Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0469%/8h= +51.3% APRpaid last 24h +0.052%

Price spread now: GMX against Phemex+0.117%7-day average −0.001% · 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)+0.157%+$16 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.117%, 7d avg −0.001%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and GMX is 0.118% dearer against Phemex than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.001%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.157% in total (about 17.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2483	0.0100	pay 0.0100% / 8h	3h 23m	$48.4M	$6.9M	50x
Short	GMX ADA/USD [WBTC.b-USDC]	0.2486	L +0.0614% / S −0.0569%	get 0.0071% / 1h	23m 08s	$138K	—	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 +0.117%Rate

Funding earned: $98.44
Price spread: +0.117% → −0.001%: $11.79
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $86.23
Costs to cover: 0.240%
Break-even: 0.9 days

Slippage unknown: Phemex: live order book, 6 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, 6 min ago	2.00 bp	8.0 bp −$8	11.8 bp −$118	39.6 bp −$3,964	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	0.2485	+0.097%	$204K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2487	+0.161%	$144K	$6.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2486	+0.135%	$85K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2485	+0.075%	$6.4M	$13.0M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.483%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2488	+0.201%	$386K	$8.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2487	+0.161%	$2.5M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2483	+0.009%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2487	+0.170%	$160K	$169K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2482	−0.046%	$105.8M	$384.6M	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	0.2481	−0.081%	$74.8M	$114.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2482	−0.040%	$33.3M	$110.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2482	−0.040%	$100.5M	$61.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2482	−0.040%	$60.2M	$62.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2486	+0.109%	$29.8M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2483	0.000%	$67.5M	$51.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2483	0.000%	—	$19.8M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2486	+0.122%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2491	+0.315%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2486	+0.121%	$301K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2490	+0.282%	$230K	$754K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2486	+0.129%	$94K	$627K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2486	+0.121%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2487	+0.145%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2486	+0.118%	$8K	$738K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2485	+0.101%	$342	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2486	+0.140%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2483	long leg	$48.4M	$6.9M	50x
Paradex ADA-USD-PERP	+0.0101%	8h	0.2487	+0.172%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2485	+0.093%	$540K	$1.8M	50x	as long as short
Phoenix ADA	+0.0161%	1h	0.2492	+0.375%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2483	0.000%	$4.6M	$5.8M	75x	as long as short
Backpack ADA_USDC_PERP	+0.0238%	1h	0.2484	+0.040%	$136K	$463K	15x	as long as short
Reya ADARUSDPERP	+0.0277%	1h	0.2486	+0.139%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0412%	1h	0.2484	+0.040%	$44.5M	$16.1M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0474%	1h	0.2488	+0.189%	$612K	$533K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]short	L +0.0614% / S −0.0569%	1h	0.2486	+0.117%	$138K	—	100x