Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0154%/8h= +16.9% APRpaid last 24h −0.009%

Price spread now: Injective against Phemex+0.284%65s7-day average −0.411% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 3 days (all we have)−1.200%−$120 · spread now +0.284%, 7d avg −0.411%

Together, before fees−1.246%−$125 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Injective is 0.695% dearer against Phemex than usual: you sell high and buy low: +$69 more if the spread goes back to its 7-day average of −0.411%. The two prices were read 65 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	0.2464	0.0100	pay 0.0100% / 8h	57m 45s	$48.1M	$5.9M	50x
Short	Injective ADA/USDC PERP	0.2471	0.0254	get 0.0032% / 1h	57m 45s	$849	$202K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +0.284%Rate

Funding earned: $32.35
Price spread: +0.284% → −0.411%: $69.48
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $89.81
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 6 min ago; Injective: no order-book sample. Net counts fees only.

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, 6 min ago	2.03 bp	8.0 bp −$8	14.8 bp −$148	41.7 bp −$4,168	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2465	+0.030%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2466	+0.081%	$155K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2465	+0.024%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2465	+0.041%	$414K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2465	+0.020%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2464	−0.016%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2464	+0.019%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2465	+0.058%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2464	0.000%	$102.4M	$360.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2463	−0.041%	$71.7M	$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	0.2464	0.000%	$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%	$53.2M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2465	+0.020%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2463	−0.041%	$66.1M	$43.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2464	0.000%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2465	+0.057%	$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	0.2461	−0.124%	$66K	$281K	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	0.2460	−0.162%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2466	+0.073%	$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	+0.050%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	+0.121%	$9K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2465	+0.020%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2467	+0.111%	$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	0.2466	+0.087%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2465	+0.021%	$557K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2464	+0.019%	$6.2M	$11.6M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2462	−0.081%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2461	−0.122%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERPshort	+0.0254%	1h	0.2471	+0.284%	$849	$202K	12x
Reya ADARUSDPERP	+0.0284%	1h	0.2466	+0.083%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0318%	1h	0.2466	+0.081%	$481K	$395K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2464	0.000%	$122K	—	100x	as long as short