Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.2184%/8h= +239.1% APRpaid last 24h +0.595%

Price spread now: GMX against BloFin−16.486%111s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 16.486% cheaper against BloFin than usual: you would sell low and buy high (spread −16.486% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,649 on $10k: about 25 days of funding at the current rate (+$66 a day). The two prices were read 111 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SHIB-USDT	0.000005987	0.0220	pay 0.0220% / 8h	5h 37m	$876K	$894K	50x
Short	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	37m 16s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now −16.486%Rate

Funding earned: $458.54
Price spread: −16.486% → 0.000%: −$1,648.57
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,214.03
Costs to cover: 0.240%
Break-even: 25.5 days

Slippage unknown: BloFin: live order book, 5 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 BloFin live order book, 5 min ago	0.83 bp	11.9 bp −$12	25.4 bp −$254	doesn't fit	doesn't fit
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
Kraken Futures PF_SHIBUSD	−0.0294%	1h	0.000005970	−0.288%	$1.1M	$897K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0032%	1h	0.000005981	−0.100%	$135K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005974	−0.220%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005979	−0.140%	$192K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005979	−0.127%	$564	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.885%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000005980	−0.117%	—	$2.1M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0085%	1h	0.000005975	−0.200%	$46K	$61K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005977	−0.167%	$161K	$613K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000005987	0.000%	$3.6M	$4.8M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005979	−0.136%	$41K	$317K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005983	−0.067%	$29.3M	$102.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005977	−0.167%	$9.3M	$36.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005976	−0.184%	$6.9M	$5.8M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005981	−0.100%	$29.6M	$17.3M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005978	−0.150%	$4.9M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005975	−0.200%	$11.2M	$14.3M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005971	−0.267%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005974	−0.217%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005991	+0.067%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005976	−0.184%	$510	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005975	−0.200%	$409K	$583K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005974	−0.217%	$2.1M	$6.7M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005973	−0.236%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0110%	8h	0.000005985	−0.038%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0135%	1h	0.000005976	−0.184%	$12K	$4K	10x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000005000	−16.486%	$1K	—	100x
BloFin SHIB-USDTlong	+0.0220%	8h	0.000005987	long leg	$876K	$894K	50x
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005980	−0.122%	$1	—	20x	as long as short