Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0178%/8h= −19.5% APRpaid last 24h −0.058%

Price spread now: Phemex against Reya+0.060%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.060% dearer against Reya than usual: you sell high and buy low (spread +0.060% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ADARUSDPERP	0.2495	0.0278	pay 0.0035% / 1h	55m 10s	$1K	—	15x
Short	Phemex ADAUSDT	0.2497	0.0100	get 0.0100% / 8h	3h 55m	$48.7M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$37.31
Price spread: +0.060% → 0.000%: $6.01
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.3
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.02 bp	8.0 bp −$8	12.9 bp −$129	39.8 bp −$3,975	doesn't fit

Reya: 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	0.2494	−0.077%	$205K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2495	−0.020%	$211K	$6.3M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2495	−0.005%	$88K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0025%	1h	0.2497	+0.071%	$6.4M	$12.6M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.982%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2495	−0.020%	$416K	$7.9M	50x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2498	+0.084%	$1.2M	$994K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2494	−0.060%	$162K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2498	+0.100%	$105.8M	$373.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2497	+0.060%	$73.0M	$108.9M	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	0.2498	+0.100%	$33.5M	$107.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2495	−0.020%	$99.9M	$59.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2497	+0.060%	$62.9M	$59.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2497	+0.072%	$30.2M	$15.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2497	+0.060%	$67.4M	$49.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2498	+0.100%	—	$6.6M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2489	−0.258%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2486	−0.362%	$66K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2488	−0.301%	$292K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2489	−0.260%	$229K	$748K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2497	+0.064%	$97K	$692K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2496	+0.020%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2498	+0.086%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2497	+0.058%	$9K	$731K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2497	+0.040%	$343	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2497	+0.049%	$1.3M	$6.4M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2497	+0.060%	$48.7M	$6.6M	50x
Extended ADA-USD	+0.0104%	1h	0.2495	−0.007%	$539K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0115%	8h	0.2491	−0.165%	$21K	$250	20x	as long as short
Lighter ADA	+0.0192%	1h	0.2499	+0.124%	$2.5M	$1.0M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2478	−0.697%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2496	+0.020%	$4.6M	$5.8M	75x	as long as short
Backpack ADA_USDC_PERP	+0.0249%	1h	0.2498	+0.108%	$135K	$443K	15x	as long as short
Reya ADARUSDPERPlong	+0.0278%	1h	0.2495	long leg	$1K	—	15x
GMX ADA/USD [WBTC.b-USDC]	L +0.0599% / S −0.0547%	1h	0.2496	+0.005%	$134K	—	100x	as long as short
Hyperliquid ADA	+0.0603%	1h	0.2500	+0.172%	$44.1M	$15.2M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0672%	1h	0.2498	+0.088%	$613K	$496K	50x	as long as short