Funding arb · Price arb /

SHIB

all SHIB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h −0.029%

Price spread now: MEXC against GMX+19.080%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 MEXC

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. MEXC is 19.080% dearer against GMX than usual: you sell high and buy low (spread +19.080% now, against zero (this spread has no 7-day history yet)): +$1,908 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	44m 14s	$1K	—	100x
Short	MEXC SHIB_USDT	0.000005954	0.0100	get 0.0100% / 8h	4h 44m	$29.9M	$17.7M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +19.080%Rate

Funding earned: −$23.75
Price spread: +19.080% → 0.000%: $1,908
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: $1,872.25
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; MEXC: 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 MEXC live order book, 5 min ago	0.84 bp	5.1 bp −$5	12.5 bp −$125	59.2 bp −$5,916	89.3 bp −$44.6K

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	−0.0354%	1h	0.000005951	+19.019%	$1.1M	$928K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000005921	+18.420%	$124K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005940	+18.797%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005946	+18.924%	$191K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005952	+19.040%	$562	—	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	0.000005958	+19.160%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005956	+19.120%	$160K	$604K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005950	+18.996%	$40K	$321K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005944	+18.880%	$12K	$5K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005958	+19.158%	$29.2M	$103.4M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005959	+19.180%	$9.2M	$36.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005950	+19.000%	$6.9M	$5.9M	75x	as long as short
MEXC SHIB_USDTshort	+0.0100%	8h	0.000005954	+19.080%	$29.9M	$17.7M	300x
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005952	+19.040%	$4.8M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005955	+19.100%	$11.2M	$14.5M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005959	+19.180%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005956	+19.120%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005964	+19.280%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005955	+19.100%	$484	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005948	+18.960%	$406K	$566K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005954	+19.080%	$2.1M	$6.8M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005950	+19.004%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0105%	1h	0.000005961	+19.220%	$3.6M	$4.8M	10x	as long as short
Paradex kSHIB-USD-PERP	+0.0110%	8h	0.000005947	+18.942%	$7K	$13	20x	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	0.000005935	+18.700%	$869K	$883K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0254%	1h	0.000005955	+19.100%	$46K	$61K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005953	+19.068%	$1	—	20x	as long as short