Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.011%

Price spread now: Phemex against Coinbase International−0.447%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 3 days (all we have)+0.581%+$58 · spread now −0.447%, 7d avg +0.029%

Together, before fees+0.693%+$69 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.476% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.447% now, against its 7-day average of +0.029%). If the spread goes back, that is −$48 on $10k: about 44 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ADA-PERP-INTX	0.2463	0.0064	pay 0.0008% / 1h	52m 35s	$409K	$7.3M	50x
Short	Phemex ADAUSDT	0.2452	0.0100	get 0.0100% / 8h	1h 52m	$47.9M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.447%Rate

Funding earned: $7.56
Price spread: −0.447% → +0.029%: −$47.59
Slippage, 4 orders: −$14.81
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$76.84
Costs to cover: 0.368%
Break-even: 78.2 days

Slippage from Coinbase International: 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 Coinbase International live order book, 1 min ago	2.04 bp	7.0 bp −$7	15.0 bp −$150	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.04 bp	11.8 bp −$12	18.1 bp −$181	40.5 bp −$4,054	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	0.2452	−0.433%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2455	−0.325%	$154K	$5.9M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2454	−0.349%	$477K	$350K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2454	−0.357%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTXlong	+0.0064%	1h	0.2463	long leg	$409K	$7.3M	50x
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2454	−0.381%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2457	−0.260%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	−0.329%	$42.5M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	−0.316%	$1.2M	$998K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	−0.323%	$157K	$147K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2457	−0.229%	$101.9M	$356.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2457	−0.244%	$70.7M	$99.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2459	−0.162%	$31.8M	$105.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	−0.406%	$96.7M	$57.4M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2453	−0.406%	$52.8M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	−0.374%	$30.2M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	−0.325%	$65.7M	$42.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2455	−0.325%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2452	−0.434%	$101K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	−0.110%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2464	+0.023%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2464	+0.041%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2465	+0.081%	$56K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	−0.309%	$96K	$624K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2454	−0.365%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	−0.361%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2459	−0.164%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	−0.361%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	−0.346%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2452	−0.447%	$47.9M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2456	−0.303%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2456	−0.300%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2454	−0.361%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2457	−0.244%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2455	−0.336%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−0.731%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0565% / S −0.0313%	1h	0.2454	−0.380%	$122K	—	100x	as long as short