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 −0.020%

Price spread now: GRVT against Phemex+0.120%77s7-day average −0.028% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.405% of the position

Long on Phemex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 3 days (all we have)−0.526%−$53 · spread now +0.120%, 7d avg −0.028%

Together, before fees−0.495%+ Points / potential airdropGRVT: Active · farm board−$50 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: GRVT is 0.148% dearer against Phemex than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.028%. The two prices were read 77 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	Phemex ADAUSDT	0.2445	0.0100	pay 0.0100% / 8h	2h 35m	$47.7M	$5.8M	50x
Short	GRVT ADA_USDT_Perp	0.2448	0.0100	get 0.0100% / 8h	2h 35m	$286K	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.120%Rate

Funding earned: $0
Price spread: +0.120% → −0.028%: $14.81
Slippage, 4 orders: −$19.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$25.68
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; GRVT: live order book, 3 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, 3 min ago	2.05 bp	11.8 bp −$12	17.2 bp −$172	53.2 bp −$5,321	doesn't fit
Sell GRVT live order book, 3 min ago	2.05 bp	6.5 bp −$7	13.6 bp −$136	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	0.2445	−0.017%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2446	+0.041%	$153K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2445	−0.009%	$87K	—	150x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0036%	1h	0.2446	+0.025%	$475K	$354K	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2447	+0.082%	$407K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2447	+0.061%	$2.4M	$1.3M	10x	as long as short
Gate ADA_USDT	+0.0097%	8h	0.2443	−0.082%	$96.6M	$57.5M	75x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2445	+0.012%	$42.4M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2446	+0.022%	$1.2M	$999K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2445	+0.005%	$156K	$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	0.2445	−0.001%	$100.8M	$355.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2446	+0.041%	$70.5M	$99.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2445	0.000%	$31.8M	$105.0M	50x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2444	−0.041%	$52.3M	$56.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2444	−0.033%	$30.3M	$18.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2446	+0.041%	$65.5M	$42.7M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2445	0.000%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2445	0.000%	$101K	$411K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2448	+0.103%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2442	−0.111%	$65K	$279K	20x	as long as short
GRVT ADA_USDT_Perpshort	+0.0100%	8h	0.2448	+0.120%	$286K	$3.9M	10x
ApeX Omni ADAUSDT	+0.0100%	1h	0.2448	+0.123%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2445	−0.020%	$96K	$641K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2445	0.000%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2445	−0.009%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2445	0.000%	$9K	$758K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2445	−0.020%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2447	+0.062%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2445	long leg	$47.7M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2445	−0.013%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2444	−0.052%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2447	+0.078%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2451	+0.245%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2444	−0.048%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0338%	1h	0.2444	−0.025%	$6.1M	$11.5M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0437% / S −0.0277%	1h	0.2445	−0.004%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.204%	$838	$131K	12x	as long as short