Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0130%/8h= −14.2% APRpaid last 24h −0.021%

Price spread now: Kalshi against Phoenix+0.151%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.151% dearer against Phoenix than usual: you sell high and buy low (spread +0.151% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.013% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2450	0.0130	pay 0.0016% / 1h	0m 33s	$4K	$78K	10x
Short	Kalshi KXADAPERP	0.2454	0	get 0.0000% / 8h	4h 00m	$205K	$6.1M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +0.151%Rate

Funding earned: −$27.28
Price spread: +0.151% → 0.000%: $15.1
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$29.18
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Kalshi: live order book, 3 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 Kalshi live order book, 3 min ago	2.04 bp	7.0 bp −$7	13.2 bp −$132	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	0.2454	+0.150%	$202K	$4K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2454	+0.151%	$205K	$6.1M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2452	+0.083%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2447	−0.135%	$406K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2456	+0.245%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	+0.241%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	+0.192%	$1.2M	$933K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	+0.208%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	+0.199%	$101.5M	$366.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	+0.192%	$71.5M	$104.0M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2456	+0.233%	$32.4M	$107.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2454	+0.151%	$97.9M	$60.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2454	+0.151%	$52.8M	$51.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	+0.180%	$30.0M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	+0.192%	$66.0M	$43.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2455	+0.192%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	+0.180%	$108K	$419K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2450	−0.005%	$4.2M	$972K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2451	+0.008%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2444	−0.257%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2451	+0.029%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2452	+0.061%	$94K	$641K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2454	+0.151%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2455	+0.172%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2454	+0.150%	$9K	$768K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	+0.151%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	+0.169%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2453	+0.110%	$47.9M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2456	+0.213%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2455	+0.193%	$553K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2454	+0.161%	$6.2M	$11.7M	50x	as long as short
Phoenix ADAlong	+0.0130%	1h	0.2450	long leg	$4K	$78K	10x
BloFin ADA-USDT	+0.0220%	8h	0.2453	+0.110%	$4.3M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.845%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2452	+0.072%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0361%	1h	0.2455	+0.204%	$493K	$430K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0564% / S −0.0313%	1h	0.2452	+0.068%	$122K	—	100x	as long as short