Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0467%/8h= −51.2% APRpaid last 24h −0.105%

Price spread now: Phemex against GMX−0.092%7-day average −0.006% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.326%−$33 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.092%, 7d avg −0.006%

Together, before fees−0.282%−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.086% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ADA/USD [WBTC.b-USDC]	0.2473	L +0.0567% / S −0.0313%	pay 0.0071% / 1h	38m 10s	$123K	—	100x
Short	Phemex ADAUSDT	0.2471	0.0100	get 0.0100% / 8h	1h 38m	$48.2M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$98.15
Price spread: −0.092% → −0.006%: −$8.65
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$130.8
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 6 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 Phemex live order book, 6 min ago	2.03 bp	8.0 bp −$8	14.8 bp −$148	41.4 bp −$4,138	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	0.2470	−0.119%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2472	−0.052%	$160K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2473	−0.011%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2470	−0.133%	$418K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0094%	1h	0.2471	−0.109%	$6.2M	$11.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	−0.007%	$2.5M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2475	+0.066%	$42.9M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2473	−0.008%	$1.2M	$919K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2472	−0.060%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2472	−0.052%	$102.6M	$355.9M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2472	−0.052%	$71.9M	$100.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2472	−0.052%	$32.1M	$105.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2473	−0.011%	$97.7M	$58.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2471	−0.092%	$53.5M	$50.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2471	−0.104%	$30.5M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2471	−0.092%	$66.2M	$42.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2471	−0.092%	—	$20.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2472	−0.044%	$104K	$418K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2473	−0.003%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2472	−0.045%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2472	−0.052%	$298K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2473	−0.011%	$56K	$580K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2474	+0.021%	$97K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2473	−0.011%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2474	+0.042%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2472	−0.052%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2472	−0.072%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2472	−0.062%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2471	−0.092%	$48.2M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2473	−0.027%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2471	−0.090%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2472	−0.072%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2474	+0.029%	$4.4M	$5.5M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0235%	1h	0.2475	+0.049%	$481K	$349K	50x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2474	+0.034%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−1.143%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0567% / S −0.0313%	1h	0.2473	long leg	$123K	—	100x