Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.048%

Price spread now: GMX against Bybit+0.069%7-day average +0.027% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.145%+$14 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now +0.069%, 7d avg +0.027%

Together, before fees+0.176%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and GMX is 0.041% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2465	0.0100	pay 0.0100% / 8h	5h 12m	$72.0M	$110.8M	75x
Short	GMX ADA/USD [WBTC.b-USDC]	0.2467	L +0.0485% / S −0.0279%	get 0.0035% / 1h	12m 05s	$108K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.069%Rate

Funding earned: $37.5
Price spread: +0.069% → +0.027%: $4.11
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $18.61
Costs to cover: 0.230%
Break-even: 3.5 days

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	2.02 bp	7.5 bp −$8	10.7 bp −$107	27.5 bp −$2,751	153.9 bp −$77.0K
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	0.2469	+0.146%	$203K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2467	+0.095%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.243%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2465	0.000%	$417K	$7.7M	50x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2468	+0.131%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	+0.195%	$158K	$162K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2466	+0.030%	$104.6M	$371.6M	75x	as long as short
Bybit ADAUSDTlong	+0.0100%	8h	0.2465	long leg	$72.0M	$110.8M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2468	+0.122%	$32.8M	$106.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2465	0.000%	$99.1M	$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	0.2464	−0.041%	$61.7M	$60.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2466	+0.053%	$29.7M	$16.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2467	+0.081%	$66.3M	$49.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2467	+0.081%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2466	+0.049%	$133K	$438K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2480	+0.609%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2481	+0.646%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2481	+0.649%	$294K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2480	+0.609%	$229K	$736K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2467	+0.085%	$94K	$680K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2467	+0.081%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2468	+0.106%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2468	+0.123%	$8K	$743K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2467	+0.089%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2468	+0.112%	$1.3M	$6.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2467	+0.081%	$48.0M	$6.5M	50x	as long as short
Kalshi KXADAPERP	+0.0100%	8h	0.2472	+0.284%	$160K	$6.3M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2466	+0.055%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2470	+0.184%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0132%	1h	0.2468	+0.110%	$43.2M	$14.6M	10x	as long as short
Lighter ADA	+0.0160%	1h	0.2468	+0.110%	$2.4M	$1.1M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2477	+0.495%	$4K	$90K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2476	+0.446%	$4.5M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0260%	1h	0.2467	+0.062%	$6.3M	$12.7M	50x	as long as short
Reya ADARUSDPERP	+0.0279%	1h	0.2467	+0.080%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0358%	1h	0.2468	+0.118%	$583K	$443K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0485% / S −0.0279%	1h	0.2467	+0.069%	$108K	—	100x