Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0063%/8h= +7.0% APRpaid last 24h +0.003%

Price spread now: Phoenix against BingX+0.224%49s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.404% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.231%−$23 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now +0.224%, 7d avg +0.050%

Together, before fees−0.367%−$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.174% dearer against BingX than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.050%. Mind the row above: over the last 7 days funding on this pair cost −0.231%, so the current rate has only just turned in your favour. The two prices were read 49 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	BingX ADA-USDT	0.2458	0.0100	pay 0.0100% / 8h	1h 08m	—	$20.2M	—
Short	Phoenix ADA	0.2464	0.0163	get 0.0020% / 1h	8m 37s	$4K	$111K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.224%Rate

Funding earned: $13.33
Price spread: +0.224% → +0.050%: $17.4
Slippage, 4 orders: −$23.4
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.67
Costs to cover: 0.404%
Break-even: 12.1 days

Slippage from BingX: live order book, 15 min ago; Phoenix: live order book, 39 min ago.

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 BingX live order book, 15 min ago	2.04 bp	7.0 bp −$7	8.0 bp −$80	14.1 bp −$1,414	27.7 bp −$13.9K
Sell Phoenix live order book, 39 min ago	0.82 bp	13.2 bp −$13	44.8 bp −$448	doesn't fit	doesn't fit

ADA on 36 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 KXADAPERP	0.0000%	8h	0.2460	+0.081%	$175K	$7.6M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2460	+0.093%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.529%	$849	$202K	12x	as long as short
dYdX ADA-USD	+0.0034%	1h	0.2456	−0.064%	$202K	$2K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2461	+0.122%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	+0.003%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2458	+0.010%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2458	+0.003%	$103.6M	$407.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2458	0.000%	$73.1M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2457	−0.041%	$32.7M	$118.3M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2457	−0.041%	$100.6M	$65.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2457	−0.041%	$51.8M	$65.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	−0.004%	$29.4M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2458	0.000%	$66.9M	$53.4M	75x	as long as short
BingX ADA-USDTlong	+0.0100%	8h	0.2458	long leg	—	$20.2M	—
Variational Omni ADA	+0.0100%	8h	0.2460	+0.083%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2462	+0.167%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2461	+0.119%	$294K	$3.9M	10x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2461	+0.130%	$128K	$1.3M	10x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2461	+0.123%	$8K	$757K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2461	+0.118%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2461	+0.141%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2460	+0.081%	$47.7M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2457	−0.048%	$516K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0106%	8h	0.2459	+0.020%	$21K	$250	20x	as long as short
ApeX Omni ADAUSDT	+0.0120%	1h	0.2461	+0.122%	$79K	$893K	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2461	+0.122%	$371K	$8.5M	50x	as long as short
Lighter ADA	+0.0128%	1h	0.2460	+0.065%	$2.4M	$1.0M	10x	as long as short
Phoenix ADAshort	+0.0163%	1h	0.2464	+0.224%	$4K	$111K	10x
Backpack ADA_USDC_PERP	+0.0166%	1h	0.2461	+0.122%	$136K	$484K	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0169%	1h	0.2461	+0.113%	$6.3M	$13.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2463	+0.203%	$4.5M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0274%	1h	0.2460	+0.081%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0303%	1h	0.2460	+0.069%	$43.2M	$18.1M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0522%	1h	0.2462	+0.179%	$628K	$617K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0603% / S −0.0679%	1h	0.2460	+0.094%	$156K	—	100x	as long as short