Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.2304%/8h= +252.2% APRpaid last 24h +0.631%

Price spread now: GMX against Binance−0.629%7-day average — · you buy dearer than you sell

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

Long on Binance 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 0.629% cheaper against Binance than usual: you would sell low and buy high (spread −0.629% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$63 on $10k: about 22 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	Binance 1000SHIBUSDT	0.000006038	0.0100	pay 0.0100% / 8h	4h 17m	$29.8M	$104.8M	75x
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	17m 23s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now −0.629%Rate

Funding earned: $483.74
Price spread: −0.629% → 0.000%: −$62.93
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $398.81
Costs to cover: 0.220%
Break-even: 1.2 days

Slippage unknown: Binance: live order book, 10 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 Binance live order book, 10 min ago	0.83 bp	9.7 bp −$10	15.9 bp −$159	65.1 bp −$6,510	198.2 bp −$99.1K
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	−0.0349%	1h	0.000006037	−0.022%	$1.1M	$934K	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006010	−0.464%	$126K	$1.1M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006025	−0.218%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006000	−0.634%	$192K	$2.3M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006034	−0.066%	$570	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.033%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006038	0.000%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006025	−0.215%	$160K	$608K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006033	−0.079%	$41K	$321K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006027	−0.182%	$12K	$5K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDTlong	+0.0100%	8h	0.000006038	long leg	$29.8M	$104.8M	75x
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006034	−0.066%	$9.5M	$37.1M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006032	−0.099%	$7.0M	$5.9M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006032	−0.099%	$30.2M	$17.8M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006032	−0.099%	$4.8M	$2.7M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006035	−0.050%	$11.6M	$14.6M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006037	−0.017%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006045	+0.116%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006035	−0.050%	$478	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006002	−0.596%	$409K	$556K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006010	−0.464%	$2.1M	$6.9M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006031	−0.109%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0118%	8h	0.000006028	−0.167%	$7K	$13	20x	as long as short
Backpack kSHIB_USDC_PERP	+0.0124%	1h	0.000006008	−0.497%	$23K	$7K	15x	as long as short
Hyperliquid kSHIB	+0.0137%	1h	0.000006041	+0.050%	$3.6M	$4.8M	10x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000006000	−0.629%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006004	−0.563%	$873K	$890K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0247%	1h	0.000006037	−0.017%	$46K	$58K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006032	−0.095%	$1	—	20x	as long as short