Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0463%/8h= −50.7% APRpaid last 24h −0.107%

Price spread now: Orderly against GMX−0.013%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$14 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ADA/USD [WBTC.b-USDC]	0.2441	L +0.0563% / S −0.0313%	pay 0.0070% / 1h	28m 22s	$121K	—	100x
Short	Orderly PERP_ADA_USDC	0.2441	0.0100	get 0.0100% / 8h	28m 22s	$6K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.013%Rate

Funding earned: −$97.32
Price spread: −0.013% → 0.000%: −$1.31
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$116.64
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	0.2443	+0.064%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2443	+0.069%	$186K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2442	+0.010%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2442	+0.028%	$403K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2443	+0.073%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2442	+0.036%	$42.3M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2441	−0.001%	$1.2M	$928K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2442	+0.038%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2442	+0.028%	$101.5M	$363.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	+0.028%	$71.1M	$103.2M	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	0.2442	+0.028%	$32.2M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2441	−0.013%	$96.8M	$59.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2441	−0.013%	$52.6M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2442	+0.028%	$29.9M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2441	−0.013%	$65.5M	$43.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2443	+0.069%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2444	+0.122%	$108K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2449	+0.324%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	+0.472%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2449	+0.316%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	+0.519%	$56K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2441	−0.001%	$92K	$634K	10x	as long as short
Orderly PERP_ADA_USDCshort	+0.0100%	8h	0.2441	−0.013%	$6K	$36K	20x
Derive ADA-PERP	+0.0100%	1h	0.2444	+0.125%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2445	+0.149%	$9K	$764K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2444	+0.089%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2443	+0.089%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2443	+0.069%	$47.7M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2442	+0.030%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2441	−0.011%	$554K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0114%	1h	0.2444	+0.096%	$6.1M	$11.7M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2452	+0.454%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2444	+0.110%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+1.216%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2441	−0.008%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0563% / S −0.0313%	1h	0.2441	long leg	$121K	—	100x
Deribit ADA_USDC-PERPETUAL	+2.4747%	1h	0.2505	+2.625%	$503K	$430K	50x	as long as short