Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2304%/8h= +252.2% APRpaid last 24h +0.691%

Price spread now: GMX against MEXC−16.597%58s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 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 16.597% cheaper against MEXC than usual: you would sell low and buy high (spread −16.597% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,660 on $10k: about 24 days of funding at the current rate (+$69 a day). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SHIB_USDT	0.000005995	0.0100	pay 0.0100% / 8h	7h 51m	$28.7M	$20.0M	300x
Short	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0212% / S −0.2404%	get 0.0300% / 1h	51m 35s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now −16.597%Rate

Funding earned: $483.74
Price spread: −16.597% → 0.000%: −$1,659.72
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,187.97
Costs to cover: 0.120%
Break-even: 24.2 days

Slippage unknown: MEXC: live order book, 2 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 MEXC live order book, 2 min ago	0.84 bp	4.1 bp −$4	8.1 bp −$81	45.0 bp −$4,501	71.2 bp −$35.6K
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
BingX 1000SHIB-USDT	−0.0160%	8h	0.000005996	+0.017%	—	$2.3M	—	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0024%	1h	0.000005944	−0.851%	$128K	$1.6M	50x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005986	−0.153%	$132K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005974	−0.344%	$564	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.751%	$248	$134K	5.5x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005992	−0.050%	$156K	$641K	10x	as long as short
Kraken Futures PF_SHIBUSD	+0.0100%	1h	0.000005982	−0.221%	$1.2M	$1.0M	50x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006002	+0.117%	$3.6M	$5.5M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005992	−0.050%	$41K	$298K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005989	−0.100%	$12K	$6K	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	0.000005994	−0.019%	$30.5M	$128.3M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005993	−0.033%	$8.7M	$44.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005980	−0.250%	$7.0M	$6.9M	75x	as long as short
MEXC SHIB_USDTlong	+0.0100%	8h	0.000005995	long leg	$28.7M	$20.0M	300x
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005984	−0.183%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005998	+0.050%	$11.4M	$17.3M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005987	−0.133%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005984	−0.183%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005996	+0.017%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005983	−0.200%	$508	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005980	−0.250%	$412K	$591K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005990	−0.083%	$2.1M	$7.7M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000005990	−0.075%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005992	−0.042%	$53K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0212% / S −0.2404%	1h	0.000005000	−16.597%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005980	−0.250%	$837K	$931K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0251%	1h	0.000005985	−0.167%	$50K	$59K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005991	−0.062%	$1	—	20x	as long as short
dYdX SHIB-USD	+0.7676%	1h	0.000005989	−0.100%	$23K	$82K	10x	as long as short