Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0213%/8h= +23.3% APRpaid last 24h +0.065%

Price spread now: GMX against GRVT−0.185%7-day average +0.014% · you buy dearer than you sell

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

Long on GRVT Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.166%+$17 on $10k

Price spread, last 3 days (all we have)+0.559%+$56 · spread now −0.185%, 7d avg +0.014%

Together, before fees+0.725%+ Points / potential airdropGRVT: Active · farm board+$72 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.199% cheaper against GRVT than usual: you would sell low and buy high (spread −0.185% now, against its 7-day average of +0.014%). If the spread goes back, that is −$20 on $10k: about 3.1 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ADA_USDT_Perp	0.2454	0.0100	pay 0.0100% / 8h	30m 49s	$292K	$3.8M	10x
Short	GMX ADA/USD [WBTC.b-USDC]	0.2449	L +0.0564% / S −0.0313%	get 0.0039% / 1h	30m 49s	$122K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against GRVT. 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 GRVTbpFee GMXbpOrdersPrice spread, now −0.185%Rate

Funding earned: $44.65
Price spread: −0.185% → +0.014%: −$19.9
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $3.75
Costs to cover: 0.210%
Break-even: 6.4 days

Slippage unknown: GRVT: live order book, 3 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 GRVT live order book, 3 min ago	2.04 bp	10.4 bp −$10	19.0 bp −$190	1468.2 bp −$146.8K	doesn't fit
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	0.2444	−0.387%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2450	−0.160%	$175K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2450	−0.176%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2450	−0.160%	$404K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2445	−0.343%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2445	−0.343%	$42.3M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2447	−0.270%	$1.2M	$927K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2449	−0.189%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2444	−0.417%	$101.6M	$362.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2446	−0.323%	$71.0M	$102.9M	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	0.2444	−0.405%	$32.3M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2446	−0.323%	$97.2M	$59.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2447	−0.282%	$52.9M	$50.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	−0.213%	$30.1M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2444	−0.405%	$65.6M	$43.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2446	−0.323%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	−0.180%	$110K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2449	−0.192%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	−0.044%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perplong	+0.0100%	8h	0.2454	long leg	$292K	$3.8M	10x
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	+0.003%	$56K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2449	−0.193%	$90K	$631K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2450	−0.160%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2450	−0.171%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2450	−0.161%	$9K	$763K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.180%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2449	−0.193%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	−0.201%	$47.8M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2449	−0.185%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2447	−0.279%	$554K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2449	−0.182%	$6.2M	$11.6M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0117%	1h	0.2450	−0.164%	$492K	$430K	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2452	−0.062%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2448	−0.242%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.696%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2449	−0.196%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0564% / S −0.0313%	1h	0.2449	−0.185%	$122K	—	100x