Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.2304%/8hpaid last 24h +0.631%

Price spread now: GMX against KuCoin−15.355%7-day average — · you buy dearer than you sell

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

Long on KuCoin 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 15.355% cheaper against KuCoin than usual: you would sell low and buy high (spread −15.355% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,535 on $10k: about 22 days of funding at the current rate (+$69 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SHIBUSDTM	0.000005907	0.0100	pay 0.0100% / 8h	4h 22m	$4.8M	$2.4M	75x
Short	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	22m 39s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −15.355%Rate

Funding earned: $483.74
Price spread: −15.355% → 0.000%: −$1,535.47
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,075.72
Costs to cover: 0.240%
Break-even: 22.6 days

Slippage unknown: KuCoin: live order book, 9 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 KuCoin live order book, 9 min ago	3.39 bp	18.3 bp −$18	59.9 bp −$599	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
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005907	+0.003%	$86K	$1.5M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000005905	−0.039%	$718	—	150x	as long as short
BingX 1000SHIB-USDT	+0.0010%	8h	0.000005905	−0.034%	—	$2.1M	—	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000005767	−2.370%	$236	$36K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0088%	1h	0.000005916	+0.152%	$87K	$838K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0089%	1h	0.000005908	+0.017%	$42K	$64K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005910	+0.051%	$151K	$288K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005910	+0.055%	$37K	$160K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005909	+0.034%	$11K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005911	+0.062%	$28.9M	$84.7M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005903	−0.068%	$7.7M	$26.9M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005908	+0.017%	$6.7M	$5.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005905	−0.034%	$32.8M	$14.9M	300x	as long as short
KuCoin SHIBUSDTMlong	+0.0100%	8h	0.000005907	long leg	$4.8M	$2.4M	75x
Bitget SHIBUSDT	+0.0100%	8h	0.000005911	+0.068%	$11.4M	$12.1M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005905	−0.034%	$27K	$4K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005904	−0.051%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005914	+0.119%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005905	−0.034%	$565	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005902	−0.085%	$398K	$636K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005901	−0.102%	$2.1M	$5.1M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0100%	8h	0.000005908	+0.016%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005904	−0.044%	$52K	$4K	25x	as long as short
Kraken Futures PF_SHIBUSD	+0.0144%	1h	0.000005905	−0.041%	$1.1M	$717K	50x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000005000	−15.355%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005900	−0.119%	$727K	$1.0M	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005899	−0.132%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0551%	1h	0.000005920	+0.220%	$4.3M	$3.7M	10x	as long as short
dYdX SHIB-USD	+0.6983%	1h	0.000005910	+0.051%	$23K	$66K	10x	as long as short