Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0566%/8h= −62.0% APRpaid last 24h −0.136%

Price spread now: Kalshi against GMX+0.277%50s7-day average −0.099% · you sell dearer than you buy

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.423%−$42 on $10k

Price spread, last 3 days (all we have)−0.461%−$46 · spread now +0.277%, 7d avg −0.099%

Together, before fees−0.884%−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.376% dearer against GMX than usual: you sell high and buy low (spread +0.277% now, against its 7-day average of −0.099%): +$38 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 2.2 days. The two prices were read 50 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	GMX ADA/USD [WBTC.b-USDC]	0.2463	L +0.0566% / S −0.0313%	pay 0.0071% / 1h	48m 25s	$122K	—	100x
Short	Kalshi KXADAPERP	0.2470	0	get 0.0000% / 8h	4h 48m	$157K	$6.0M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee KalshibpOrdersPrice spread, now +0.277%Rate

Funding earned: −$118.89
Price spread: +0.277% → −0.099%: $37.63
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$103.26
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 5 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	4.04 bp	9.0 bp −$9	17.7 bp −$177	doesn't fit	doesn't fit

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	0.2469	+0.218%	$203K	$4K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2470	+0.277%	$157K	$6.0M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2464	+0.015%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2466	+0.114%	$407K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2470	+0.289%	$2.5M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2469	+0.240%	$42.8M	$14.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2469	+0.220%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2469	+0.240%	$159K	$144K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2464	+0.047%	$102.6M	$361.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2464	+0.033%	$71.8M	$102.5M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2465	+0.074%	$32.5M	$107.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2462	−0.048%	$97.5M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2463	−0.007%	$53.1M	$50.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2468	+0.196%	$30.3M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2464	+0.033%	$66.0M	$43.2M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2464	+0.033%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2474	+0.447%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2475	+0.478%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2475	+0.486%	$299K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2475	+0.480%	$56K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2467	+0.171%	$97K	$625K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2465	+0.074%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2465	+0.066%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2465	+0.073%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2467	+0.135%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2467	+0.141%	$1.3M	$5.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2466	+0.114%	$48.1M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2468	+0.204%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2464	+0.015%	$558K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2467	+0.149%	$6.2M	$11.5M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0118%	1h	0.2469	+0.224%	$109K	$415K	15x	as long as short
Phoenix ADA	+0.0130%	1h	0.2475	+0.488%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2470	+0.277%	$4.4M	$5.5M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0237%	1h	0.2465	+0.086%	$488K	$411K	50x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.317%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2468	+0.199%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0566% / S −0.0313%	1h	0.2463	long leg	$122K	—	100x