Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h −0.030%

Price spread now: Paradex against GMX+19.763%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 Paradex

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 19.763% dearer against GMX than usual: you sell high and buy low (spread +19.763% now, against zero (this spread has no 7-day history yet)): +$1,976 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 20 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0212% / S −0.2404%	pay 0.0027% / 1h	31m 59s	$1K	—	100x
Short	Paradex kSHIB-USD-PERP	0.000005988	0.0102	get 0.0102% / 8h	1h 31m	$7K	$13	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +19.763%Rate

Funding earned: −$23.05
Price spread: +19.763% → 0.000%: $1,976.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: $1,937.29
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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	−0.0375%	1h	0.000005988	+19.764%	$1.1M	$1.1M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006016	+20.320%	$117K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005989	+19.780%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005988	+19.760%	$105K	$3.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005987	+19.732%	$565	—	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-USDT	+0.0050%	8h	0.000005990	+19.800%	—	$2.3M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0084%	1h	0.000005988	+19.760%	$46K	$65K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005990	+19.800%	$155K	$640K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005990	+19.807%	$41K	$336K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kSHIB	+0.0100%	1h	0.000005989	+19.780%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005994	+19.880%	$30.0M	$128.1M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005987	+19.740%	$9.1M	$43.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005987	+19.740%	$7.0M	$7.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005990	+19.800%	$28.0M	$19.6M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005989	+19.780%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005990	+19.800%	$11.3M	$17.4M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005991	+19.820%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005987	+19.740%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005995	+19.900%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005987	+19.740%	$503	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005990	+19.800%	$407K	$577K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005994	+19.880%	$2.1M	$7.7M	50x	as long as short
Paradex kSHIB-USD-PERPshort	+0.0102%	8h	0.000005988	+19.763%	$7K	$13	20x
Extended 1000SHIB-USD	+0.0104%	1h	0.000005985	+19.706%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0112%	1h	0.000005996	+19.920%	$3.6M	$5.4M	10x	as long as short
GMX SHIB/USD [ETH-USDC]long	L +0.0212% / S −0.2404%	1h	0.000005000	long leg	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005991	+19.820%	$868K	$928K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005984	+19.686%	$1	—	20x	as long as short