Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0213%/8h= −23.4% APRpaid last 24h −0.059%

Price spread now: Kalshi against GMX+1.410%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 Kalshi

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. Kalshi is 1.410% dearer against GMX than usual: you sell high and buy low (spread +1.410% now, against zero (this spread has no 7-day history yet)): +$141 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0213% / S −0.2404%	pay 0.0027% / 1h	24m 13s	$1K	—	100x
Short	Kalshi KXKSHIBPERP	0.000006085	0	get 0.0000% / 8h	3h 24m	$209K	$2.3M	2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +1.410%Rate

Funding earned: −$44.8
Price spread: +1.410% → 0.000%: $141
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $74.2
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 4 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 Kalshi live order book, 4 min ago	8.73 bp	14.3 bp −$14	20.5 bp −$205	doesn't fit	doesn't fit

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	+1.317%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERPshort	0.0000%	8h	0.000006085	+1.410%	$209K	$2.3M	2x
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006080	+1.333%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006082	+1.365%	$740	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.667%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006064	+1.067%	$78K	$870K	50x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006081	+1.350%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006085	+1.417%	$240K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006078	+1.301%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006083	+1.383%	$12K	$4K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006083	+1.383%	$29.9M	$98.6M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006083	+1.383%	$9.3M	$34.9M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006083	+1.383%	$7.1M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006081	+1.350%	$31.4M	$16.9M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006081	+1.350%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006081	+1.350%	$11.4M	$14.0M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006084	+1.400%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006091	+1.517%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006080	+1.333%	$520	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006078	+1.300%	$416K	$595K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006086	+1.433%	$2.1M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006080	+1.340%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0121%	8h	0.000006091	+1.509%	$7K	$13	20x	as long as short
GMX SHIB/USD [ETH-USDC]long	L +0.0213% / S −0.2404%	1h	0.000006000	long leg	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006088	+1.467%	$861K	$943K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0243%	1h	0.000006084	+1.400%	$23K	$7K	15x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006082	+1.369%	$1.2M	$829K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006082	+1.364%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0704%	1h	0.000006092	+1.533%	$4.4M	$4.0M	10x	as long as short