Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0193%/8h= +21.2% APRpaid last 24h +0.101%

Price spread now: GMX against Kalshi−0.005%7-day average +0.082% · you buy dearer than you sell

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.282%+$28 on $10k

Price spread, last 4 days (all we have)+0.135%+$13 · spread now −0.005%, 7d avg +0.082%

Together, before fees+0.416%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.087% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.005% now, against its 7-day average of +0.082%). If the spread goes back, that is −$9 on $10k: about 36 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2441	0.0102	pay 0.0102% / 8h	4h 23m	$233K	$7.7M	3.2x
Short	GMX ADA/USD [WBTC.b-USDC]	0.2441	L +0.0369% / S −0.0295%	get 0.0037% / 1h	23m 08s	$87K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Kalshi. 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 KalshibpFee GMXbpOrdersPrice spread, now −0.005%Rate

Funding earned: $40.6
Price spread: −0.005% → +0.082%: −$8.73
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $9.87
Costs to cover: 0.220%
Break-even: 5.3 days

Slippage unknown: Kalshi: live order book, 6 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 Kalshi live order book, 6 min ago	2.05 bp	7.0 bp −$7	11.5 bp −$115	doesn't fit	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	0.2437	−0.184%	$200K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2439	−0.066%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.229%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2442	+0.057%	$2.4M	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2440	−0.041%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2443	+0.080%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2437	−0.154%	$156K	$180K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2444	+0.123%	$103.1M	$407.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2443	+0.082%	$72.7M	$126.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2444	+0.123%	$32.4M	$118.3M	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	0.2440	−0.041%	$99.7M	$65.4M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2441	0.000%	$51.8M	$65.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2440	−0.053%	$29.5M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2443	+0.082%	$66.4M	$53.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2441	0.000%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2443	+0.078%	$138K	$485K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2436	−0.203%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2438	−0.120%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2438	−0.134%	$294K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2438	−0.123%	$77K	$894K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2440	−0.041%	$121K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2436	−0.194%	$39K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2442	+0.023%	$8K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2440	−0.020%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2436	−0.192%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2441	0.000%	$47.3M	$7.6M	50x	as long as short
Hyperliquid ADA	+0.0101%	1h	0.2443	+0.078%	$42.9M	$18.1M	10x	as long as short
Kalshi KXADAPERPlong	+0.0102%	8h	0.2441	long leg	$233K	$7.7M	3.2x
Paradex ADA-USD-PERP	+0.0103%	8h	0.2437	−0.159%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2439	−0.067%	$512K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2436	−0.205%	$378K	$8.3M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2443	+0.082%	$4.5M	$5.8M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2439	−0.094%	$2K	$112K	10x	as long as short
Reya ADARUSDPERP	+0.0273%	1h	0.2440	−0.043%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0281%	1h	0.2440	−0.025%	$6.3M	$14.0M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0369% / S −0.0295%	1h	0.2441	−0.005%	$87K	—	100x
Deribit ADA_USDC-PERPETUAL	+0.0611%	1h	0.2441	+0.012%	$622K	$614K	50x	as long as short