Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0523%/8h= −57.3% APRpaid last 24h −0.110%

Price spread now: Orderly against GMX−0.009%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$16 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ADA/USD [WBTC.b-USDC]	0.2456	L +0.0623% / S −0.0389%	pay 0.0078% / 1h	46m 36s	$140K	—	100x
Short	Orderly PERP_ADA_USDC	0.2456	0.0100	get 0.0100% / 8h	6h 46m	$6K	$28K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.009%Rate

Funding earned: −$109.83
Price spread: −0.009% → 0.000%: −$0.85
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$128.68
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	0.2454	−0.106%	$202K	$4K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2457	+0.048%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.602%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2455	−0.049%	$411K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2456	−0.025%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	−0.066%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	+0.075%	$1.2M	$969K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	−0.041%	$159K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	−0.056%	$102.3M	$375.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2454	−0.090%	$72.3M	$108.2M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2454	−0.090%	$32.5M	$108.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2454	−0.090%	$98.4M	$58.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2454	−0.090%	$50.3M	$50.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	−0.070%	$30.0M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2454	−0.090%	$65.6M	$46.6M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2455	−0.049%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2457	+0.028%	$126K	$422K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2450	−0.248%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2457	+0.025%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2457	+0.041%	$296K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2458	+0.073%	$56K	$588K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2453	−0.131%	$93K	$656K	10x	as long as short
Orderly PERP_ADA_USDCshort	+0.0100%	8h	0.2456	−0.009%	$6K	$28K	20x
Derive ADA-PERP	+0.0100%	1h	0.2457	+0.021%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2459	+0.114%	$9K	$773K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2456	−0.025%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2455	−0.062%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2456	−0.009%	$47.8M	$6.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	−0.115%	$533K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2457	+0.041%	$21K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0105%	8h	0.2461	+0.195%	$195K	$6.2M	3.2x	as long as short
Phoenix ADA	+0.0163%	1h	0.2457	+0.053%	$4K	$87K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	+0.114%	$4.4M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0282%	1h	0.2453	−0.129%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0321%	1h	0.2455	−0.070%	$499K	$470K	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2455	−0.037%	$6.2M	$12.1M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]long	L +0.0623% / S −0.0389%	1h	0.2456	long leg	$140K	—	100x