Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0213%/8h= −23.3% APRpaid last 24h −0.059%

Price spread now: Kalshi against GMX+19.398%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 Kalshi

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. Kalshi is 19.398% dearer against GMX than usual: you sell high and buy low (spread +19.398% now, against zero (this spread has no 7-day history yet)): +$1,940 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 10 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0213% / S −0.2404%	pay 0.0027% / 1h	7m 30s	$1K	—	100x
Short	Kalshi KXKSHIBPERP	0.000005970	0	get 0.0000% / 8h	6h 07m	$58K	$1.7M	2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +19.398%Rate

Funding earned: −$44.71
Price spread: +19.398% → 0.000%: $1,939.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $1,873.09
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 1 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 Kalshi live order book, 1 min ago	8.38 bp	15.4 bp −$15	21.2 bp −$212	doesn't fit	doesn't fit

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
Kalshi KXKSHIBPERPshort	0.0000%	8h	0.000005970	+19.398%	$58K	$1.7M	2x
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000005968	+19.366%	$726	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0016%	1h	0.000005980	+19.600%	$89K	$758K	50x	as long as short
BingX 1000SHIB-USDT	+0.0050%	8h	0.000005966	+19.320%	—	$2.1M	—	as long as short
Kraken Futures PF_SHIBUSD	+0.0056%	1h	0.000005971	+19.415%	$1.1M	$764K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0085%	1h	0.000005969	+19.380%	$46K	$65K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005966	+19.320%	$152K	$286K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005963	+19.253%	$35K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005967	+19.340%	$11K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005968	+19.353%	$29.0M	$88.6M	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	0.000005962	+19.240%	$7.6M	$28.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005964	+19.280%	$6.8M	$5.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005966	+19.320%	$31.7M	$15.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005967	+19.340%	$4.9M	$2.3M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005965	+19.300%	$11.6M	$12.4M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005969	+19.380%	$25K	$5K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005968	+19.360%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005981	+19.620%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005967	+19.340%	$539	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005971	+19.420%	$403K	$615K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005970	+19.400%	$2.1M	$5.5M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0100%	8h	0.000005967	+19.344%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005961	+19.224%	$53K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0187%	1h	0.000005964	+19.280%	$245	$67K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]long	L +0.0213% / S −0.2404%	1h	0.000005000	long leg	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005980	+19.600%	$711K	$965K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005962	+19.238%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0680%	1h	0.000005976	+19.520%	$4.3M	$3.7M	10x	as long as short
dYdX SHIB-USD	+0.7473%	1h	0.000005965	+19.300%	$23K	$64K	10x	as long as short