Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h −0.009%

Price spread now: Phoenix against Orderly+0.098%66s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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 +$1 a day on $10k at the current rate, and Phoenix is 0.098% dearer against Orderly than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 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	Orderly PERP_ADA_USDC	0.2450	0.0100	pay 0.0100% / 8h	31m 59s	$6K	$36K	20x
Short	Phoenix ADA	0.2452	0.0130	get 0.0016% / 1h	31m 59s	$4K	$78K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.098%Rate

Funding earned: $6.28
Price spread: +0.098% → 0.000%: $9.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.07
Costs to cover: 0.130%
Break-even: 3.6 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Orderly and 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	0.2452	+0.067%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2451	+0.041%	$175K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2451	+0.027%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2450	0.000%	$404K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2452	+0.078%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2451	+0.050%	$42.5M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2451	+0.052%	$1.2M	$926K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2452	+0.098%	$158K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2450	0.000%	$101.8M	$362.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2449	−0.041%	$71.4M	$102.6M	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	0.2449	−0.041%	$32.3M	$106.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	−0.082%	$97.3M	$59.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2450	0.000%	$52.8M	$50.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2451	+0.053%	$30.1M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2449	−0.041%	$65.7M	$43.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2450	0.000%	—	$18.1M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2451	+0.045%	$110K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2454	+0.172%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2456	+0.262%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2457	+0.272%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	+0.122%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2451	+0.029%	$95K	$627K	10x	as long as short
Orderly PERP_ADA_USDClong	+0.0100%	8h	0.2450	long leg	$6K	$36K	20x
Derive ADA-PERP	+0.0100%	1h	0.2452	+0.064%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2451	+0.040%	$9K	$763K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	+0.020%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2451	+0.054%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2450	0.000%	$47.9M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2452	+0.076%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2449	−0.037%	$554K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2451	+0.021%	$6.2M	$11.6M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0117%	1h	0.2452	+0.082%	$493K	$430K	50x	as long as short
Phoenix ADAshort	+0.0130%	1h	0.2452	+0.098%	$4K	$78K	10x
BloFin ADA-USDT	+0.0220%	8h	0.2456	+0.245%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.857%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2450	+0.005%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0565% / S −0.0313%	1h	0.2451	+0.040%	$122K	—	100x	as long as short