Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.013%

Price spread now: Coinbase International against Phemex0.000%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now 0.000%, 7d avg −0.029%

Together, before fees−0.246%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.029% dearer against Phemex than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.029%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2447	0.0100	pay 0.0100% / 8h	2h 34m	$47.8M	$5.8M	50x
Short	Coinbase International ADA-PERP-INTX	0.2447	0.0056	get 0.0007% / 1h	34m 36s	$407K	$7.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$9.24
Price spread: 0.000% → −0.029%: $2.93
Slippage, 4 orders: −$22.04
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$50.35
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Coinbase International: 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, 5 min ago	2.05 bp	11.8 bp −$12	17.2 bp −$172	53.2 bp −$5,321	doesn't fit
Sell Coinbase International live order book, 4 min ago	6.15 bp	12.1 bp −$12	19.7 bp −$197	doesn't fit	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	0.2448	+0.035%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2447	0.000%	$153K	$5.9M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2448	+0.049%	$475K	$354K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2447	−0.010%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTXshort	+0.0056%	1h	0.2447	0.000%	$407K	$7.2M	50x
Lighter ADA	+0.0096%	1h	0.2451	+0.172%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2450	+0.135%	$42.5M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2449	+0.075%	$1.2M	$999K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2450	+0.106%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2450	+0.138%	$101.0M	$355.8M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2449	+0.082%	$70.5M	$99.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2449	+0.082%	$31.8M	$105.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2449	+0.082%	$96.8M	$57.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2449	+0.082%	$52.4M	$56.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	+0.082%	$30.3M	$18.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2450	+0.123%	$65.6M	$42.7M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2449	+0.082%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	+0.114%	$101K	$411K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2445	−0.065%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2442	−0.193%	$65K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	+0.040%	$299K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2450	+0.123%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2447	+0.020%	$97K	$641K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2447	0.000%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2448	+0.037%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2449	+0.082%	$9K	$759K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2447	0.000%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2448	+0.036%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2447	long leg	$47.8M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2450	+0.129%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2449	+0.091%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2445	−0.078%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2449	+0.082%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2447	+0.013%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2447	−0.007%	$6.1M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0437% / S −0.0207%	1h	0.2447	−0.002%	$96K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.286%	$838	$131K	12x	as long as short