Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.014%

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

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 3 days (all we have)−0.201%−$20 · spread now −0.020%, 7d avg −0.041%

Together, before fees−0.246%+ Points / potential airdropExtended: Active · farm board−$25 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: Extended is 0.021% dearer against Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2464	0.0100	pay 0.0100% / 8h	57m 02s	$48.1M	$5.9M	50x
Short	Extended ADA-USD	0.2464	0.0104	get 0.0013% / 1h	57m 02s	$557K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0.84
Price spread: −0.020% → −0.041%: $2.06
Slippage, 4 orders: −$15.53
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$29.62
Costs to cover: 0.325%
Break-even: 253.9 days

Slippage from Phemex: live order book, 2 min ago; Extended: live order book, 2 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, 2 min ago	2.03 bp	8.0 bp −$8	16.1 bp −$161	42.2 bp −$4,220	doesn't fit
Sell Extended live order book, 2 min ago	2.03 bp	8.2 bp −$8	10.6 bp −$106	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	0.2463	−0.025%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2465	+0.041%	$155K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2464	−0.017%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2464	0.000%	$414K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2466	+0.081%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2465	+0.057%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2465	+0.021%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2463	−0.026%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2465	+0.037%	$102.4M	$360.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2465	+0.041%	$71.8M	$102.5M	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	0.2465	+0.041%	$32.1M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2463	−0.041%	$97.3M	$59.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2464	0.000%	$52.4M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2464	+0.012%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2464	0.000%	$66.1M	$43.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2464	0.000%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2465	+0.045%	$109K	$418K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2459	−0.196%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2462	−0.078%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	−0.183%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2461	−0.122%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2465	+0.032%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2464	0.000%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2465	+0.035%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2465	+0.041%	$9K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2464	+0.016%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2465	+0.029%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2464	long leg	$48.1M	$5.9M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2463	−0.045%	$21K	$250	20x	as long as short
Extended ADA-USDshort	+0.0104%	1h	0.2464	−0.020%	$557K	$1.8M	50x
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2465	+0.037%	$6.2M	$11.6M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2465	+0.024%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2466	+0.081%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.284%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2465	+0.022%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0318%	1h	0.2465	+0.053%	$485K	$399K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2464	−0.012%	$122K	—	100x	as long as short