Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h +0.009%

Price spread now: Phemex against Injective+0.286%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.286% dearer against Injective than usual: you sell high and buy low (spread +0.286% now, against zero (this spread has no 7-day history yet)): +$29 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 5.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.046% in total (about 2.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ADA/USDC PERP	0.2445	0.0288	pay 0.0036% / 1h	53m 23s	$840	$168K	12x
Short	Phemex ADAUSDT	0.2452	0.0100	get 0.0100% / 8h	1h 53m	$47.9M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.286%Rate

Funding earned: −$39.51
Price spread: +0.286% → 0.000%: $28.63
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.9
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 6 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	4.07 bp	10.1 bp −$10	16.1 bp −$161	45.2 bp −$4,520	doesn't fit

Injective: 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	0.2457	+0.474%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2465	+0.818%	$154K	$5.8M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2454	+0.384%	$477K	$350K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2454	+0.376%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2463	+0.736%	$409K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2454	+0.352%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2459	+0.560%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	+0.442%	$42.5M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2456	+0.450%	$1.2M	$998K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2457	+0.502%	$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	0.2455	+0.407%	$101.8M	$355.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2453	+0.327%	$70.6M	$99.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2454	+0.368%	$31.8M	$105.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	+0.327%	$96.7M	$57.4M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2454	+0.368%	$52.9M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2456	+0.450%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2454	+0.368%	$65.7M	$42.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2454	+0.368%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2459	+0.585%	$101K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	+0.625%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2464	+0.760%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2464	+0.777%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2465	+0.818%	$56K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	+0.425%	$96K	$624K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2454	+0.368%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.373%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2459	+0.571%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	+0.372%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	+0.387%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2452	+0.286%	$47.9M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2457	+0.502%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	+0.332%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2454	+0.372%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2457	+0.491%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2455	+0.398%	$1K	—	15x	as long as short
Injective ADA/USDC PERPlong	+0.0288%	1h	0.2445	long leg	$840	$168K	12x
GMX ADA/USD [WBTC.b-USDC]	L +0.0565% / S −0.0313%	1h	0.2454	+0.354%	$122K	—	100x	as long as short