Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.045%

Price spread now: Phoenix against BloFin+0.344%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.469%−$47 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.344% dearer against BloFin than usual: you sell high and buy low (spread +0.344% now, against zero (this spread has no 7-day history yet)): +$34 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 7 days (−0.469% in total) that is about 5.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ADA-USDT	0.2444	0.0220	pay 0.0220% / 8h	28m 27s	$4.4M	$5.5M	75x
Short	Phoenix ADA	0.2452	0.0130	get 0.0016% / 1h	28m 27s	$4K	$78K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.344%Rate

Funding earned: −$18.92
Price spread: +0.344% → 0.000%: $34.37
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$3.55
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: BloFin: live order book, 5 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 BloFin live order book, 5 min ago	4.07 bp	12.0 bp −$12	17.6 bp −$176	22.6 bp −$2,263	53.0 bp −$26.5K
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	0.2443	−0.046%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2443	−0.041%	$186K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2442	−0.100%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2442	−0.082%	$403K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2443	−0.037%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2442	−0.074%	$42.3M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2441	−0.111%	$1.2M	$928K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2442	−0.072%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2442	−0.082%	$101.5M	$363.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	−0.082%	$71.1M	$103.2M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2442	−0.082%	$32.2M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2441	−0.123%	$96.8M	$59.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2441	−0.123%	$52.6M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2442	−0.082%	$29.9M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2441	−0.123%	$65.5M	$43.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2443	−0.041%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2444	+0.012%	$108K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2449	+0.214%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	+0.362%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2449	+0.206%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	+0.409%	$56K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2441	−0.110%	$92K	$634K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2441	−0.123%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2444	+0.015%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2445	+0.039%	$9K	$764K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2444	−0.020%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2443	−0.021%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2443	−0.041%	$47.7M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2442	−0.080%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2441	−0.121%	$554K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0114%	1h	0.2444	−0.014%	$6.1M	$11.7M	50x	as long as short
Phoenix ADAshort	+0.0130%	1h	0.2452	+0.344%	$4K	$78K	10x
BloFin ADA-USDTlong	+0.0220%	8h	0.2444	long leg	$4.4M	$5.5M	75x
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+1.105%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2441	−0.118%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0563% / S −0.0313%	1h	0.2441	−0.110%	$121K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4747%	1h	0.2505	+2.512%	$503K	$430K	50x	as long as short