Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.023%

Price spread now: Phemex against dYdX+0.037%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$256as in the Funding arb table

Net, price: spread back to 7d avg − costs−$266as in the Price arb table

costs, in and out, $10k−$2682.681% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 3 days (all we have)+0.191%+$19 · spread now +0.037%, 7d avg +0.020%

Together, before fees+0.309%+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ADA-USD	0.2467	0	get 0.0000% / 1h	53m 48s	$203K	$4K	10x
Short	Phemex ADAUSDT	0.2468	0.0100	get 0.0100% / 8h	53m 48s	$48.2M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.037%Rate

Funding earned: $21
Price spread: +0.037% → +0.020%: $1.7
Slippage, 4 orders: −$246.06
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$245.35
Costs to cover: 2.681%
Break-even: 88.8 days

Slippage from dYdX: live order book, 25 min ago; Phemex: live order book, 5 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 dYdX live order book, 25 min ago	83.35 bp	116.6 bp −$117	142.4 bp −$1,424	145.0 bp −$14.5K	160.1 bp −$80.0K
Sell Phemex live order book, 5 min ago	2.03 bp	11.8 bp −$12	19.8 bp −$198	46.9 bp −$4,690	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-USDlong	0.0000%	1h	0.2467	long leg	$203K	$4K	10x
Kalshi KXADAPERP	0.0000%	8h	0.2468	+0.037%	$155K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2468	+0.019%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2467	−0.004%	$414K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2470	+0.098%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2468	+0.033%	$42.8M	$14.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2467	+0.014%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2468	+0.033%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2467	−0.009%	$102.6M	$360.9M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2467	−0.004%	$71.9M	$102.5M	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	0.2468	+0.037%	$32.2M	$106.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2465	−0.085%	$97.5M	$59.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2466	−0.044%	$52.4M	$50.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2467	+0.009%	$30.3M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2466	−0.044%	$66.1M	$43.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2467	−0.004%	—	$18.1M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2464	−0.118%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2464	−0.130%	$66K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2463	−0.166%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	−0.125%	$56K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2468	+0.021%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2468	+0.037%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2469	+0.074%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2469	+0.076%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2468	+0.041%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2468	+0.029%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2468	+0.037%	$48.2M	$5.9M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2468	+0.034%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2466	−0.043%	$557K	$1.8M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0111%	1h	0.2469	+0.061%	$109K	$418K	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2468	+0.048%	$6.2M	$11.6M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2465	−0.101%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2467	−0.004%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.159%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2468	+0.020%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0398%	1h	0.2469	+0.094%	$487K	$400K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2467	−0.004%	$123K	—	100x	as long as short