Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0728%/8h= +79.7% APRpaid last 24h +0.086%

Price spread now: GMX against Kalshi−0.029%7-day average +0.084% · you buy dearer than you sell

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.264%+$26 on $10k

Price spread, last 4 days (all we have)+0.213%+$21 · spread now −0.029%, 7d avg +0.084%

Together, before fees+0.477%+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.113% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.084%). If the spread goes back, that is −$11 on $10k: about 12 hours of funding at the current rate (+$22 a day). At the pace of the last 3 days (+0.264% in total) that is about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2450	0	get 0.0000% / 8h	6h 06m	$186K	$7.6M	3.2x
Short	GMX ADA/USD [WBTC.b-USDC]	0.2449	L +0.0631% / S −0.0728%	get 0.0091% / 1h	6m 47s	$164K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Kalshi. 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 KalshibpFee GMXbpOrdersPrice spread, now −0.029%Rate

Funding earned: $152.86
Price spread: −0.029% → +0.084%: −$11.28
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $119.58
Costs to cover: 0.220%
Break-even: 1.5 days

Slippage unknown: Kalshi: 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 Kalshi live order book, 2 min ago	4.08 bp	13.0 bp −$13	21.7 bp −$217	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
Kalshi KXADAPERPlong	0.0000%	8h	0.2450	long leg	$186K	$7.6M	3.2x
dYdX ADA-USD	+0.0002%	1h	0.2448	−0.079%	$201K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2449	−0.026%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2450	+0.010%	$6.3M	$13.8M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2451	+0.037%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.857%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2452	+0.069%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2451	+0.045%	$42.9M	$18.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2451	+0.041%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2450	+0.016%	$157K	$178K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2450	+0.019%	$103.1M	$410.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2449	−0.041%	$72.4M	$124.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2452	+0.082%	$32.5M	$118.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	−0.082%	$100.0M	$65.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2450	0.000%	$52.2M	$65.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2450	−0.008%	$29.4M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2450	0.000%	$66.6M	$53.6M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2450	0.000%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	−0.008%	$134K	$483K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2447	−0.120%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2449	−0.028%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2449	−0.022%	$287K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	+0.122%	$83K	$888K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2450	−0.008%	$116K	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2451	+0.041%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2452	+0.083%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2450	−0.004%	$8K	$764K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	+0.020%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2449	−0.021%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	−0.041%	$47.5M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	−0.090%	$524K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2451	+0.041%	$379K	$8.6M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2451	+0.057%	$21K	$250	20x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2451	+0.041%	$4.4M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2451	+0.021%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0631% / S −0.0728%	1h	0.2449	−0.029%	$164K	—	100x
Deribit ADA_USDC-PERPETUAL	+0.0648%	1h	0.2452	+0.102%	$624K	$612K	50x	as long as short