Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h −0.014%

Price spread now: Phoenix against Phemex−0.045%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.045% cheaper against Phemex than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 38 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.246%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2448	0.0100	pay 0.0100% / 8h	2h 36m	$47.8M	$5.8M	50x
Short	Phoenix ADA	0.2447	0.0195	get 0.0024% / 1h	36m 23s	$4K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.045%Rate

Funding earned: $19.86
Price spread: −0.045% → 0.000%: −$4.49
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$3.64
Costs to cover: 0.190%
Break-even: 8.3 days

Slippage unknown: Phemex: live order book, 3 min ago; Phoenix: 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, 3 min ago	2.05 bp	11.8 bp −$12	17.2 bp −$172	53.2 bp −$5,321	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	0.2445	−0.139%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2445	−0.123%	$153K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2445	−0.132%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2448	0.000%	$407K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2446	−0.069%	$2.4M	$1.3M	10x	as long as short
Gate ADA_USDT	+0.0097%	8h	0.2444	−0.163%	$96.7M	$57.4M	75x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2446	−0.090%	$42.4M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	−0.146%	$1.2M	$999K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2445	−0.118%	$156K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2446	−0.082%	$100.9M	$355.4M	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	0.2444	−0.163%	$70.4M	$99.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2445	−0.123%	$31.8M	$105.0M	50x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2445	−0.123%	$52.3M	$56.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2444	−0.155%	$30.3M	$18.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2444	−0.163%	$65.4M	$42.7M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2445	−0.123%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	+0.074%	$101K	$412K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2448	−0.020%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2442	−0.233%	$65K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	−0.003%	$286K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2448	0.000%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2445	−0.143%	$96K	$641K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2445	−0.123%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2449	+0.045%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2450	+0.081%	$9K	$758K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2449	+0.049%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2449	+0.045%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2448	long leg	$47.8M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2445	−0.136%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2443	−0.194%	$554K	$1.8M	50x	as long as short
Phoenix ADAshort	+0.0195%	1h	0.2447	−0.045%	$4K	$82K	10x
BloFin ADA-USDT	+0.0220%	8h	0.2451	+0.123%	$4.4M	$5.4M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0281%	1h	0.2450	+0.098%	$476K	$354K	50x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2444	−0.170%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2449	+0.043%	$6.1M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0437% / S −0.0277%	1h	0.2445	−0.127%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.327%	$838	$131K	12x	as long as short