Funding arb · Price arb /

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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: KuCoin against Phoenix+0.098%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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.211%+$21 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. KuCoin is 0.098% dearer against Phoenix than usual: you sell high and buy low (spread +0.098% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.211%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2446	0.0195	pay 0.0024% / 1h	30m 58s	$4K	$82K	10x
Short	KuCoin ADAUSDTM	0.2448	0.0100	get 0.0100% / 8h	2h 30m	$30.2M	$18.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$19.86
Price spread: +0.098% → 0.000%: $9.81
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$29.04
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; KuCoin: 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 KuCoin live order book, 3 min ago	1.02 bp	11.3 bp −$11	21.9 bp −$219	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	0.2446	+0.035%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2447	+0.057%	$153K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2448	+0.102%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2448	+0.098%	$408K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2450	+0.192%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2450	+0.164%	$42.5M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2448	+0.110%	$1.2M	$999K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2447	+0.056%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2449	+0.151%	$101.0M	$355.9M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2448	+0.098%	$70.5M	$99.5M	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	0.2448	+0.098%	$31.8M	$105.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2447	+0.057%	$96.7M	$57.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2448	+0.098%	$52.5M	$56.5M	300x	as long as short
KuCoin ADAUSDTMshort	+0.0100%	8h	0.2448	+0.098%	$30.2M	$18.3M	75x
Bitget ADAUSDT	+0.0100%	8h	0.2449	+0.139%	$65.6M	$42.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2448	+0.098%	—	$20.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	+0.159%	$101K	$411K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2445	−0.008%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2447	+0.074%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	+0.095%	$299K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2448	+0.098%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2449	+0.123%	$97K	$642K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2449	+0.139%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2449	+0.129%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2448	+0.098%	$9K	$759K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2449	+0.119%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2449	+0.153%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2448	+0.098%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2448	+0.092%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	+0.107%	$554K	$1.8M	50x	as long as short
Phoenix ADAlong	+0.0195%	1h	0.2446	long leg	$4K	$82K	10x
BloFin ADA-USDT	+0.0220%	8h	0.2451	+0.221%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2448	+0.111%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2449	+0.140%	$6.1M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0437% / S −0.0207%	1h	0.2448	+0.103%	$96K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.229%	$838	$131K	12x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0567%	1h	0.2451	+0.221%	$476K	$354K	50x	as long as short