Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.030%

Price spread now: Orderly against GMX+0.250%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 Orderly

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. Orderly is 0.250% dearer against GMX than usual: you sell high and buy low (spread +0.250% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0212% / S −0.2404%	pay 0.0027% / 1h	0m 11s	$1K	—	100x
Short	Orderly PERP_1000SHIB_USDC	0.000006015	0.0100	get 0.0100% / 8h	1h 00m	$7K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.250%Rate

Funding earned: −$23.59
Price spread: +0.250% → 0.000%: $25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$16.59
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.0374%	1h	0.000006012	+0.193%	$1.1M	$1.0M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006016	+0.267%	$117K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006008	+0.130%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006012	+0.193%	$106K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006013	+0.223%	$568	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.667%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDC	+0.0070%	8h	0.000006013	+0.217%	—	$1.6M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0083%	1h	0.000006016	+0.267%	$47K	$62K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006019	+0.317%	$157K	$641K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006017	+0.290%	$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	0.000006009	+0.150%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006017	+0.290%	$30.1M	$127.3M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006013	+0.217%	$9.2M	$43.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006010	+0.167%	$7.1M	$7.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006017	+0.283%	$28.0M	$19.9M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006013	+0.217%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006015	+0.250%	$11.4M	$17.2M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006017	+0.283%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDCshort	+0.0100%	8h	0.000006015	+0.250%	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006026	+0.433%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006015	+0.250%	$503	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006011	+0.183%	$410K	$575K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006020	+0.333%	$2.1M	$7.7M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006012	+0.206%	$53K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0105%	8h	0.000006018	+0.301%	$7K	$13	20x	as long as short
GMX SHIB/USD [ETH-USDC]long	L +0.0212% / S −0.2404%	1h	0.000006000	long leg	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006004	+0.067%	$859K	$934K	50x	as long as short
Hyperliquid kSHIB	+0.0226%	1h	0.000006021	+0.350%	$3.6M	$5.4M	10x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006013	+0.209%	$1	—	20x	as long as short