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: MEXC against Phoenix+0.188%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 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. MEXC is 0.188% dearer against Phoenix than usual: you sell high and buy low (spread +0.188% now, against zero (this spread has no 7-day history yet)): +$19 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.224%, 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	2m 50s	$4K	$82K	10x
Short	MEXC ADA_USDT	0.2451	0.0100	get 0.0100% / 8h	2h 02m	$52.7M	$56.8M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.188%Rate

Funding earned: −$19.86
Price spread: +0.188% → 0.000%: $18.8
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$8.05
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	2.04 bp	2.0 bp −$2	2.7 bp −$27	16.0 bp −$1,598	51.7 bp −$25.9K

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	0.2448	+0.080%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2451	+0.188%	$153K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2451	+0.177%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2454	+0.311%	$407K	$7.2M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0076%	1h	0.2452	+0.245%	$476K	$353K	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2453	+0.262%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2451	+0.200%	$42.5M	$14.6M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2451	+0.177%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2450	+0.151%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2450	+0.167%	$101.5M	$355.8M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2450	+0.147%	$70.5M	$99.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2450	+0.147%	$31.8M	$105.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2449	+0.106%	$96.5M	$58.2M	75x	as long as short
MEXC ADA_USDTshort	+0.0100%	8h	0.2451	+0.188%	$52.7M	$56.8M	300x
KuCoin ADAUSDTM	+0.0100%	8h	0.2451	+0.200%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2450	+0.147%	$65.6M	$42.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2450	+0.147%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2452	+0.241%	$101K	$413K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2444	−0.082%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2445	−0.039%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2445	−0.073%	$295K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2444	−0.098%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2450	+0.139%	$96K	$624K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2451	+0.188%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2452	+0.212%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	+0.227%	$9K	$758K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2451	+0.188%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2451	+0.191%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2451	+0.188%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2451	+0.187%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2450	+0.155%	$556K	$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	0.2449	+0.106%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2450	+0.159%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2451	+0.201%	$6.2M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0504% / S −0.0263%	1h	0.2451	+0.175%	$110K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2445	−0.057%	$840	$168K	12x	as long as short