Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.2304%/8h= +252.2% APRpaid last 24h +0.691%

Price spread now: GMX against Phemex−0.365%188s7-day average — · you buy dearer than you sell

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

Long on Phemex 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 0.365% cheaper against Phemex than usual: you would sell low and buy high (spread −0.365% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$37 on $10k: about 13 hours of funding at the current rate (+$69 a day). The two prices were read 188 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000SHIBUSDT	0.000006022	0.0100	pay 0.0100% / 8h	5h 48m	$2.1M	$7.7M	50x
Short	GMX SHIB/USD [ETH-USDC]	0.000006000	L +0.0212% / S −0.2404%	get 0.0300% / 1h	48m 27s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now −0.365%Rate

Funding earned: $483.74
Price spread: −0.365% → 0.000%: −$36.53
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $423.21
Costs to cover: 0.240%
Break-even: 0.9 days

Slippage unknown: Phemex: 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 Phemex live order book, 3 min ago	2.49 bp	16.9 bp −$17	63.3 bp −$633	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
Coinbase International 1000SHIB-PERP-INTX	−0.0056%	1h	0.000006068	+0.764%	$131K	$1.7M	50x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006012	−0.163%	$77K	$3.5M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006017	−0.083%	$45K	$46K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000006023	+0.017%	$569	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.299%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0070%	8h	0.000006016	−0.100%	—	$2.2M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006019	−0.050%	$155K	$606K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006015	−0.123%	$40K	$273K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006017	−0.083%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006015	−0.123%	$31.1M	$128.3M	75x	as long as short

Show all 29 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006015	−0.116%	$9.6M	$45.9M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006012	−0.166%	$7.1M	$6.7M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006017	−0.083%	$27.7M	$19.0M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006013	−0.149%	$4.7M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006013	−0.149%	$11.3M	$17.5M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006020	−0.033%	$23K	$9K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006018	−0.066%	$7K	$2K	20x	as long as short
SunX SHIB-USDT	+0.0100%	8h	0.000006029	+0.116%	$2K	$25K	20x	as long as short
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006017	−0.083%	$519	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006010	−0.199%	$412K	$482K	75x	as long as short
Phemex u1000SHIBUSDTlong	+0.0100%	8h	0.000006022	long leg	$2.1M	$7.7M	50x
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000006016	−0.105%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006013	−0.149%	$54K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0151%	1h	0.000006023	+0.017%	$3.6M	$5.2M	10x	as long as short
Kraken Futures PF_SHIBUSD	+0.0202%	1h	0.000006014	−0.137%	$1.2M	$1.0M	50x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0212% / S −0.2404%	1h	0.000006000	−0.365%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000006017	−0.083%	$927K	$900K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006010	−0.194%	$1	—	20x	as long as short
dYdX SHIB-USD	+0.8215%	1h	0.000006015	−0.124%	$32K	$65K	10x	as long as short