Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2184%/8h= +239.1% APRpaid last 24h +0.595%

Price spread now: GMX against BloFin−0.050%51s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 0.050% cheaper against BloFin than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 2 hours of funding at the current rate (+$66 a day). The two prices were read 51 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	BloFin SHIB-USDT	0.000006003	0.0220	pay 0.0220% / 8h	1h 44m	$873K	$929K	50x
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0212% / S −0.2404%	get 0.0300% / 1h	44m 15s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $458.54
Price spread: −0.050% → 0.000%: −$5
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $429.55
Costs to cover: 0.240%
Break-even: 0.4 days

Slippage unknown: BloFin: live order book, 43 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 BloFin live order book, 43 min ago	0.84 bp	9.4 bp −$9	15.8 bp −$158	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	−0.0374%	1h	0.000006011	+0.132%	$1.2M	$1.0M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006016	+0.217%	$117K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006009	+0.097%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006012	+0.150%	$105K	$3.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006014	+0.182%	$568	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.616%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000006008	+0.083%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006014	+0.183%	$156K	$640K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006015	+0.200%	$3.6M	$5.3M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006012	+0.145%	$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	0.000006013	+0.167%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006011	+0.133%	$30.1M	$127.6M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006007	+0.067%	$9.2M	$43.5M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006011	+0.133%	$7.0M	$7.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006009	+0.100%	$28.2M	$19.6M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006009	+0.100%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006010	+0.117%	$11.4M	$17.4M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006012	+0.150%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006011	+0.133%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006020	+0.283%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006012	+0.150%	$506	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006011	+0.133%	$409K	$581K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006010	+0.117%	$2.1M	$7.6M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006014	+0.176%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006009	+0.103%	$53K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0212% / S −0.2404%	1h	0.000006000	−0.050%	$1K	—	100x
BloFin SHIB-USDTlong	+0.0220%	8h	0.000006003	long leg	$873K	$929K	50x
Deribit 1000SHIB_USDC-PERPETUAL	+0.0249%	1h	0.000006015	+0.200%	$47K	$65K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006015	+0.192%	$1	—	20x	as long as short