Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h −0.029%

Price spread now: OKX against GMX+0.417%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 OKX

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. OKX is 0.417% dearer against GMX than usual: you sell high and buy low (spread +0.417% now, against zero (this spread has no 7-day history yet)): +$42 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 12 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	50m 09s	$1K	—	100x
Short	OKX SHIB-USDT-SWAP	0.000006025	0.0100	get 0.0100% / 8h	7h 50m	$8.7M	$33.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.417%Rate

Funding earned: −$23.76
Price spread: +0.417% → 0.000%: $41.67
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$4.09
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 3 min ago	0.83 bp	9.0 bp −$9	22.3 bp −$223	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	0.000006026	+0.434%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006029	+0.482%	$94K	$2.0M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006017	+0.283%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006022	+0.365%	$733	—	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	0.000006040	+0.667%	$76K	$769K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006022	+0.367%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006020	+0.333%	$182K	$369K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006028	+0.461%	$35K	$178K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006028	+0.467%	$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	0.000006022	+0.371%	$29.4M	$96.9M	75x	as long as short
OKX SHIB-USDT-SWAPshort	+0.0100%	8h	0.000006025	+0.417%	$8.7M	$33.0M	50x
Gate SHIB_USDT	+0.0100%	8h	0.000006020	+0.333%	$6.9M	$5.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006022	+0.367%	$31.2M	$16.6M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006021	+0.350%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006022	+0.367%	$11.5M	$13.5M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006025	+0.417%	$25K	$6K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006019	+0.317%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006035	+0.583%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006019	+0.317%	$543	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006024	+0.400%	$412K	$594K	75x	as long as short
Paradex kSHIB-USD-PERP	+0.0104%	8h	0.000006029	+0.488%	$7K	—	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006016	+0.271%	$54K	$4K	25x	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	0.000006031	+0.517%	$799K	$942K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0261%	1h	0.000006019	+0.325%	$1.1M	$813K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006024	+0.401%	$1	—	20x	as long as short
Phemex u1000SHIBUSDT	+0.0558%	8h	0.000006022	+0.367%	$2.1M	$6.1M	50x	as long as short
Hyperliquid kSHIB	+0.0608%	1h	0.000006032	+0.533%	$4.4M	$4.0M	10x	as long as short