Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2304%/8h= +252.2% APRpaid last 24h +0.632%

Price spread now: GMX against Orderly−0.382%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 0.382% cheaper against Orderly than usual: you would sell low and buy high (spread −0.382% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$38 on $10k: about 13 hours of funding at the current rate (+$69 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000SHIB_USDC	0.000006023	0.0100	pay 0.0100% / 8h	1h 49m	$7K	$4K	20x
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0212% / S −0.2404%	get 0.0300% / 1h	49m 38s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now −0.382%Rate

Funding earned: $483.74
Price spread: −0.382% → 0.000%: −$38.19
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $427.56
Costs to cover: 0.180%
Break-even: 0.8 days

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

Orderly and 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	−0.0373%	1h	0.000006025	+0.025%	$1.2M	$1.0M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0088%	1h	0.000006050	+0.448%	$123K	$1.6M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000006015	−0.134%	$24K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006022	−0.018%	$105K	$3.2M	2x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006023	−0.008%	$569	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.282%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0052%	8h	0.000006014	−0.149%	—	$2.3M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006016	−0.116%	$156K	$639K	10x	as long as short
Hyperliquid kSHIB	+0.0100%	1h	0.000006020	−0.050%	$3.6M	$5.3M	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006020	−0.048%	$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	0.000006017	−0.100%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006016	−0.116%	$30.1M	$126.9M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006012	−0.183%	$9.2M	$43.2M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006013	−0.166%	$7.1M	$7.4M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006017	−0.100%	$28.3M	$19.5M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006016	−0.116%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006016	−0.116%	$11.4M	$17.3M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006027	+0.066%	$23K	$8K	15x	as long as short
Orderly PERP_1000SHIB_USDClong	+0.0100%	8h	0.000006023	long leg	$7K	$4K	20x
SunX SHIB-USDT	+0.0100%	8h	0.000006032	+0.149%	$2K	$27K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006025	+0.033%	$507	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006019	−0.066%	$410K	$573K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000006030	+0.116%	$2.1M	$7.6M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006016	−0.116%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006012	−0.189%	$53K	$4K	25x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0212% / S −0.2404%	1h	0.000006000	−0.382%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006017	−0.100%	$875K	$931K	50x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	+0.0248%	1h	0.000006026	+0.050%	$47K	$65K	25x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006026	+0.047%	$1	—	20x	as long as short