Funding you earn now, next payment 23:00 UTC+0.0030%/8h= +3.3% APRnext payment +$0.04 per $10,000 · paid last 24h −0.009%
Price spread now: Phoenix against Backpack+0.142%80s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.106%−$11 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.142% dearer against Backpack than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.106%, so the current rate has only just turned in your favour. The two prices were read 80 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 | 0.2459 | 0.0100 | pay 0.0013% / 1h | 37m 34s | $109K | $413K | 15x |
| Short | Phoenix ADA | 0.2463 | 0.0130 | get 0.0016% / 1h | 37m 34s | $4K | $78K | 10x |
Backpack ADA_USDC_PERP
Phoenix ADAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- $6.28
- Price spread: +0.142% → 0.000%
- $14.23
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $3.51
- Costs to cover
- 0.170%
- Break-even
- 3.1 days
Slippage unknown: Backpack: live order book, 41 min ago; Phoenix: 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, 41 min ago | 0.20 bp | 7.4 bp −$7 | 9.6 bp −$96 | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 | 0.2456 | −0.107% | $202K | $4K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2460 | +0.037% | $168K | $6.0M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2459 | −0.020% | $85K | — | 150x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0056% | 1h | 0.2457 | −0.085% | $405K | $7.3M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2459 | −0.020% | $2.4M | $1.3M | 10x | as long as short |
| Hyperliquid ADA | +0.0100% | 1h | 0.2458 | −0.053% | $42.6M | $14.3M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2457 | −0.067% | $1.2M | $925K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2457 | −0.079% | $158K | $145K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2457 | −0.085% | $102.1M | $362.2M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2456 | −0.126% | $71.7M | $102.7M | 75x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Coinbase International ADA-PERP-INTX
Lighter ADA
Hyperliquid ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDTShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2457 | −0.085% | $32.4M | $107.0M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2455 | −0.167% | $97.4M | $59.6M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2457 | −0.085% | $53.0M | $50.7M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2457 | −0.073% | $30.1M | $18.1M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2456 | −0.126% | $65.9M | $43.2M | 75x | as long as short |
| BingX ADA-USDC | +0.0100% | 8h | 0.2457 | −0.085% | — | $6.5M | — | as long as short |
| Backpack ADA_USDC_PERPlong | +0.0100% | 1h | 0.2459 | long leg | $109K | $413K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2460 | +0.044% | $4.2M | $1.0M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2458 | −0.028% | $65K | $281K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2461 | +0.097% | $290K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2461 | +0.077% | $56K | $582K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2459 | +0.012% | $95K | $626K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2458 | −0.045% | $6K | $36K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2459 | −0.018% | $40K | $3K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2458 | −0.046% | $9K | $762K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2458 | −0.045% | $338 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2459 | −0.024% | $1.3M | $5.3M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2458 | −0.045% | $48.0M | $5.9M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0100% | 8h | 0.2457 | −0.104% | $21K | $250 | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2456 | −0.123% | $557K | $1.8M | 50x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0113% | 1h | 0.2457 | −0.073% | $6.2M | $11.6M | 50x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0116% | 1h | 0.2459 | 0.000% | $499K | $425K | 50x | as long as short |
| Phoenix ADAshort | +0.0130% | 1h | 0.2463 | +0.142% | $4K | $78K | 10x | |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2459 | −0.004% | $4.4M | $5.5M | 75x | as long as short |
| Injective ADA/USDC PERP | +0.0254% | 1h | 0.2471 | +0.484% | $849 | $202K | 12x | as long as short |
| Reya ADARUSDPERP | +0.0284% | 1h | 0.2459 | −0.020% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0566% / S −0.0313% | 1h | 0.2458 | −0.048% | $122K | — | 100x | as long as short |
OKX ADA-USDT-SWAP
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
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Paradex ADA-USD-PERP
Extended ADA-USD
Kraken Futures PF_ADAUSD
Deribit ADA_USDC-PERPETUAL
BloFin ADA-USDT
Injective ADA/USDC PERP
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]