Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.029%

Price spread now: Phemex against gTrade (Gains Network)+0.093%50s7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.093% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ADA/USD	0.2453	L +0.0005% / S −0.0003%	pay 0.0001% / 1h	25m 26s	$84K	—	150x
Short	Phemex ADAUSDT	0.2455	0.0100	get 0.0100% / 8h	2h 25m	$47.9M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now +0.093%Rate

Funding earned: $20.01
Price spread: +0.093% → 0.000%: $9.25
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $7.26
Costs to cover: 0.220%
Break-even: 4.5 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Phemex: live order book, 4 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.04 bp	11.9 bp −$12	17.9 bp −$179	48.1 bp −$4,806	doesn't fit

gTrade (Gains Network): 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	0.2453	+0.006%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2454	+0.052%	$153K	$5.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USDlong	L +0.0005% / S −0.0003%	1h	0.2453	long leg	$84K	—	150x
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2454	+0.052%	$411K	$7.2M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0076%	1h	0.2456	+0.133%	$477K	$353K	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2455	+0.072%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2454	+0.031%	$42.5M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2453	+0.016%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	+0.011%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2453	+0.012%	$101.3M	$355.8M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2453	+0.011%	$70.6M	$99.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2453	+0.011%	$31.9M	$105.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2452	−0.030%	$96.9M	$57.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2452	−0.030%	$52.6M	$56.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2453	+0.011%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	+0.011%	$65.7M	$42.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2453	+0.011%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	+0.093%	$101K	$411K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2448	−0.177%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2454	+0.047%	$65K	$278K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	+0.010%	$289K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	+0.052%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2453	+0.003%	$97K	$624K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	+0.011%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2455	+0.096%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2456	+0.134%	$9K	$758K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2455	+0.093%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2455	+0.101%	$1.3M	$5.0M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2455	+0.093%	$47.9M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2454	+0.037%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	+0.021%	$558K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2455	+0.101%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2454	+0.052%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2453	+0.025%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0336%	1h	0.2455	+0.097%	$6.2M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0504% / S −0.0263%	1h	0.2452	−0.021%	$110K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.519%	$838	$131K	12x	as long as short