Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Phemex+0.041%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Phemex Short on Bybit

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)−0.191%−$19 · spread now +0.041%, 7d avg −0.020%

Together, before fees−0.204%−$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.061% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2452	0.0100	pay 0.0100% / 8h	1h 50m	$47.9M	$5.8M	50x
Short	Bybit ADAUSDT	0.2453	0.0100	get 0.0100% / 8h	1h 50m	$70.8M	$99.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0
Price spread: +0.041% → −0.020%: $6.09
Slippage, 4 orders: −$11.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.8
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 4 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 Phemex live order book, 4 min ago	2.04 bp	8.0 bp −$8	14.6 bp −$146	42.7 bp −$4,269	doesn't fit
Sell Bybit live order book, 4 min ago	2.04 bp	7.5 bp −$8	11.2 bp −$112	30.4 bp −$3,040	145.7 bp −$72.9K

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	0.2454	+0.085%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2455	+0.122%	$165K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2452	−0.016%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2454	+0.082%	$407K	$7.2M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0076%	1h	0.2453	+0.033%	$476K	$350K	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2452	+0.006%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2455	+0.102%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2453	+0.057%	$42.5M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2453	+0.026%	$1.2M	$999K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	+0.114%	$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	0.2453	+0.034%	$101.5M	$355.6M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2453	+0.041%	$70.8M	$99.5M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2454	+0.082%	$31.8M	$105.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2452	0.000%	$96.5M	$57.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2452	0.000%	$52.8M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2453	+0.045%	$30.3M	$18.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	+0.041%	$65.7M	$42.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2453	+0.041%	—	$20.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2453	+0.053%	$101K	$413K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2451	−0.029%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2457	+0.199%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2464	+0.490%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2456	+0.163%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2454	+0.061%	$96K	$625K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2452	0.000%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2452	+0.014%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2455	+0.121%	$9K	$756K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2452	+0.020%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2452	+0.007%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2452	long leg	$47.9M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2456	+0.144%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2452	−0.016%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2456	+0.167%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2451	−0.041%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2453	+0.051%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−0.285%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0565% / S −0.0313%	1h	0.2452	−0.010%	$122K	—	100x	as long as short