Funding you earn now, next payment 04:00 UTC+0.0167%/8h= +18.3% APRnext payment +$0.21 per $10,000 · paid last 24h −0.001%
Price spread now: Backpack against Phoenix−0.315%80s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.100%+$10 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. Backpack is 0.315% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.315% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$32 on $10k: about 6.3 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.100% in total) that is about 22 days. The two prices were read 80 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 | Phoenix ADA | 0.2508 | 0.0161 | pay 0.0020% / 1h | 34m 05s | $4K | $95K | 10x |
| Short | Backpack ADA_USDC_PERP | 0.2500 | 0.0328 | get 0.0041% / 1h | 34m 05s | $139K | $461K | 15x |
Phoenix ADA
Backpack ADA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- $35.06
- Price spread: −0.315% → 0.000%
- −$31.5
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$13.44
- Costs to cover
- 0.170%
- Break-even
- 9.7 days
Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 20 min ago. 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 20 min ago | 2.19 bp | 7.2 bp −$7 | 8.8 bp −$88 | doesn't fit | doesn't fit |
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 | 0.2501 | −0.279% | $206K | $2K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2503 | −0.191% | $159K | $6.8M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2499 | −0.341% | $85K | — | 150x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0025% | 1h | 0.2500 | −0.321% | $6.4M | $13.0M | 50x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | −1.467% | $849 | $202K | 12x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0080% | 1h | 0.2502 | −0.231% | $402K | $8.2M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2502 | −0.239% | $2.5M | $1.1M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2501 | −0.277% | $1.2M | $1.0M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2502 | −0.223% | $161K | $170K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2500 | −0.302% | $106.5M | $382.7M | 75x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Kraken Futures PF_ADAUSD
Injective ADA/USDC PERP
Coinbase International ADA-PERP-INTX
Lighter ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDTShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ADAUSDT | +0.0100% | 8h | 0.2499 | −0.351% | $74.9M | $112.6M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2500 | −0.311% | $33.5M | $110.8M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2499 | −0.351% | $102.2M | $60.8M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2500 | −0.311% | $61.3M | $61.7M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2500 | −0.323% | $30.0M | $15.3M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2499 | −0.351% | $68.0M | $51.2M | 75x | as long as short |
| BingX ADA-USDC | +0.0100% | 8h | 0.2500 | −0.311% | — | $6.6M | — | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2508 | +0.010% | $4.4M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2508 | 0.000% | $67K | $285K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2503 | −0.205% | $293K | $3.9M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2507 | −0.032% | $231K | $753K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2500 | −0.295% | $95K | $616K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2500 | −0.311% | $6K | $6K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2500 | −0.299% | $41K | $2K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2502 | −0.233% | $9K | $738K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2500 | −0.307% | $344 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2500 | −0.297% | $1.4M | $6.6M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2499 | −0.351% | $48.7M | $6.7M | 50x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2499 | −0.340% | $542K | $1.8M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0113% | 8h | 0.2501 | −0.252% | $21K | $250 | 20x | as long as short |
| Phoenix ADAlong | +0.0161% | 1h | 0.2508 | long leg | $4K | $95K | 10x | |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2507 | −0.032% | $4.6M | $5.9M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0277% | 1h | 0.2499 | −0.351% | $1K | — | 15x | as long as short |
| Backpack ADA_USDC_PERPshort | +0.0328% | 1h | 0.2500 | −0.315% | $139K | $461K | 15x | |
| Deribit ADA_USDC-PERPETUAL | +0.0430% | 1h | 0.2501 | −0.279% | $620K | $523K | 50x | as long as short |
| Hyperliquid ADA | +0.0481% | 1h | 0.2502 | −0.227% | $44.8M | $16.0M | 10x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0616% / S −0.0569% | 1h | 0.2499 | −0.357% | $139K | — | 100x | as long as short |
Bybit ADAUSDT
OKX ADA-USDT-SWAP
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDC
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
Phemex ADAUSDT
Extended ADA-USD
Paradex ADA-USD-PERP
BloFin ADA-USDT
Reya ADARUSDPERP
Deribit ADA_USDC-PERPETUAL
Hyperliquid ADA
GMX ADA/USD [WBTC.b-USDC]