ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0318%/8h= −34.8% APRnext payment −$0.40 per $10,000 · paid last 24h −0.109%

Price spread now: Backpack against GMX+0.161%7-day average −0.011% · you sell dearer than you buy

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

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.342%−$34 on $10k

Price spread, last 3 days (all we have)−0.286%−$29 · spread now +0.161%, 7d avg −0.011%

Together, before fees−0.628%−$63 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.172% dearer against GMX than usual: you sell high and buy low (spread +0.161% now, against its 7-day average of −0.011%): +$17 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ADA/USD [WBTC.b-USDC]	0.2477	L +0.0418% / S −0.0202%	pay 0.0052% / 1h	36m 03s	$96K	—	100x
Short	Backpack ADA_USDC_PERP	0.2481	0.0100	get 0.0013% / 1h	36m 03s	$128K	$422K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.161%Rate

Funding earned: −$66.68
Price spread: +0.161% → −0.011%: $17.21
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$71.47
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 28 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 Backpack live order book, 28 min ago	0.61 bp	6.0 bp −$6	9.2 bp −$92	doesn't fit	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	0.2474	−0.137%	$203K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2478	+0.058%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.238%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2480	+0.125%	$419K	$7.6M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2481	+0.153%	$43.1M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2479	+0.085%	$1.2M	$989K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2476	−0.048%	$159K	$161K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2479	+0.085%	$104.5M	$369.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2479	+0.085%	$73.0M	$108.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2478	+0.044%	$33.0M	$106.3M	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	0.2478	+0.044%	$99.2M	$59.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2480	+0.125%	$57.9M	$57.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2480	+0.133%	$29.9M	$16.5M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2479	+0.085%	$66.4M	$48.2M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2479	+0.085%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2481	+0.161%	$128K	$422K	15x
Variational Omni ADA	+0.0100%	8h	0.2479	+0.085%	$4.3M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	−0.476%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2468	−0.359%	$298K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2466	−0.440%	$228K	$732K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2476	−0.024%	$95K	$675K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2479	+0.085%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2480	+0.136%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2482	+0.205%	$9K	$746K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2480	+0.141%	$341	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2476	−0.021%	$1.3M	$6.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2480	+0.125%	$48.2M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2481	+0.178%	$537K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2469	−0.319%	$164K	$6.3M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2476	−0.016%	$21K	$250	20x	as long as short
Lighter ADA	+0.0136%	1h	0.2482	+0.202%	$2.5M	$1.0M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2469	−0.331%	$4K	$90K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2469	−0.319%	$4.5M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0259%	1h	0.2481	+0.157%	$6.4M	$12.4M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2476	−0.037%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0418% / S −0.0202%	1h	0.2477	long leg	$96K	—	100x
Deribit ADA_USDC-PERPETUAL	+0.0597%	1h	0.2481	+0.161%	$565K	$450K	50x	as long as short