Funding you earn now, next payment 23:00 UTC−0.0030%/8h= −3.3% APRnext payment −$0.04 per $10,000 · paid last 24h +0.004%
Price spread now: Derive against Phoenix−0.109%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Derive is 0.109% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix ADA | 0.2442 | 0.0130 | pay 0.0016% / 1h | 11m 02s | $4K | $78K | 10x |
| Short | Derive ADA-PERP | 0.2440 | 0.0100 | get 0.0013% / 1h | 11m 02s | $40K | $3K | 5x |
Phoenix ADA
Derive ADA-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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
- −$6.28
- Price spread: −0.109% → 0.000%
- −$10.87
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$30.15
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Derive: 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Derive no order-book sample | — | — | — | — | — |
Phoenix and Derive: 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 | 0.2440 | −0.107% | $201K | $4K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2440 | −0.102% | $201K | $6.1M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2440 | −0.120% | $84K | — | 150x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0056% | 1h | 0.2440 | −0.102% | $406K | $7.3M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2441 | −0.053% | $2.4M | $1.3M | 10x | as long as short |
| Hyperliquid ADA | +0.0100% | 1h | 0.2441 | −0.058% | $42.3M | $14.3M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2439 | −0.131% | $1.2M | $930K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2441 | −0.078% | $157K | $146K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2442 | −0.028% | $101.1M | $366.2M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2442 | −0.020% | $71.0M | $104.1M | 75x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Coinbase International ADA-PERP-INTX
Lighter ADA
Hyperliquid ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDTShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2444 | +0.061% | $32.2M | $107.2M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2439 | −0.143% | $97.3M | $60.4M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2443 | +0.020% | $52.2M | $51.1M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2440 | −0.115% | $29.9M | $18.0M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2442 | −0.020% | $65.7M | $43.7M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2440 | −0.102% | — | $21.3M | — | as long as short |
| Backpack ADA_USDC_PERP | +0.0100% | 1h | 0.2440 | −0.082% | $105K | $418K | 15x | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2439 | −0.137% | $4.2M | $1.0M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2441 | −0.051% | $65K | $280K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2441 | −0.064% | $291K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2441 | −0.061% | $55K | $582K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2439 | −0.127% | $94K | $641K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2439 | −0.143% | $6K | $29K | 20x | as long as short |
| Derive ADA-PERPshort | +0.0100% | 1h | 0.2440 | −0.109% | $40K | $3K | 5x | |
| SunX ADA-USDT | +0.0100% | 8h | 0.2440 | −0.101% | $9K | $767K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2440 | −0.090% | $336 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2440 | −0.114% | $1.3M | $5.4M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2440 | −0.102% | $47.7M | $5.9M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0100% | 8h | 0.2442 | −0.038% | $20K | $250 | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2443 | +0.001% | $551K | $1.8M | 50x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0114% | 1h | 0.2440 | −0.112% | $6.1M | $11.7M | 50x | as long as short |
| Phoenix ADAlong | +0.0130% | 1h | 0.2442 | long leg | $4K | $78K | 10x | |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2441 | −0.061% | $4.3M | $5.5M | 75x | as long as short |
| Injective ADA/USDC PERP | +0.0254% | 1h | 0.2471 | +1.167% | $849 | $202K | 12x | as long as short |
| Reya ADARUSDPERP | +0.0283% | 1h | 0.2440 | −0.121% | $1K | — | 15x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0324% | 1h | 0.2441 | −0.070% | $490K | $430K | 50x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0563% / S −0.0313% | 1h | 0.2439 | −0.140% | $121K | — | 100x | as long as short |
OKX ADA-USDT-SWAP
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
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Paradex ADA-USD-PERP
Extended ADA-USD
Kraken Futures PF_ADAUSD
BloFin ADA-USDT
Injective ADA/USDC PERP
Reya ADARUSDPERP
Deribit ADA_USDC-PERPETUAL
GMX ADA/USD [WBTC.b-USDC]