ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0068%/8h= −7.4% APRnext payment −$0.08 per $10,000 · paid last 24h +0.003%

Price spread now: Phoenix against Polymarket Perps+0.272%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.343%−$34 · spread now +0.272%, 7d avg +0.053%

Together, before fees−0.357%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.219% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.272% now, against its 7-day average of +0.053%): +$22 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.014% in total) that is about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ADA-USD	0.2463	0.0100	pay 0.0013% / 1h	42m 52s	$94K	$635K	10x
Short	Phoenix ADA	0.2470	0.0032	get 0.0004% / 1h	42m 52s	$4K	$105K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.272%Rate

Funding earned: −$14.19
Price spread: +0.272% → +0.053%: $21.94
Slippage, 4 orders: −$25.88
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.13
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 10 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, 5 min ago	3.04 bp	7.4 bp −$7	10.2 bp −$102	doesn't fit	doesn't fit
Sell Phoenix live order book, 10 min ago	0.81 bp	13.0 bp −$13	44.8 bp −$448	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	0.2465	+0.071%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2468	+0.195%	$151K	$7.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2462	−0.028%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0019%	1h	0.2461	−0.071%	$6.3M	$13.3M	50x	as long as short
Phoenix ADAshort	+0.0032%	1h	0.2470	+0.272%	$4K	$105K	10x
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.317%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2464	+0.024%	$2.4M	$987K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2463	0.000%	$43.8M	$16.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2464	+0.023%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2466	+0.128%	$158K	$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	0.2464	+0.039%	$104.0M	$393.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2464	+0.032%	$73.1M	$117.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2466	+0.114%	$33.0M	$112.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2462	−0.049%	$99.7M	$62.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2462	−0.049%	$59.1M	$62.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2463	−0.024%	$29.6M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2462	−0.049%	$67.0M	$51.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2464	+0.032%	—	$19.9M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2467	+0.157%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2470	+0.274%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2471	+0.317%	$289K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2470	+0.276%	$229K	$760K	50x	as long as short
Polymarket Perps ADA-USDlong	+0.0100%	1h	0.2463	long leg	$94K	$635K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2461	−0.089%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2462	−0.030%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2463	−0.008%	$8K	$748K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2462	−0.049%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2466	+0.110%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2461	−0.089%	$48.0M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2467	+0.136%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2462	−0.033%	$534K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2467	+0.154%	$395K	$8.3M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0113%	1h	0.2462	−0.069%	$124K	$457K	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0116%	1h	0.2463	−0.024%	$605K	$542K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2463	−0.008%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2463	−0.007%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0585%	1h	0.2461	−0.081%	$140K	—	100x	as long as short