Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h −0.001%

Price spread now: Phoenix against Gate−0.585%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.585% cheaper against Gate than usual: you would sell low and buy high (spread −0.585% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$59 on $10k: about 31 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.226%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ADA_USDT	0.2495	0.0100	pay 0.0100% / 8h	5h 21m	$100.0M	$60.2M	75x
Short	Phoenix ADA	0.2480	0.0163	get 0.0020% / 1h	21m 03s	$4K	$90K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.585%Rate

Funding earned: $13.18
Price spread: −0.585% → 0.000%: −$58.52
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$67.34
Costs to cover: 0.220%
Break-even: 42.8 days

Slippage unknown: Gate: live order book, 3 min ago; Phoenix: no order-book sample. 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 Gate live order book, 3 min ago	2.02 bp	13.2 bp −$13	17.4 bp −$174	79.6 bp −$7,959	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	0.2494	−0.060%	$205K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2495	+0.015%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.962%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2498	+0.120%	$416K	$7.7M	50x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2497	+0.080%	$1.2M	$998K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2495	−0.003%	$160K	$161K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2496	+0.040%	$105.8M	$371.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2495	0.000%	$72.8M	$110.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2495	0.000%	$33.3M	$107.3M	50x	as long as short
Gate ADA_USDTlong	+0.0100%	8h	0.2495	long leg	$100.0M	$60.2M	75x

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ADA_USDT	+0.0100%	8h	0.2495	0.000%	$54.4M	$59.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2495	+0.012%	$30.0M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2495	0.000%	$67.0M	$49.1M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2497	+0.080%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2497	+0.088%	$140K	$432K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2495	+0.002%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2479	−0.645%	$66K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2482	−0.511%	$294K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2482	−0.521%	$229K	$735K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2497	+0.092%	$97K	$677K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2496	+0.040%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2496	+0.040%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2499	+0.160%	$9K	$745K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2496	+0.044%	$343	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2497	+0.096%	$1.3M	$6.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2496	+0.040%	$48.6M	$6.5M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2495	0.000%	$162K	$6.3M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2494	−0.026%	$539K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0111%	8h	0.2498	+0.136%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0133%	1h	0.2498	+0.116%	$43.4M	$14.4M	10x	as long as short
Phoenix ADAshort	+0.0163%	1h	0.2480	−0.585%	$4K	$90K	10x
Lighter ADA	+0.0200%	1h	0.2497	+0.100%	$2.5M	$1.1M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2497	+0.080%	$4.6M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0257%	1h	0.2495	+0.017%	$6.4M	$12.6M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2497	+0.080%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0419% / S −0.0214%	1h	0.2495	−0.006%	$94K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0752%	1h	0.2497	+0.088%	$590K	$443K	50x	as long as short