Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Polymarket Perps+0.077%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.200%+$20 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now +0.077%, 7d avg +0.016%

Together, before fees+0.296%+$30 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.061% dearer against Polymarket Perps than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ADA-USD	0.2468	0.0100	pay 0.0013% / 1h	11m 39s	$92K	$630K	10x
Short	Phemex ADAUSDT	0.2470	0.0100	get 0.0100% / 8h	3h 11m	$48.1M	$7.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.077%Rate

Funding earned: $0
Price spread: +0.077% → +0.016%: $6.07
Slippage, 4 orders: −$14.55
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.48
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 41 min ago; Phemex: live order book, 2 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 Polymarket Perps live order book, 41 min ago	3.38 bp	7.4 bp −$7	9.3 bp −$93	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.02 bp	11.8 bp −$12	15.2 bp −$152	36.9 bp −$3,688	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	0.2470	+0.057%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2470	+0.077%	$137K	$6.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2468	+0.009%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2469	+0.040%	$6.3M	$13.1M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.117%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2468	−0.004%	$397K	$8.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	+0.199%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2470	+0.095%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	+0.087%	$158K	$170K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2470	+0.077%	$104.5M	$390.5M	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	0.2469	+0.036%	$74.2M	$115.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2471	+0.117%	$33.0M	$111.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2469	+0.036%	$100.4M	$62.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2469	+0.036%	$59.6M	$62.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2470	+0.065%	$29.7M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2469	+0.036%	$67.2M	$51.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2469	+0.036%	—	$19.9M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2463	−0.204%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2468	−0.002%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2469	+0.036%	$290K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2472	+0.158%	$228K	$756K	50x	as long as short
Polymarket Perps ADA-USDlong	+0.0100%	1h	0.2468	long leg	$92K	$630K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2468	−0.004%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2470	+0.075%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2470	+0.074%	$8K	$746K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2469	+0.053%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2467	−0.046%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2470	+0.077%	$48.1M	$7.0M	50x
Paradex ADA-USD-PERP	+0.0101%	8h	0.2470	+0.072%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2469	+0.048%	$534K	$1.8M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0150%	1h	0.2470	+0.077%	$124K	$471K	15x	as long as short
Phoenix ADA	+0.0161%	1h	0.2468	0.000%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2469	+0.036%	$4.6M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0277%	1h	0.2467	−0.065%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0277%	1h	0.2470	+0.069%	$607K	$533K	50x	as long as short
Hyperliquid ADA	+0.0300%	1h	0.2472	+0.166%	$44.0M	$16.3M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0585%	1h	0.2469	+0.022%	$140K	—	100x	as long as short