Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.2404%/8h= +263.2% APRpaid last 24h +0.661%

Price spread now: GMX against Kalshi−1.423%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on GMX

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

Funding pays, the price is against you. GMX is 1.423% cheaper against Kalshi than usual: you would sell low and buy high (spread −1.423% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$142 on $10k: about 47 hours of funding at the current rate (+$72 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXKSHIBPERP	0.000006087	0	get 0.0000% / 8h	3h 25m	$208K	$2.3M	2x
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	25m 03s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Kalshi. 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 KalshibpFee GMXbpOrdersPrice spread, now −1.423%Rate

Funding earned: $504.74
Price spread: −1.423% → 0.000%: −$142.28
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $340.46
Costs to cover: 0.220%
Break-even: 2.3 days

Slippage unknown: Kalshi: live order book, 3 min ago; GMX: 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 Kalshi live order book, 3 min ago	8.73 bp	13.7 bp −$14	20.5 bp −$205	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	0.000006091	+0.073%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERPlong	0.0000%	8h	0.000006087	long leg	$208K	$2.3M	2x
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006086	−0.010%	$47K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006085	−0.028%	$740	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	−0.766%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006064	−0.371%	$78K	$870K	50x	as long as short
BingX 1000SHIB-USDC	+0.0080%	8h	0.000006077	−0.158%	—	$1.6M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006092	+0.089%	$240K	$469K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006084	−0.037%	$37K	$179K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006092	+0.089%	$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	0.000006086	−0.010%	$29.8M	$98.6M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006085	−0.026%	$9.3M	$34.9M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006082	−0.076%	$7.1M	$5.6M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006085	−0.026%	$31.4M	$16.9M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006085	−0.026%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006082	−0.076%	$11.4M	$14.0M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006085	−0.026%	$7K	$4K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006098	+0.187%	$2K	$24K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006088	+0.023%	$521	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006083	−0.059%	$417K	$595K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006083	−0.059%	$2.1M	$6.3M	50x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006087	+0.009%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0121%	8h	0.000006086	−0.003%	$7K	$13	20x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000006000	−1.423%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006088	+0.023%	$861K	$943K	50x	as long as short
Backpack kSHIB_USDC_PERP	+0.0243%	1h	0.000006085	−0.026%	$23K	$7K	15x	as long as short
Kraken Futures PF_SHIBUSD	+0.0258%	1h	0.000006090	+0.060%	$1.2M	$830K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006087	0.000%	$1	—	20x	as long as short
Hyperliquid kSHIB	+0.0704%	1h	0.000006095	+0.138%	$4.4M	$4.0M	10x	as long as short