Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Phemex−0.016%7-day average +0.011% · 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−$28as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 3 days (all we have)−0.194%−$19 · spread now −0.016%, 7d avg +0.011%

Together, before fees−0.318%+ Points / potential airdropLighter: Season 3 · farm board−$32 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: Lighter is 0.027% cheaper against Phemex than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2471	0.0100	pay 0.0100% / 8h	1h 37m	$48.2M	$5.8M	50x
Short	Lighter ADA	0.2471	0.0096	get 0.0012% / 1h	37m 39s	$2.5M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$0.84
Price spread: −0.016% → +0.011%: −$2.67
Slippage, 4 orders: −$13.01
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$28.52
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Lighter: live order book, 4 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, 6 min ago	2.03 bp	8.0 bp −$8	14.8 bp −$148	40.6 bp −$4,057	doesn't fit
Sell Lighter live order book, 4 min ago	2.63 bp	3.9 bp −$4	18.4 bp −$184	50.6 bp −$5,056	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	0.2469	−0.092%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2472	+0.040%	$160K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2473	+0.081%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2470	−0.040%	$418K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0094%	1h	0.2471	−0.017%	$6.2M	$11.5M	50x	as long as short
Lighter ADAshort	+0.0096%	1h	0.2471	−0.016%	$2.5M	$1.3M	10x
Hyperliquid ADA	+0.0100%	1h	0.2470	−0.028%	$42.8M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2471	0.000%	$1.2M	$920K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2469	−0.070%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2469	−0.081%	$102.5M	$356.4M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2469	−0.081%	$71.8M	$100.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2469	−0.081%	$32.0M	$105.7M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2468	−0.121%	$97.5M	$58.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2468	−0.121%	$53.5M	$50.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2470	−0.061%	$30.5M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2469	−0.081%	$66.1M	$42.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2469	−0.081%	—	$20.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2472	+0.049%	$104K	$418K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2473	+0.090%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2472	+0.047%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2472	+0.040%	$298K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2473	+0.081%	$56K	$580K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2474	+0.113%	$97K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2473	+0.081%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2474	+0.135%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2472	+0.040%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2472	+0.020%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2472	+0.030%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2471	long leg	$48.2M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2469	−0.074%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2469	−0.078%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2472	+0.020%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2474	+0.121%	$4.4M	$5.5M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0235%	1h	0.2475	+0.142%	$481K	$349K	50x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2474	+0.126%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−1.052%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2473	+0.092%	$123K	—	100x	as long as short