Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2404%/8h= +263.2% APRpaid last 24h +0.661%

Price spread now: GMX against Kalshi−16.158%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on GMX

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

Funding pays, the price is against you. GMX is 16.158% cheaper against Kalshi than usual: you would sell low and buy high (spread −16.158% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,616 on $10k: about 22 days of funding at the current rate (+$72 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXKSHIBPERP	0.000005964	0	get 0.0000% / 8h	6h 33m	$110K	$3.2M	2x
Short	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	33m 12s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Kalshi. 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 KalshibpFee GMXbpOrdersPrice spread, now −16.158%Rate

Funding earned: $504.74
Price spread: −16.158% → 0.000%: −$1,615.8
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,133.06
Costs to cover: 0.220%
Break-even: 22.7 days

Slippage unknown: Kalshi: live order book, 5 min ago; GMX: 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 Kalshi live order book, 5 min ago	9.04 bp	15.3 bp −$15	21.2 bp −$212	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0597%	1h	0.000005965	+0.029%	$1.1M	$1.1M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0128%	1h	0.000005960	−0.060%	$117K	$1.5M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005962	−0.026%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERPlong	0.0000%	8h	0.000005964	long leg	$110K	$3.2M	2x
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005966	+0.040%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005963	−0.002%	$563	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+1.281%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0069%	8h	0.000005963	−0.010%	—	$2.3M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005967	+0.057%	$157K	$632K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005964	+0.002%	$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	0.000005963	−0.010%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005973	+0.158%	$30.1M	$123.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005965	+0.023%	$9.4M	$41.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005960	−0.060%	$7.0M	$7.3M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005961	−0.044%	$28.4M	$19.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005962	−0.027%	$4.7M	$3.1M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005963	−0.010%	$11.2M	$17.1M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005963	−0.010%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005966	+0.040%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005976	+0.208%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005966	+0.040%	$501	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005970	+0.107%	$407K	$591K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005970	+0.107%	$2.0M	$7.4M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000005966	+0.032%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005963	−0.004%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0168%	1h	0.000005974	+0.174%	$3.6M	$5.3M	10x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000005000	−16.158%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005965	+0.023%	$897K	$915K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005964	+0.008%	$1	—	20x	as long as short