Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bybit−0.081%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.283%+$28 · spread now −0.081%, 7d avg +0.022%

Together, before fees+0.297%+$30 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 0.103% cheaper against Bybit than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2476	0.0100	pay 0.0100% / 8h	4h 02m	$72.3M	$108.5M	75x
Short	Phemex ADAUSDT	0.2474	0.0100	get 0.0100% / 8h	4h 02m	$48.3M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → +0.022%: −$10.32
Slippage, 4 orders: −$12.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.88
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Phemex: live order book, 2 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 Bybit live order book, 1 min ago	2.03 bp	7.7 bp −$8	12.8 bp −$128	35.3 bp −$3,533	153.8 bp −$76.9K
Sell Phemex live order book, 2 min ago	2.02 bp	8.0 bp −$8	12.4 bp −$124	36.7 bp −$3,666	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	0.2474	−0.100%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2471	−0.202%	$167K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2473	−0.108%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.202%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2473	−0.121%	$419K	$7.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0091%	1h	0.2474	−0.098%	$6.3M	$12.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2477	+0.028%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2475	−0.042%	$1.2M	$989K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2475	−0.025%	$161K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2477	+0.056%	$104.9M	$370.2M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDTlong	+0.0100%	8h	0.2476	long leg	$72.3M	$108.5M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2478	+0.081%	$33.2M	$105.9M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2475	−0.040%	$98.9M	$59.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2476	0.000%	$61.8M	$61.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2475	−0.061%	$29.9M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2477	+0.040%	$66.7M	$49.2M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2475	−0.040%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2475	−0.048%	$131K	$445K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2465	−0.441%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	−0.425%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2468	−0.323%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2465	−0.444%	$227K	$748K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2478	+0.069%	$95K	$690K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2473	−0.121%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2475	−0.044%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2471	−0.204%	$9K	$729K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2475	−0.061%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2475	−0.047%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2474	−0.081%	$48.3M	$6.6M	50x
Extended ADA-USD	+0.0104%	1h	0.2476	+0.012%	$536K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0110%	8h	0.2477	+0.047%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0195%	1h	0.2472	−0.170%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2474	−0.081%	$4.6M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0239%	1h	0.2476	+0.012%	$43.7M	$15.2M	10x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2478	+0.061%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0595% / S −0.0547%	1h	0.2473	−0.121%	$133K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0680%	1h	0.2475	−0.024%	$600K	$488K	50x	as long as short