Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.110%

Price spread now: Bybit against GMX−0.089%7-day average −0.027% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.338%−$34 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now −0.089%, 7d avg −0.027%

Together, before fees−0.348%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.062% cheaper against GMX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ADA/USD [WBTC.b-USDC]	0.2457	L +0.0416% / S −0.0202%	pay 0.0052% / 1h	3m 05s	$95K	—	100x
Short	Bybit ADAUSDT	0.2455	0.0100	get 0.0100% / 8h	6h 03m	$72.3M	$107.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$66.39
Price spread: −0.089% → −0.027%: −$6.17
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.56
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	2.03 bp	10.7 bp −$11	13.1 bp −$131	33.8 bp −$3,377	144.8 bp −$72.4K

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	0.2461	+0.135%	$202K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2458	+0.050%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.562%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2462	+0.196%	$408K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2457	+0.004%	$42.8M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2460	+0.096%	$1.2M	$983K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2463	+0.232%	$158K	$159K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	−0.046%	$103.1M	$368.5M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2455	−0.089%	$72.3M	$107.5M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2455	−0.089%	$32.7M	$106.2M	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	0.2456	−0.048%	$98.6M	$60.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2457	−0.008%	$56.5M	$54.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	+0.017%	$29.9M	$17.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	−0.089%	$65.8M	$47.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2456	−0.048%	—	$20.3M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2457	−0.016%	$132K	$411K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2459	+0.076%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2455	−0.096%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	+0.029%	$287K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2455	−0.089%	$56K	$590K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2461	+0.167%	$94K	$670K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2460	+0.114%	$6K	$16K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2460	+0.121%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	+0.394%	$8K	$752K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2460	+0.118%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2459	+0.086%	$1.3M	$5.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2457	−0.008%	$47.8M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2459	+0.090%	$534K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0106%	8h	0.2462	+0.196%	$139K	$6.2M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0108%	8h	0.2463	+0.242%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2461	+0.171%	$4K	$87K	10x	as long as short
Lighter ADA	+0.0208%	1h	0.2462	+0.179%	$2.4M	$1.0M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0279%	1h	0.2460	+0.114%	$503K	$470K	50x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2460	+0.094%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0353%	1h	0.2459	+0.075%	$6.2M	$12.1M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0416% / S −0.0202%	1h	0.2457	long leg	$95K	—	100x