Funding you earn now, next payment 04:00 UTC+0.0006%/8h= +0.7% APRnext payment +$0.06 per $10,000 · paid last 24h −0.030%
Price spread now: Kalshi against Phemex0.000%7-day average −0.089% · you sell dearer than you buy
Net, funding: paid 7d − costs−$59as in the Funding arb table
Net, price: spread back to 7d avg − costs−$25as in the Price arb table
costs, in and out, $10k−$340.341% of the position
Funding, last 7 days−0.252%−$25 on $10k
+Price spread, last 4 days (all we have)−0.450%−$45 · spread now 0.000%, 7d avg −0.089%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.089% dearer against Phemex than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.089%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex ADAUSDT | 0.2475 | 0.0100 | pay 0.0100% / 8h | 5h 32m | $48.1M | $6.3M | 50x |
| Short | Kalshi KXADAPERP | 0.2475 | 0.0106 | get 0.0106% / 8h | 1h 32m | $141K | $6.3M | 3.2x |
Phemex ADAUSDT
Kalshi KXADAPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $1.25
- Price spread: 0.000% → −0.089%
- $8.86
- Slippage, 4 orders
- −$12.11
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$24
- Costs to cover
- 0.341%
- Break-even
- 141.7 days
Slippage from Phemex: live order book, 2 min ago; Kalshi: 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 | 2.02 bp | 8.0 bp −$8 | 14.2 bp −$142 | 45.8 bp −$4,585 | doesn't fit |
| Sell Kalshi live order book, 2 min ago | 4.04 bp | 9.0 bp −$9 | 17.5 bp −$175 | 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 | 0.2478 | +0.101% | $204K | $3K | 10x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2475 | +0.012% | $85K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | −0.162% | $849 | $202K | 12x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0056% | 1h | 0.2476 | +0.040% | $423K | $7.6M | 50x | as long as short |
| Hyperliquid ADA | +0.0100% | 1h | 0.2477 | +0.081% | $43.1M | $14.4M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2475 | −0.020% | $1.2M | $992K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2479 | +0.149% | $159K | $161K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2476 | +0.032% | $104.3M | $370.9M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2475 | 0.000% | $72.7M | $109.2M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2474 | −0.040% | $33.0M | $106.2M | 50x | as long as short |
dYdX ADA-USD
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Coinbase International ADA-PERP-INTX
Hyperliquid ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAPShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ADA_USDT | +0.0100% | 8h | 0.2473 | −0.081% | $99.1M | $59.5M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2473 | −0.081% | $57.9M | $57.4M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2475 | −0.020% | $29.8M | $16.5M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2474 | −0.040% | $66.3M | $48.4M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2476 | +0.040% | — | $20.1M | — | as long as short |
| Backpack ADA_USDC_PERP | +0.0100% | 1h | 0.2474 | −0.024% | $128K | $424K | 15x | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2479 | +0.162% | $4.3M | $1.0M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2477 | +0.085% | $66K | $284K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2477 | +0.063% | $289K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2476 | +0.040% | $228K | $733K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2477 | +0.101% | $96K | $676K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2476 | +0.040% | $6K | $6K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2476 | +0.032% | $40K | $2K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2478 | +0.120% | $9K | $747K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2475 | −0.020% | $340 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2473 | −0.065% | $1.3M | $6.1M | 75x | as long as short |
| Phemex ADAUSDTlong | +0.0100% | 8h | 0.2475 | long leg | $48.1M | $6.3M | 50x | |
| Extended ADA-USD | +0.0104% | 1h | 0.2475 | +0.012% | $537K | $1.8M | 50x | as long as short |
| Kalshi KXADAPERPshort | +0.0106% | 8h | 0.2475 | 0.000% | $141K | $6.3M | 3.2x | |
| Paradex ADA-USD-PERP | +0.0110% | 8h | 0.2480 | +0.206% | $21K | $250 | 20x | as long as short |
| Phoenix ADA | +0.0163% | 1h | 0.2468 | −0.267% | $4K | $90K | 10x | as long as short |
| Lighter ADA | +0.0184% | 1h | 0.2476 | +0.040% | $2.5M | $1.0M | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2480 | +0.202% | $4.5M | $5.8M | 75x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0260% | 1h | 0.2474 | −0.061% | $6.3M | $12.5M | 50x | as long as short |
| Reya ADARUSDPERP | +0.0280% | 1h | 0.2477 | +0.080% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0417% / S −0.0202% | 1h | 0.2475 | +0.006% | $96K | — | 100x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0437% | 1h | 0.2476 | +0.048% | $564K | $450K | 50x | as long as short |
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Backpack ADA_USDC_PERP
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Extended ADA-USD
Paradex ADA-USD-PERP
Phoenix ADA
Lighter ADA
BloFin ADA-USDT
Kraken Futures PF_ADAUSD
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]
Deribit ADA_USDC-PERPETUAL