Funding you earn now, next payment 09:00 UTC+0.0195%/8h= +21.4% APRnext payment +$0.24 per $10,000 · paid last 24h +0.074%
Price spread now: GMX against Backpack−0.128%75s7-day average +0.005% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)+0.178%+$18 on $10k
+Price spread, last 4 days (all we have)+0.253%+$25 · spread now −0.128%, 7d avg +0.005%
=Funding pays, the price is against you. GMX is 0.134% cheaper against Backpack than usual: you would sell low and buy high (spread −0.128% now, against its 7-day average of +0.005%). If the spread goes back, that is −$13 on $10k: about 2.3 days of funding at the current rate (+$6 a day). The two prices were read 75 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 | Backpack ADA_USDC_PERP | 0.2486 | 0.0100 | pay 0.0013% / 1h | 15m 24s | $143K | $472K | 15x |
| Short | GMX ADA/USD [WBTC.b-USDC] | 0.2483 | L +0.0370% / S −0.0295% | get 0.0037% / 1h | 15m 24s | $88K | — | 100x |
Backpack ADA_USDC_PERP
GMX ADA/USD [WBTC.b-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $40.96
- Price spread: −0.128% → +0.005%
- −$13.36
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- $5.6
- Costs to cover
- 0.220%
- Break-even
- 6.0 days
Slippage unknown: Backpack: live order book, 18 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 Backpack live order book, 18 min ago | 0.20 bp | 7.6 bp −$8 | 11.1 bp −$111 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2486 | −0.004% | $201K | $7.7M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2480 | −0.232% | $85K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | −0.607% | $849 | $202K | 12x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2487 | +0.036% | $2.4M | $1.1M | 10x | as long as short |
| Hyperliquid ADA | +0.0100% | 1h | 0.2482 | −0.145% | $43.6M | $18.4M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2482 | −0.177% | $1.2M | $1.2M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2484 | −0.072% | $159K | $182K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2482 | −0.178% | $105.3M | $399.1M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2480 | −0.245% | $73.9M | $124.6M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2483 | −0.125% | $33.0M | $116.7M | 50x | as long as short |
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Lighter ADA
Hyperliquid ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAPShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ADA_USDT | +0.0100% | 8h | 0.2480 | −0.245% | $101.1M | $62.8M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2481 | −0.205% | $57.9M | $69.0M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2482 | −0.177% | $29.9M | $15.8M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2480 | −0.245% | $67.6M | $53.2M | 75x | as long as short |
| BingX ADA-USDC | +0.0100% | 8h | 0.2481 | −0.205% | — | $6.5M | — | as long as short |
| Backpack ADA_USDC_PERPlong | +0.0100% | 1h | 0.2486 | long leg | $143K | $472K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2485 | −0.039% | $4.2M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2483 | −0.136% | $66K | $289K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2479 | −0.293% | $298K | $3.7M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2485 | −0.044% | $75K | $895K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2481 | −0.205% | $118K | $1.4M | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2480 | −0.245% | $6K | $5K | 20x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2487 | +0.052% | $8K | $730K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2487 | +0.016% | $342 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2486 | −0.013% | $1.3M | $7.2M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2485 | −0.044% | $48.0M | $7.7M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0104% | 8h | 0.2485 | −0.030% | $21K | — | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2482 | −0.150% | $545K | $1.8M | 50x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0152% | 1h | 0.2482 | −0.165% | $370K | $8.5M | 50x | as long as short |
| Phoenix ADA | +0.0163% | 1h | 0.2484 | −0.068% | $3K | $113K | 10x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0196% | 1h | 0.2486 | 0.000% | $6.4M | $14.0M | 50x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2486 | −0.004% | $4.5M | $5.8M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0271% | 1h | 0.2480 | −0.244% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC]short | L +0.0370% / S −0.0295% | 1h | 0.2483 | −0.128% | $88K | — | 100x | |
| dYdX ADA-USD | +0.0616% | 1h | 0.2481 | −0.222% | $207K | $5K | 10x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0635% | 1h | 0.2487 | +0.048% | $638K | $720K | 50x | as long as short |
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDC
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Paradex ADA-USD-PERP
Extended ADA-USD
Coinbase International ADA-PERP-INTX
Phoenix ADA
Kraken Futures PF_ADAUSD
BloFin ADA-USDT
Reya ADARUSDPERP
dYdX ADA-USD
Deribit ADA_USDC-PERPETUAL