Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.014%

Price spread now: Phemex against Extended+0.020%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 3 days (all we have)+0.201%+$20 · spread now +0.020%, 7d avg +0.041%

Together, before fees+0.246%+ Points / potential airdropExtended: Active · farm board+$25 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 0.021% cheaper against Extended than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ADA-USD	0.2464	0.0104	pay 0.0013% / 1h	57m 06s	$557K	$1.8M	50x
Short	Phemex ADAUSDT	0.2464	0.0100	get 0.0100% / 8h	57m 06s	$48.1M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$0.84
Price spread: +0.020% → +0.041%: −$2.06
Slippage, 4 orders: −$15.53
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$35.43
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Extended: 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 Extended live order book, 1 min ago	2.03 bp	4.5 bp −$5	7.7 bp −$77	doesn't fit	doesn't fit
Sell Phemex live order book, 2 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-USD	0.0000%	1h	0.2463	−0.005%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2465	+0.061%	$155K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2464	+0.003%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2464	+0.020%	$414K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2466	+0.101%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2465	+0.077%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2465	+0.041%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2463	−0.006%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2465	+0.057%	$102.4M	$360.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2465	+0.061%	$71.8M	$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	0.2465	+0.061%	$32.1M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2463	−0.021%	$97.3M	$59.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2464	+0.020%	$52.4M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2464	+0.032%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2464	+0.020%	$66.1M	$43.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2464	+0.020%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2465	+0.065%	$109K	$418K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2459	−0.176%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2462	−0.058%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	−0.163%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2461	−0.102%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2465	+0.052%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2464	+0.020%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2465	+0.055%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2465	+0.061%	$9K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2464	+0.036%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2465	+0.049%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2464	+0.020%	$48.1M	$5.9M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2463	−0.025%	$21K	$250	20x	as long as short
Extended ADA-USDlong	+0.0104%	1h	0.2464	long leg	$557K	$1.8M	50x
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2465	+0.057%	$6.2M	$11.6M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2465	+0.044%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2466	+0.101%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.304%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2465	+0.042%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0318%	1h	0.2465	+0.073%	$485K	$399K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2464	+0.008%	$122K	—	100x	as long as short