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: SunX against GMX+1.217%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 SunX

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. SunX is 1.217% dearer against GMX than usual: you sell high and buy low (spread +1.217% now, against zero (this spread has no 7-day history yet)): +$122 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 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	7m 06s	$1K	—	100x
Short	SunX SHIB-USDT	0.000006073	0.0100	get 0.0100% / 8h	2h 07m	$2K	$27K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +1.217%Rate

Funding earned: −$23.62
Price spread: +1.217% → 0.000%: $121.67
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: $78.05
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; SunX: 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 SunX no order-book sample	—	—	—	—	—

GMX and SunX: 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	−0.0588%	1h	0.000006059	+0.979%	$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	0.000006057	+0.948%	$24K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006068	+1.133%	$115K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006062	+1.028%	$572	—	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	+0.0064%	8h	0.000006059	+0.983%	—	$2.3M	—	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0080%	1h	0.000006066	+1.100%	$47K	$65K	25x	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006065	+1.083%	$159K	$637K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006060	+0.992%	$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	0.000006058	+0.967%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006057	+0.953%	$30.5M	$125.3M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006052	+0.867%	$9.3M	$43.3M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006060	+1.000%	$7.1M	$7.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006064	+1.067%	$28.8M	$19.4M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006062	+1.033%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006058	+0.967%	$11.4M	$17.2M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006061	+1.017%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006065	+1.083%	$7K	$4K	20x	as long as short
SunX SHIB-USDTshort	+0.0100%	8h	0.000006073	+1.217%	$2K	$27K	20x
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006063	+1.050%	$515	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006061	+1.017%	$413K	$572K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006065	+1.083%	$2.1M	$7.5M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000006067	+1.120%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006060	+0.996%	$54K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0182%	1h	0.000006062	+1.033%	$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	0.000006059	+0.983%	$862K	$935K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006061	+1.021%	$1	—	20x	as long as short