Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0177%/8h= +19.3% APRpaid last 24h +0.044%

Price spread now: GMX against Bybit+0.055%7-day average +0.025% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.135%+$14 on $10k

Price spread, last 3 days (all we have)+0.575%+$57 · spread now +0.055%, 7d avg +0.025%

Together, before fees+0.710%+$71 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and GMX is 0.030% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2445	0.0100	pay 0.0100% / 8h	2h 48m	$70.5M	$99.8M	75x
Short	GMX ADA/USD [WBTC.b-USDC]	0.2446	L +0.0521% / S −0.0277%	get 0.0035% / 1h	48m 57s	$113K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.055%Rate

Funding earned: $37.09
Price spread: +0.055% → +0.025%: $3.04
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $17.13
Costs to cover: 0.230%
Break-even: 3.8 days

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	2.04 bp	7.5 bp −$8	12.1 bp −$121	33.7 bp −$3,366	153.9 bp −$76.9K
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.

ADA on 37 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 ADA-USD	0.0000%	1h	0.2447	+0.088%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2449	+0.164%	$153K	$5.8M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2448	+0.115%	$475K	$358K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2447	+0.074%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2447	+0.082%	$409K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2449	+0.143%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2447	+0.082%	$42.3M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2448	+0.118%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2447	+0.082%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2447	+0.062%	$100.7M	$355.8M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDTlong	+0.0100%	8h	0.2445	long leg	$70.5M	$99.8M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2446	+0.041%	$32.1M	$104.7M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2445	0.000%	$96.9M	$57.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2446	+0.041%	$52.7M	$56.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2446	+0.053%	$30.5M	$18.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2446	+0.041%	$65.3M	$42.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2446	+0.041%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2447	+0.086%	$104K	$420K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2447	+0.062%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	+0.339%	$65K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	+0.113%	$286K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2448	+0.123%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2447	+0.074%	$96K	$701K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2447	+0.082%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2448	+0.114%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2448	+0.122%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2447	+0.082%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2448	+0.110%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2447	+0.082%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2447	+0.092%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2446	+0.032%	$560K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2449	+0.176%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2447	+0.082%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2447	+0.081%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2447	+0.073%	$6.1M	$11.5M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0521% / S −0.0277%	1h	0.2446	+0.055%	$113K	—	100x
Injective ADA/USDC PERP	+0.0533%	1h	0.2457	+0.491%	$844	$95K	12x	as long as short