Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.048%

Price spread now: GMX against Variational Omni−0.405%7-day average +0.028% · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.145%+$14 on $10k

Price spread, last 3 days (all we have)+0.541%+$54 · spread now −0.405%, 7d avg +0.028%

Together, before fees+0.686%+ Points / potential airdropVariational Omni: Active · farm board+$69 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.434% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.405% now, against its 7-day average of +0.028%). If the spread goes back, that is −$43 on $10k: about 14 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ADA	0.2455	0.0100	pay 0.0100% / 8h	6h 09m	$4.2M	$992K	—
Short	GMX ADA/USD [WBTC.b-USDC]	0.2445	L +0.0415% / S −0.0202%	get 0.0025% / 1h	9m 32s	$95K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now −0.405%Rate

Funding earned: $21.46
Price spread: −0.405% → +0.028%: −$43.37
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$33.91
Costs to cover: 0.120%
Break-even: 18.1 days

Slippage unknown: Variational Omni: RFQ quote, 5 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 Variational Omni RFQ quote, 5 min ago	8.15 bp	doesn't fit	12.2 bp −$122	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 36 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	0.2445	−0.424%	$201K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2445	−0.395%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.649%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2456	+0.038%	$406K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2447	−0.333%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2447	−0.345%	$1.2M	$977K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2447	−0.312%	$157K	$159K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2446	−0.361%	$102.7M	$371.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2446	−0.369%	$72.0M	$108.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2446	−0.369%	$32.5M	$106.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2444	−0.451%	$97.8M	$60.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2445	−0.410%	$58.8M	$52.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2446	−0.378%	$29.8M	$17.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2445	−0.410%	$65.5M	$47.2M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2445	−0.410%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	−0.239%	$129K	$410K	15x	as long as short
Variational Omni ADAlong	+0.0100%	8h	0.2455	long leg	$4.2M	$992K	—
edgeX ADAUSDC	+0.0100%	4h	0.2456	+0.038%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2454	−0.025%	$297K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	−0.044%	$56K	$589K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2446	−0.357%	$93K	$670K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2450	−0.207%	$6K	$16K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2452	−0.135%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2453	−0.088%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2451	−0.162%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2451	−0.180%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2450	−0.207%	$47.7M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2445	−0.394%	$532K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0108%	8h	0.2448	−0.282%	$21K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0108%	8h	0.2454	−0.044%	$163K	$6.3M	3.2x	as long as short
Phoenix ADA	+0.0163%	1h	0.2456	+0.034%	$4K	$87K	10x	as long as short
Lighter ADA	+0.0192%	1h	0.2448	−0.284%	$2.4M	$1.0M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0240%	1h	0.2451	−0.154%	$501K	$470K	50x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2446	−0.370%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2451	−0.184%	$6.2M	$12.1M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0415% / S −0.0202%	1h	0.2445	−0.405%	$95K	—	100x