Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.2304%/8h= +252.2% APRpaid last 24h +0.691%

Price spread now: GMX against KuCoin−15.797%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 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 15.797% cheaper against KuCoin than usual: you would sell low and buy high (spread −15.797% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,580 on $10k: about 23 days of funding at the current rate (+$69 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SHIBUSDTM	0.000005938	0.0100	pay 0.0100% / 8h	4h 44m	$4.7M	$3.3M	75x
Short	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0211% / S −0.2404%	get 0.0300% / 1h	44m 07s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −15.797%Rate

Funding earned: $483.74
Price spread: −15.797% → 0.000%: −$1,579.66
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,119.91
Costs to cover: 0.240%
Break-even: 23.2 days

Slippage unknown: KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	1.69 bp	20.1 bp −$20	48.7 bp −$487	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 exchanges

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
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005938	+0.005%	$143K	$3.9M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005935	−0.051%	$560	—	150x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0016%	1h	0.000005935	−0.051%	$143K	$1.8M	50x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+1.718%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0070%	8h	0.000005935	−0.051%	—	$2.2M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005939	+0.017%	$169K	$623K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005933	−0.077%	$42K	$285K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000005941	+0.051%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005939	+0.024%	$30.5M	$131.6M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005936	−0.034%	$8.8M	$47.3M	50x	as long as short

Show all 29 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SHIB_USDT	+0.0100%	8h	0.000005935	−0.051%	$7.0M	$6.8M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005936	−0.034%	$27.3M	$19.2M	300x	as long as short
KuCoin SHIBUSDTMlong	+0.0100%	8h	0.000005938	long leg	$4.7M	$3.3M	75x
Bitget SHIBUSDT	+0.0100%	8h	0.000005938	0.000%	$11.3M	$17.8M	75x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005938	0.000%	$6K	$2K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000005950	+0.202%	$2K	$25K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005936	−0.034%	$511	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005938	0.000%	$406K	$496K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005935	−0.051%	$2.1M	$7.8M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0102%	8h	0.000005942	+0.075%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005934	−0.063%	$53K	$4K	25x	as long as short
Backpack kSHIB_USDC_PERP	+0.0127%	1h	0.000005941	+0.051%	$23K	$8K	15x	as long as short
Kraken Futures PF_SHIBUSD	+0.0210%	1h	0.000005936	−0.035%	$1.2M	$1.0M	50x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0211% / S −0.2404%	1h	0.000005000	−15.797%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005936	−0.034%	$919K	$881K	50x	as long as short
Hyperliquid kSHIB	+0.0225%	1h	0.000005944	+0.101%	$3.6M	$5.2M	10x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0255%	1h	0.000005939	+0.017%	$51K	$50K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005932	−0.097%	$1	—	20x	as long as short
dYdX SHIB-USD	+1.0604%	1h	0.000005938	+0.008%	$31K	$52K	10x	as long as short