Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h −0.029%

Price spread now: KuCoin against GMX+19.420%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 KuCoin

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. KuCoin is 19.420% dearer against GMX than usual: you sell high and buy low (spread +19.420% now, against zero (this spread has no 7-day history yet)): +$1,942 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 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	12m 25s	$1K	—	100x
Short	KuCoin SHIBUSDTM	0.000005971	0.0100	get 0.0100% / 8h	5h 12m	$4.9M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +19.420%Rate

Funding earned: −$23.76
Price spread: +19.420% → 0.000%: $1,942
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $1,894.24
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	1.67 bp	16.8 bp −$17	51.6 bp −$516	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
Kraken Futures PF_SHIBUSD	−0.0294%	1h	0.000005971	+19.413%	$1.1M	$911K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0032%	1h	0.000005995	+19.900%	$133K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005972	+19.436%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005984	+19.674%	$193K	$2.3M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005977	+19.540%	$46K	$61K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005977	+19.530%	$564	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+20.800%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000005972	+19.440%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005975	+19.500%	$160K	$615K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000005977	+19.540%	$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	0.000005972	+19.432%	$41K	$319K	50x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005974	+19.478%	$29.3M	$102.5M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005969	+19.380%	$9.2M	$36.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005968	+19.360%	$6.9M	$5.9M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005970	+19.400%	$29.5M	$17.4M	300x	as long as short
KuCoin SHIBUSDTMshort	+0.0100%	8h	0.000005971	+19.420%	$4.9M	$2.7M	75x
Bitget SHIBUSDT	+0.0100%	8h	0.000005969	+19.380%	$11.2M	$14.4M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005975	+19.500%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005977	+19.540%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005989	+19.780%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005975	+19.500%	$492	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005974	+19.480%	$409K	$583K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005980	+19.600%	$2.1M	$6.7M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005970	+19.404%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0110%	8h	0.000005972	+19.430%	$7K	$13	20x	as long as short
Pacifica kSHIB	+0.0135%	1h	0.000005973	+19.460%	$12K	$4K	10x	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	0.000005988	+19.760%	$877K	$897K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005967	+19.349%	$1	—	20x	as long as short