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006115	+0.049%	$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	0.000006114	+0.033%	$30.0M	$98.9M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006112	0.000%	$9.3M	$35.2M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006112	0.000%	$7.1M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006110	−0.033%	$31.6M	$16.9M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006115	+0.049%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006110	−0.033%	$11.5M	$14.0M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006102	−0.164%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006112	0.000%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006106	−0.098%	$527	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006098	−0.229%	$418K	$595K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006102	−0.164%	$2.2M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006111	−0.017%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0124%	8h	0.000006117	+0.081%	$7K	$13	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0209%	1h	0.000006104	−0.131%	$23K	$7K	15x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000006000	−1.832%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006094	−0.295%	$872K	$941K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0257%	1h	0.000006105	−0.107%	$1.2M	$826K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006111	−0.019%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0728%	1h	0.000006121	+0.147%	$4.4M	$4.0M	10x	as long as short