Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.2324%/8h= +254.4% APRpaid last 24h +0.651%

Price spread now: GMX against BingX−1.332%7-day average — · you buy dearer than you sell

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

Long on BingX 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 1.332% cheaper against BingX than usual: you would sell low and buy high (spread −1.332% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$133 on $10k: about 46 hours of funding at the current rate (+$70 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX 1000SHIB-USDT	0.000006081	0.0080	pay 0.0080% / 8h	1h 14m	—	$2.1M	—
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	14m 40s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now −1.332%Rate

Funding earned: $487.94
Price spread: −1.332% → 0.000%: −$133.2
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $332.74
Costs to cover: 0.220%
Break-even: 2.2 days

Slippage unknown: BingX: live order book, 8 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 BingX live order book, 8 min ago	1.65 bp	8.0 bp −$8	13.7 bp −$137	56.7 bp −$5,668	139.5 bp −$69.8K
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	0.000006079	−0.036%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006080	−0.008%	$73K	$1.9M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006073	−0.132%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006073	−0.127%	$739	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0008%	1h	0.000006070	−0.181%	$81K	$785K	50x	as long as short
BingX 1000SHIB-USDTlong	+0.0080%	8h	0.000006081	long leg	—	$2.1M	—
Lighter 1000SHIB	+0.0096%	1h	0.000006081	0.000%	$153K	$290K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006080	−0.012%	$35K	$175K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006082	+0.016%	$12K	$4K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006082	+0.016%	$29.9M	$93.8M	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	0.000006081	0.000%	$8.8M	$32.1M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006078	−0.049%	$7.0M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006081	0.000%	$30.8M	$16.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006079	−0.033%	$4.9M	$2.5M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006082	+0.016%	$11.7M	$13.1M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006080	−0.016%	$25K	$6K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006073	−0.132%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006084	+0.049%	$2K	$23K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006075	−0.099%	$543	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006077	−0.066%	$414K	$618K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006070	−0.181%	$2.1M	$5.8M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0103%	8h	0.000006079	−0.027%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006076	−0.082%	$54K	$4K	25x	as long as short
Injective SHIB/USDC PERP	+0.0141%	1h	0.000006040	−0.674%	$248	$134K	5.5x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000006000	−1.332%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006076	−0.082%	$817K	$950K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006075	−0.104%	$1	—	20x	as long as short
Kraken Futures PF_SHIBUSD	+0.0356%	1h	0.000006079	−0.029%	$1.2M	$798K	50x	as long as short
Hyperliquid kSHIB	+0.0810%	1h	0.000006092	+0.181%	$4.4M	$4.0M	10x	as long as short