Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h −0.009%

Price spread now: Phemex against Kraken Futures+0.016%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$510.512% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now +0.016%, 7d avg −0.002%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2451	0.0048	pay 0.0006% / 1h	57m 39s	$6.2M	$11.6M	50x
Short	Phemex ADAUSDT	0.2451	0.0100	get 0.0100% / 8h	7h 57m	$47.9M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.016%Rate

Funding earned: $11.02
Price spread: +0.016% → −0.002%: $1.86
Slippage, 4 orders: −$29.16
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$38.28
Costs to cover: 0.512%
Break-even: 31.3 days

Slippage from Kraken Futures: live order book, 1 min ago; Phemex: live order book, 6 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 Kraken Futures live order book, 1 min ago	4.49 bp	15.3 bp −$15	19.4 bp −$194	45.8 bp −$4,579	doesn't fit
Sell Phemex live order book, 6 min ago	2.04 bp	8.0 bp −$8	15.0 bp −$150	40.1 bp −$4,010	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	0.2451	−0.004%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2450	−0.025%	$205K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2451	−0.001%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.832%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2447	−0.147%	$406K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0048%	1h	0.2451	long leg	$6.2M	$11.6M	50x
Lighter ADA	+0.0096%	1h	0.2452	+0.057%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2452	+0.065%	$42.5M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2450	−0.017%	$1.2M	$934K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2451	+0.015%	$157K	$145K	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	0.2450	−0.013%	$101.4M	$366.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2450	−0.025%	$71.4M	$104.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2451	+0.016%	$32.4M	$107.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2449	−0.065%	$97.7M	$57.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2450	−0.025%	$53.5M	$50.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2450	−0.025%	$30.0M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2451	+0.016%	$65.9M	$43.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2450	−0.025%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2452	+0.045%	$108K	$419K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2450	−0.018%	$4.2M	$972K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	+0.054%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2452	+0.057%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	+0.098%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2449	−0.074%	$94K	$642K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2450	−0.025%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2451	+0.013%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	+0.056%	$9K	$768K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.004%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2450	−0.007%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2451	+0.016%	$47.9M	$6.0M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2452	+0.041%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2450	−0.023%	$553K	$1.8M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2450	−0.012%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2452	+0.057%	$4.4M	$5.5M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0240%	1h	0.2452	+0.049%	$492K	$430K	50x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2449	−0.063%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0564% / S −0.0313%	1h	0.2451	+0.007%	$122K	—	100x	as long as short