Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0133%/8h= −14.6% APRpaid last 24h −0.035%

Price spread now: BingX against GMX+1.550%7-day average — · you sell dearer than you buy

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

Long on GMX Short on BingX

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

The price spread pays, funding is against you. BingX is 1.550% dearer against GMX than usual: you sell high and buy low (spread +1.550% now, against zero (this spread has no 7-day history yet)): +$155 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 39 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	38m 39s	$1K	—	100x
Short	BingX 1000SHIB-USDC	0.000006093	0.0080	get 0.0080% / 8h	1h 38m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now +1.550%Rate

Funding earned: −$28.01
Price spread: +1.550% → 0.000%: $155
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $104.99
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; BingX: live order book, 9 min ago. 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 BingX live order book, 9 min ago	3.31 bp	12.2 bp −$12	39.0 bp −$390	238.7 bp −$23.9K	938.8 bp −$469.4K

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	0.000006090	+1.500%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006114	+1.897%	$86K	$1.9M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006098	+1.633%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006102	+1.693%	$742	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0008%	1h	0.000006137	+2.283%	$82K	$804K	50x	as long as short
BingX 1000SHIB-USDCshort	+0.0080%	8h	0.000006093	+1.550%	—	$1.6M	—
Lighter 1000SHIB	+0.0096%	1h	0.000006097	+1.617%	$154K	$288K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006096	+1.605%	$35K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006096	+1.600%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006093	+1.544%	$30.0M	$91.6M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006093	+1.550%	$8.9M	$31.4M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006090	+1.500%	$7.0M	$5.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006094	+1.567%	$31.2M	$15.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006090	+1.500%	$4.9M	$2.4M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006094	+1.567%	$11.7M	$12.8M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006101	+1.683%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006109	+1.817%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006097	+1.617%	$544	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006094	+1.567%	$416K	$634K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006090	+1.500%	$2.1M	$5.6M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0104%	8h	0.000006097	+1.620%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006095	+1.591%	$54K	$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_PERP	+0.0185%	1h	0.000006097	+1.617%	$25K	$5K	15x	as long as short
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	0.000006098	+1.633%	$816K	$955K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006102	+1.706%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0355%	1h	0.000006100	+1.666%	$1.2M	$783K	50x	as long as short
Hyperliquid kSHIB	+0.0895%	1h	0.000006102	+1.700%	$4.4M	$4.0M	10x	as long as short