Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0145%/8h= −15.8% APRpaid last 24h −0.049%

Price spread now: BingX against GMX+19.260%7-day average — · you sell dearer than you buy

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

Long on GMX Short on BingX

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

The price spread pays, funding is against you. BingX is 19.260% dearer against GMX than usual: you sell high and buy low (spread +19.260% now, against zero (this spread has no 7-day history yet)): +$1,926 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 15 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0213% / S −0.2404%	pay 0.0027% / 1h	30m 01s	$1K	—	100x
Short	BingX 1000SHIB-USDT	0.000005963	0.0068	get 0.0068% / 8h	2h 30m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now +19.260%Rate

Funding earned: −$30.38
Price spread: +19.260% → 0.000%: $1,926
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $1,873.62
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; BingX: live order book, 3 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell BingX live order book, 3 min ago	1.68 bp	8.8 bp −$9	16.9 bp −$169	52.8 bp −$5,275	108.8 bp −$54.4K

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	−0.0597%	1h	0.000005965	+19.308%	$1.1M	$1.1M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0128%	1h	0.000005960	+19.200%	$117K	$1.5M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005960	+19.201%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005964	+19.278%	$109K	$3.2M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005967	+19.340%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005964	+19.280%	$563	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+20.800%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDTshort	+0.0068%	8h	0.000005963	+19.260%	—	$2.3M	—
Lighter 1000SHIB	+0.0096%	1h	0.000005967	+19.340%	$157K	$633K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005963	+19.261%	$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	0.000005962	+19.240%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005963	+19.267%	$30.0M	$123.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005963	+19.260%	$9.4M	$41.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005959	+19.180%	$7.0M	$7.3M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005967	+19.340%	$28.4M	$19.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005966	+19.320%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005962	+19.240%	$11.2M	$17.1M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005964	+19.280%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005967	+19.340%	$6K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005970	+19.400%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005965	+19.300%	$501	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005958	+19.160%	$407K	$591K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005970	+19.400%	$2.0M	$7.4M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000005965	+19.304%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005962	+19.248%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0177%	1h	0.000005971	+19.420%	$3.6M	$5.3M	10x	as long as short
GMX SHIB/USD [ETH-USDC]long	L +0.0213% / S −0.2404%	1h	0.000005000	long leg	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005961	+19.220%	$894K	$915K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005966	+19.322%	$1	—	20x	as long as short