Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bitget+0.041%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 3 days (all we have)+0.207%+$21 · spread now +0.041%, 7d avg +0.015%

Together, before fees+0.199%+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.026% dearer against Bitget than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ADAUSDT	0.2453	0.0100	pay 0.0100% / 8h	2h 15m	$65.7M	$42.9M	75x
Short	Phemex ADAUSDT	0.2454	0.0100	get 0.0100% / 8h	2h 15m	$47.9M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0
Price spread: +0.041% → +0.015%: $2.61
Slippage, 4 orders: −$15.97
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.36
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Phemex: live order book, 3 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 Bitget live order book, 3 min ago	2.03 bp	11.5 bp −$12	14.4 bp −$144	26.4 bp −$2,639	105.9 bp −$52.9K
Sell Phemex live order book, 3 min ago	2.03 bp	8.0 bp −$8	14.7 bp −$147	44.7 bp −$4,469	doesn't fit

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	+0.045%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2456	+0.122%	$153K	$5.8M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2455	+0.061%	$477K	$353K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2454	+0.029%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2454	+0.041%	$407K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2455	+0.102%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	+0.065%	$42.5M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2454	+0.059%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	+0.117%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2454	+0.041%	$101.5M	$355.6M	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	0.2453	0.000%	$70.6M	$99.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2453	0.000%	$31.9M	$105.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	0.000%	$96.9M	$58.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2453	0.000%	$52.8M	$56.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	+0.037%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDTlong	+0.0100%	8h	0.2453	long leg	$65.7M	$42.9M	75x
BingX ADA-USDC	+0.0100%	8h	0.2454	+0.041%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2454	+0.037%	$103K	$412K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	+0.300%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2463	+0.410%	$66K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2463	+0.398%	$290K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2462	+0.367%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	+0.069%	$96K	$623K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2454	+0.041%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.047%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2457	+0.163%	$9K	$756K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	+0.020%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2453	+0.013%	$1.3M	$5.0M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2454	+0.041%	$47.9M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2456	+0.134%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	+0.008%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2464	+0.444%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2457	+0.163%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2454	+0.053%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0336%	1h	0.2453	+0.012%	$6.1M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0504% / S −0.0263%	1h	0.2453	+0.007%	$110K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.530%	$838	$131K	12x	as long as short