Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0213%/8h= +23.3% APRpaid last 24h +0.044%

Price spread now: GMX against Phemex+0.031%52s7-day average +0.006% · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.142%+$14 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.031%, 7d avg +0.006%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and GMX is 0.025% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.006%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2458	0.0100	pay 0.0100% / 8h	1h 05m	$47.9M	$5.8M	50x
Short	GMX ADA/USD [WBTC.b-USDC]	0.2459	L +0.0567% / S −0.0313%	get 0.0039% / 1h	5m 26s	$122K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now +0.031%Rate

Funding earned: $44.65
Price spread: +0.031% → +0.006%: $2.48
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $23.13
Costs to cover: 0.240%
Break-even: 3.4 days

Slippage unknown: Phemex: live order book, 4 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 Phemex live order book, 4 min ago	2.04 bp	11.9 bp −$12	18.6 bp −$186	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	0.2457	−0.055%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2459	+0.041%	$171K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2459	+0.022%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2453	−0.203%	$411K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2459	+0.048%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2459	+0.033%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2460	+0.102%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	+0.012%	$1.2M	$924K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2457	−0.030%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2460	+0.081%	$102.2M	$360.5M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2459	+0.041%	$71.6M	$102.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2460	+0.081%	$31.9M	$106.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2457	−0.041%	$97.1M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2459	+0.041%	$52.2M	$51.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	+0.004%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2460	+0.081%	$66.0M	$43.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2459	+0.041%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2460	+0.069%	$107K	$417K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2453	−0.197%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2454	−0.180%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2456	−0.085%	$295K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	−0.203%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	+0.061%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2459	+0.041%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2460	+0.083%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2460	+0.081%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2459	+0.041%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2458	+0.014%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2458	long leg	$47.9M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2459	+0.030%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2458	−0.020%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2458	+0.012%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2458	0.000%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2460	+0.064%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.529%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0567% / S −0.0313%	1h	0.2459	+0.031%	$122K	—	100x
Deribit ADA_USDC-PERPETUAL	+2.4763%	1h	0.2520	+2.531%	$492K	$376K	50x	as long as short