Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Hyperliquid against Phemex+0.061%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

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

costs, in and out, $10k−$360.357% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.149%−$15 on $10k

Price spread, last 3 days (all we have)−0.257%−$26 · spread now +0.061%, 7d avg −0.006%

Together, before fees−0.406%+ Points / potential airdropHyperliquid: Season 2 · farm board−$41 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: Hyperliquid is 0.067% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.006%.

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 41m	$47.8M	$5.8M	50x
Short	Hyperliquid ADA	0.2449	0.0100	get 0.0013% / 1h	41m 12s	$42.4M	$14.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0
Price spread: +0.061% → −0.006%: $6.73
Slippage, 4 orders: −$14.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$28.99
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 12 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	2.04 bp	12.0 bp −$12	19.0 bp −$190	49.5 bp −$4,947	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.22 bp	6.8 bp −$7	10.9 bp −$109	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	0.2447	−0.001%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2448	+0.041%	$153K	$5.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2447	−0.009%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2450	+0.123%	$408K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2449	+0.094%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADAshort	+0.0100%	1h	0.2449	+0.061%	$42.4M	$14.5M	10x
Aster ADAUSDT	+0.0100%	8h	0.2448	+0.037%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2447	+0.016%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2449	+0.063%	$100.8M	$354.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2447	0.000%	$70.5M	$99.5M	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	0.2448	+0.041%	$32.1M	$104.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2447	0.000%	$97.0M	$57.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2447	0.000%	$53.0M	$56.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2447	+0.012%	$30.5M	$18.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2447	0.000%	$65.5M	$42.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2447	0.000%	—	$20.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	+0.106%	$101K	$412K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2446	−0.061%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2448	+0.026%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2447	−0.003%	$286K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2447	0.000%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2448	+0.041%	$96K	$677K	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	+0.047%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2449	+0.081%	$9K	$757K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2448	+0.045%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2448	+0.024%	$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	0.2449	+0.079%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	+0.034%	$557K	$1.8M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0118%	1h	0.2449	+0.069%	$475K	$355K	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2449	+0.078%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2448	+0.041%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2448	+0.037%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2448	+0.042%	$6.2M	$11.5M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0521% / S −0.0277%	1h	0.2447	+0.008%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2457	+0.409%	$844	$95K	12x	as long as short