Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.023%

Price spread now: dYdX against Phemex−0.035%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$286as in the Funding arb table

Net, price: spread back to 7d avg − costs−$276as in the Price arb table

costs, in and out, $10k−$2742.744% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now −0.035%, 7d avg −0.017%

Together, before fees−0.236%−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2455	0.0100	pay 0.0100% / 8h	7h 59m	$47.5M	$7.6M	50x
Short	dYdX ADA-USD	0.2454	0	get 0.0000% / 1h	59m 42s	$202K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$21
Price spread: −0.035% → −0.017%: −$1.85
Slippage, 4 orders: −$252.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$297.21
Costs to cover: 2.744%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; dYdX: live order book, 39 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	4.08 bp	10.1 bp −$10	13.6 bp −$136	37.1 bp −$3,708	doesn't fit
Sell dYdX live order book, 39 min ago	122.10 bp	127.1 bp −$127	168.8 bp −$1,688	217.1 bp −$21.7K	648.8 bp −$324.4K

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-USDshort	0.0000%	1h	0.2454	−0.035%	$202K	$2K	10x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2454	−0.061%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.652%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2457	+0.069%	$2.4M	$995K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2454	−0.041%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2456	+0.041%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	+0.035%	$157K	$181K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	+0.041%	$103.9M	$407.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	0.000%	$73.2M	$127.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2456	+0.041%	$32.7M	$119.3M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2455	0.000%	$100.4M	$61.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2455	0.000%	$54.3M	$66.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	+0.008%	$29.7M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	0.000%	$66.6M	$54.1M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2456	+0.041%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2456	+0.053%	$142K	$486K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2454	−0.034%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	−0.095%	$66K	$288K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2452	−0.140%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2452	−0.122%	$76K	$896K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	−0.012%	$116K	$1.4M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2453	−0.093%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2456	+0.044%	$8K	$754K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2455	−0.020%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	+0.029%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2455	long leg	$47.5M	$7.6M	50x
Paradex ADA-USD-PERP	+0.0104%	8h	0.2456	+0.034%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	−0.023%	$505K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0106%	8h	0.2455	0.000%	$234K	$7.7M	3.2x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2456	+0.041%	$369K	$8.5M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2456	+0.041%	$4.5M	$5.9M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2457	+0.069%	$3K	$112K	10x	as long as short
Reya ADARUSDPERP	+0.0272%	1h	0.2454	−0.038%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0279%	1h	0.2455	−0.009%	$6.4M	$14.1M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0361%	1h	0.2456	+0.033%	$640K	$722K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0370% / S −0.0295%	1h	0.2454	−0.058%	$87K	—	100x	as long as short
Hyperliquid ADA	+0.0412%	1h	0.2458	+0.110%	$43.5M	$18.3M	10x	as long as short