Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0530%/8h= −58.0% APRpaid last 24h −0.115%

Price spread now: KuCoin against GMX+0.023%7-day average −0.001% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.371%−$37 on $10k

Price spread, last 4 days (all we have)−0.143%−$14 · spread now +0.023%, 7d avg −0.001%

Together, before fees−0.514%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.024% dearer against GMX than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.001%): +$2 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ADA/USD [WBTC.b-USDC]	0.2435	L +0.0630% / S −0.0728%	pay 0.0079% / 1h	34m 39s	$163K	—	100x
Short	KuCoin ADAUSDTM	0.2435	0.0100	get 0.0100% / 8h	1h 34m	$29.4M	$15.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. 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 GMXbpFee KuCoinbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$111.2
Price spread: +0.023% → −0.001%: $2.38
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$132.82
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	1.03 bp	12.6 bp −$13	19.5 bp −$195	58.2 bp −$5,822	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
Kalshi KXADAPERP	0.0000%	8h	0.2436	+0.043%	$200K	$7.6M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2434	−0.022%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.481%	$849	$202K	12x	as long as short
dYdX ADA-USD	+0.0069%	1h	0.2435	+0.021%	$200K	$2K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2435	+0.002%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2435	+0.012%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2436	+0.031%	$156K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2435	+0.019%	$102.4M	$409.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2434	−0.039%	$72.1M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2434	−0.039%	$32.4M	$117.6M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2433	−0.080%	$99.5M	$64.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2434	−0.039%	$51.8M	$64.8M	300x	as long as short
KuCoin ADAUSDTMshort	+0.0100%	8h	0.2435	+0.023%	$29.4M	$15.9M	75x
Bitget ADAUSDT	+0.0100%	8h	0.2434	−0.039%	$66.1M	$53.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2435	+0.002%	—	$6.6M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2435	+0.005%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2440	+0.190%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2439	+0.169%	$291K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2441	+0.248%	$81K	$891K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2435	+0.002%	$128K	$1.2M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2436	+0.055%	$39K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2437	+0.084%	$8K	$762K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2436	+0.047%	$335	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2436	+0.034%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2436	+0.043%	$47.3M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2433	−0.063%	$512K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2435	+0.018%	$20K	$250	20x	as long as short
Lighter ADA	+0.0112%	1h	0.2437	+0.092%	$2.4M	$1.0M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2439	+0.166%	$381K	$8.6M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0140%	1h	0.2437	+0.072%	$138K	$483K	15x	as long as short
Phoenix ADA	+0.0163%	1h	0.2440	+0.228%	$4K	$111K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0171%	1h	0.2436	+0.041%	$6.3M	$13.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2438	+0.125%	$4.4M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0263%	1h	0.2438	+0.113%	$42.8M	$18.1M	10x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2436	+0.024%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0530%	1h	0.2437	+0.080%	$623K	$617K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0630% / S −0.0728%	1h	0.2435	long leg	$163K	—	100x