Funding you earn now, next payment 23:00 UTC−0.0060%/8h= −6.6% APRnext payment −$0.08 per $10,000 · paid last 24h −0.030%
Price spread now: Backpack against GMX+0.150%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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
The price spread pays, funding is against you. Backpack is 0.150% dearer against GMX than usual: you sell high and buy low (spread +0.150% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.3 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX SHIB/USD [ETH-USDC] | 0.000006000 | L +0.0213% / S −0.2404% | pay 0.0027% / 1h | 50m 30s | $1K | — | 100x |
| Short | Backpack kSHIB_USDC_PERP | 0.000006009 | 0.0153 | get 0.0019% / 1h | 50m 30s | $25K | $5K | 15x |
GMX SHIB/USD [ETH-USDC]
Backpack kSHIB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against GMX. 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
- −$12.7
- Price spread: +0.150% → 0.000%
- $15
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$19.7
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: GMX: 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 GMX no order-book sample | — | — | — | — | — |
| Sell Backpack no order-book sample | — | — | — | — | — |
GMX 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 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 | 0.000006014 | +0.225% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006010 | +0.168% | $58K | $1.7M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000006014 | +0.233% | $46K | $65K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006009 | +0.153% | $731 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | +0.0008% | 1h | 0.000006004 | +0.067% | $90K | $761K | 50x | as long as short |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000006013 | +0.217% | — | $1.6M | — | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006019 | +0.317% | $153K | $286K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006018 | +0.302% | $36K | $179K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006019 | +0.317% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006014 | +0.233% | $29.3M | $89.0M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
Coinbase International 1000SHIB-PERP-INTX
BingX 1000SHIB-USDC
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 | 0.000006009 | +0.150% | $7.6M | $28.3M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006009 | +0.150% | $6.8M | $5.4M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006012 | +0.200% | $31.8M | $15.5M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006011 | +0.183% | $4.9M | $2.3M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006016 | +0.267% | $11.7M | $12.4M | 75x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006014 | +0.233% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006020 | +0.333% | $2K | $23K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006008 | +0.133% | $541 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006011 | +0.183% | $405K | $617K | 75x | as long as short |
| Phemex u1000SHIBUSDT | +0.0100% | 8h | 0.000006012 | +0.200% | $2.2M | $5.5M | 50x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0103% | 8h | 0.000006018 | +0.305% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006013 | +0.213% | $53K | $4K | 25x | as long as short |
| Injective SHIB/USDC PERP | +0.0141% | 1h | 0.000005975 | −0.417% | $245 | $99K | 5.5x | as long as short |
| Backpack kSHIB_USDC_PERPshort | +0.0153% | 1h | 0.000006009 | +0.150% | $25K | $5K | 15x | |
| GMX SHIB/USD [ETH-USDC]long | L +0.0213% / S −0.2404% | 1h | 0.000006000 | long leg | $1K | — | 100x | |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006003 | +0.050% | $709K | $941K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006012 | +0.193% | $1 | — | 20x | as long as short |
| Kraken Futures PF_SHIBUSD | +0.0360% | 1h | 0.000006010 | +0.171% | $1.1M | $765K | 50x | as long as short |
| Hyperliquid kSHIB | +0.0959% | 1h | 0.000006024 | +0.400% | $4.4M | $3.8M | 10x | as long as short |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Phemex u1000SHIBUSDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Injective SHIB/USDC PERP
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Kraken Futures PF_SHIBUSD
Hyperliquid kSHIB