Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.003%

Price spread now: GRVT against Phoenix+0.045%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.264%+$26 on $10k

Price spread, last 4 days (all we have)−0.166%−$17 · spread now +0.045%, 7d avg −0.047%

Together, before fees+0.097%+ Points / potential airdropGRVT: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and GRVT is 0.091% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2470	0.0032	pay 0.0004% / 1h	40m 23s	$4K	$105K	10x
Short	GRVT ADA_USDT_Perp	0.2471	0.0100	get 0.0100% / 8h	2h 40m	$289K	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Phoenix. 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 PhoenixbpFee GRVTbpOrdersPrice spread, now +0.045%Rate

Funding earned: $14.19
Price spread: +0.045% → −0.047%: $9.15
Slippage, 4 orders: −$29.79
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$22.45
Costs to cover: 0.458%
Break-even: 18.1 days

Slippage from Phoenix: live order book, 12 min ago; GRVT: 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 Phoenix live order book, 12 min ago	0.81 bp	13.0 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	2.03 bp	6.5 bp −$7	16.3 bp −$163	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	0.2447	−0.908%	$201K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2458	−0.482%	$160K	$7.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2446	−0.948%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2456	−0.554%	$6.3M	$13.3M	50x	as long as short
Phoenix ADAlong	+0.0032%	1h	0.2470	long leg	$4K	$105K	10x
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.045%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2449	−0.830%	$2.4M	$987K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2446	−0.976%	$42.2M	$17.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2446	−0.965%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2448	−0.881%	$157K	$170K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2446	−0.968%	$103.2M	$395.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2447	−0.927%	$71.6M	$118.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2447	−0.927%	$32.6M	$112.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2444	−1.049%	$99.0M	$62.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2443	−1.089%	$58.2M	$63.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2443	−1.093%	$29.3M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2444	−1.049%	$66.5M	$52.0M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2448	−0.887%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2453	−0.680%	$124K	$459K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2456	−0.559%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	−0.214%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perpshort	+0.0100%	8h	0.2471	+0.045%	$289K	$4.0M	10x
ApeX Omni ADAUSDT	+0.0100%	1h	0.2465	−0.198%	$229K	$760K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2444	−1.036%	$127K	$705K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2446	−0.968%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2457	−0.518%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2457	−0.522%	$8K	$748K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2457	−0.543%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2455	−0.602%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2455	−0.603%	$47.8M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2449	−0.846%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2446	−0.974%	$531K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2467	−0.117%	$395K	$8.3M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0198%	1h	0.2458	−0.498%	$604K	$542K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	−0.441%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2445	−1.026%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0621% / S −0.0585%	1h	0.2445	−1.004%	$139K	—	100x	as long as short