Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.029%

Price spread now: Phemex against GMX+0.783%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 Phemex

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. Phemex is 0.783% dearer against GMX than usual: you sell high and buy low (spread +0.783% now, against zero (this spread has no 7-day history yet)): +$78 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 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	1m 06s	$1K	—	100x
Short	Phemex u1000SHIBUSDT	0.000006047	0.0100	get 0.0100% / 8h	2h 01m	$2.1M	$7.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.783%Rate

Funding earned: −$23.61
Price spread: +0.783% → 0.000%: $78.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: $30.73
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Phemex: 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 Phemex live order book, 3 min ago	5.80 bp	19.7 bp −$20	52.5 bp −$525	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
Kraken Futures PF_SHIBUSD	−0.0590%	1h	0.000006043	+0.717%	$1.1M	$1.0M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0128%	1h	0.000006050	+0.833%	$123K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006041	+0.681%	$24K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006046	+0.765%	$115K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006043	+0.718%	$570	—	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-USDT	+0.0058%	8h	0.000006046	+0.767%	—	$2.3M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0081%	1h	0.000006049	+0.817%	$47K	$65K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006049	+0.817%	$157K	$638K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006047	+0.779%	$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	0.000006045	+0.750%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006047	+0.791%	$30.3M	$125.6M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006042	+0.700%	$9.2M	$43.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006042	+0.700%	$7.1M	$7.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006047	+0.783%	$28.6M	$19.4M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006045	+0.750%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006046	+0.767%	$11.4M	$17.3M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006047	+0.783%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006047	+0.783%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006051	+0.850%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006046	+0.767%	$511	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006044	+0.733%	$412K	$573K	75x	as long as short
Phemex u1000SHIBUSDTshort	+0.0100%	8h	0.000006047	+0.783%	$2.1M	$7.5M	50x
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000006044	+0.738%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006045	+0.753%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0162%	1h	0.000006052	+0.867%	$3.6M	$5.3M	10x	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	0.000006045	+0.750%	$865K	$934K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006043	+0.725%	$1	—	20x	as long as short