Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.2304%/8h= +252.2% APRpaid last 24h +0.631%

Price spread now: GMX against Phemex−1.316%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 1.316% cheaper against Phemex than usual: you would sell low and buy high (spread −1.316% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$132 on $10k: about 46 hours of funding at the current rate (+$69 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000SHIBUSDT	0.000006080	0.0100	pay 0.0100% / 8h	41m 55s	$2.1M	$5.9M	50x
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	41m 55s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now −1.316%Rate

Funding earned: $483.74
Price spread: −1.316% → 0.000%: −$131.58
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $328.17
Costs to cover: 0.240%
Break-even: 2.3 days

Slippage unknown: Phemex: 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 Phemex live order book, 2 min ago	7.39 bp	18.8 bp −$19	55.7 bp −$557	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
dYdX SHIB-USD	0.0000%	1h	0.000006076	−0.062%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006077	−0.053%	$73K	$1.9M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006077	−0.049%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006074	−0.107%	$739	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0032%	1h	0.000006113	+0.543%	$81K	$791K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006077	−0.049%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006076	−0.066%	$153K	$290K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006077	−0.045%	$35K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006078	−0.033%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006079	−0.021%	$29.9M	$94.9M	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	0.000006080	0.000%	$8.8M	$32.5M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006072	−0.132%	$7.0M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006078	−0.033%	$30.6M	$16.3M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006077	−0.049%	$4.9M	$2.5M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006074	−0.099%	$11.6M	$13.3M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006076	−0.066%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006084	+0.066%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006074	−0.099%	$539	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006072	−0.132%	$415K	$615K	75x	as long as short
Phemex u1000SHIBUSDTlong	+0.0100%	8h	0.000006080	long leg	$2.1M	$5.9M	50x
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000006078	−0.029%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006075	−0.088%	$54K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0161%	1h	0.000006040	−0.658%	$248	$134K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000006000	−1.316%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006087	+0.115%	$810K	$951K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0246%	1h	0.000006077	−0.049%	$25K	$6K	15x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006073	−0.119%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0380%	1h	0.000006076	−0.064%	$1.2M	$804K	50x	as long as short
Hyperliquid kSHIB	+0.0679%	1h	0.000006086	+0.099%	$4.4M	$4.0M	10x	as long as short