Funding arb · Price arb /

SHIB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2304%/8h= +252.2% APRpaid last 24h +0.631%

Price spread now: GMX against SunX−16.304%7-day average — · you buy dearer than you sell

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

Long on SunX 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 16.304% cheaper against SunX than usual: you would sell low and buy high (spread −16.304% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,630 on $10k: about 24 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	SunX SHIB-USDT	0.000005974	0.0100	pay 0.0100% / 8h	2h 30m	$2K	$27K	20x
Short	GMX SHIB/USD [ETH-USDC]	0.000005000	L +0.0213% / S −0.2404%	get 0.0300% / 1h	30m 48s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. 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 SunXbpFee GMXbpOrdersPrice spread, now −16.304%Rate

Funding earned: $483.74
Price spread: −16.304% → 0.000%: −$1,630.4
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,166.65
Costs to cover: 0.200%
Break-even: 23.9 days

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

SunX 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	−0.0598%	1h	0.000005957	−0.279%	$1.1M	$1.1M	50x	as long as short
Coinbase International 1000SHIB-PERP-INTX	−0.0128%	1h	0.000005960	−0.234%	$117K	$1.5M	50x	as long as short
dYdX SHIB-USD	0.0000%	1h	0.000005961	−0.216%	$23K	$56K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000005965	−0.157%	$109K	$3.2M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000005961	−0.218%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S 0.0000%	1h	0.000005959	−0.258%	$562	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+1.105%	$248	$134K	5.5x	as long as short
BingX 1000SHIB-USDT	+0.0068%	8h	0.000005963	−0.184%	—	$2.3M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000005964	−0.167%	$157K	$632K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000005969	−0.088%	$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	0.000005964	−0.167%	$12K	$5K	10x	as long as short
Binance 1000SHIBUSDT	+0.0100%	8h	0.000005967	−0.114%	$30.1M	$123.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000005962	−0.201%	$9.4M	$41.7M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000005960	−0.234%	$7.0M	$7.3M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000005966	−0.134%	$28.4M	$19.2M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000005965	−0.151%	$4.6M	$3.2M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000005962	−0.201%	$11.2M	$17.1M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000005964	−0.167%	$23K	$7K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000005962	−0.201%	$6K	$4K	20x	as long as short
SunX SHIB-USDTlong	+0.0100%	8h	0.000005974	long leg	$2K	$27K	20x
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000005960	−0.234%	$497	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000005960	−0.234%	$407K	$591K	75x	as long as short
Phemex u1000SHIBUSDT	+0.0100%	8h	0.000005966	−0.134%	$2.0M	$7.4M	50x	as long as short
Paradex kSHIB-USD-PERP	+0.0101%	8h	0.000005967	−0.114%	$7K	$13	20x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000005963	−0.185%	$53K	$4K	25x	as long as short
Hyperliquid kSHIB	+0.0176%	1h	0.000005969	−0.084%	$3.6M	$5.3M	10x	as long as short
GMX SHIB/USD [ETH-USDC]short	L +0.0213% / S −0.2404%	1h	0.000005000	−16.304%	$1K	—	100x
BloFin SHIB-USDT	+0.0220%	8h	0.000005961	−0.218%	$894K	$915K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000005962	−0.199%	$1	—	20x	as long as short