Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0386%/8h= −42.3% APRpaid last 24h −0.109%

Price spread now: Variational Omni against GMX+0.246%7-day average −0.028% · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

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)−0.382%−$38 · spread now +0.246%, 7d avg −0.028%

Together, before fees−0.720%+ Points / potential airdropVariational Omni: Active · farm board−$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.275% dearer against GMX than usual: you sell high and buy low (spread +0.246% now, against its 7-day average of −0.028%): +$27 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ADA/USD [WBTC.b-USDC]	0.2474	L +0.0486% / S −0.0279%	pay 0.0061% / 1h	13m 00s	$108K	—	100x
Short	Variational Omni ADA	0.2480	0.0100	get 0.0100% / 8h	5h 13m	$4.3M	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now +0.246%Rate

Funding earned: −$81.04
Price spread: +0.246% → −0.028%: $27.49
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$65.55
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 1 min ago	8.08 bp	doesn't fit	12.1 bp −$121	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	0.2476	+0.093%	$204K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2474	+0.019%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.118%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2476	+0.084%	$413K	$7.7M	50x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2475	+0.058%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2477	+0.134%	$159K	$162K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2468	−0.253%	$104.7M	$372.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2467	−0.280%	$72.1M	$110.7M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2467	−0.280%	$32.9M	$106.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2472	−0.078%	$99.4M	$60.6M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ADA_USDT	+0.0100%	8h	0.2468	−0.239%	$58.5M	$60.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2469	−0.195%	$29.7M	$16.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2468	−0.239%	$66.3M	$49.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2468	−0.239%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2471	−0.114%	$133K	$435K	15x	as long as short
Variational Omni ADAshort	+0.0100%	8h	0.2480	+0.246%	$4.3M	$1.1M	—
edgeX ADAUSDC	+0.0100%	4h	0.2481	+0.283%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2481	+0.286%	$294K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2480	+0.246%	$229K	$736K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2477	+0.116%	$95K	$679K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2475	+0.044%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2476	+0.065%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2475	+0.044%	$8K	$745K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2475	+0.023%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2475	+0.049%	$1.3M	$6.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2475	+0.044%	$48.2M	$6.5M	50x	as long as short
Kalshi KXADAPERP	+0.0100%	8h	0.2476	+0.084%	$160K	$6.3M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2467	−0.285%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2478	+0.158%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0132%	1h	0.2470	−0.146%	$43.2M	$14.6M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2477	+0.133%	$4K	$90K	10x	as long as short
Lighter ADA	+0.0168%	1h	0.2476	+0.080%	$2.4M	$1.1M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2476	+0.084%	$4.5M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0259%	1h	0.2474	+0.022%	$6.3M	$12.7M	50x	as long as short
Reya ADARUSDPERP	+0.0279%	1h	0.2476	+0.083%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0437%	1h	0.2476	+0.084%	$585K	$442K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0486% / S −0.0279%	1h	0.2474	long leg	$108K	—	100x