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: Phoenix against SunX−0.279%69s7-day average — · you buy dearer than you sell

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.311%−$31 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.279% cheaper against SunX than usual: you would sell low and buy high (spread −0.279% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$28 on $10k: about 9.8 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.311%, so the current rate has only just turned in your favour. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ADA-USDT	0.2461	0.0100	pay 0.0100% / 8h	1h 55m	$9K	$755K	30x
Short	Phoenix ADA	0.2454	0.0195	get 0.0024% / 1h	55m 44s	$4K	$74K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.279%Rate

Funding earned: $19.86
Price spread: −0.279% → 0.000%: −$27.88
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$23.02
Costs to cover: 0.150%
Break-even: 15.1 days

Slippage unknown: SunX: live order book, 16 min ago; Phoenix: no order-book sample. 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 SunX live order book, 16 min ago	20.81 bp	24.8 bp −$25	31.7 bp −$317	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	0.2461	−0.007%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2458	−0.120%	$162K	$5.8M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2462	+0.046%	$478K	$352K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2461	−0.013%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2454	−0.283%	$407K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2461	+0.018%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2464	+0.124%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2463	+0.079%	$42.7M	$14.6M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2462	+0.024%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2463	+0.074%	$158K	$147K	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	0.2463	+0.081%	$102.1M	$355.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2463	+0.083%	$70.9M	$99.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2464	+0.124%	$31.9M	$105.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2461	+0.002%	$97.0M	$57.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2462	+0.042%	$53.0M	$50.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2462	+0.050%	$30.4M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2463	+0.083%	$65.9M	$42.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2463	+0.083%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2463	+0.079%	$101K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2449	−0.470%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2450	−0.448%	$65K	$278K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2449	−0.474%	$296K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2450	−0.445%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2461	+0.014%	$96K	$624K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2461	+0.002%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2462	+0.045%	$40K	$3K	5x	as long as short
SunX ADA-USDTlong	+0.0100%	8h	0.2461	long leg	$9K	$755K	30x
SoDEX ADA-USD	+0.0100%	1h	0.2462	+0.022%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2462	+0.037%	$1.3M	$5.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2461	+0.002%	$48.0M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2463	+0.085%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2463	+0.067%	$559K	$1.8M	50x	as long as short
Phoenix ADAshort	+0.0195%	1h	0.2454	−0.279%	$4K	$74K	10x
BloFin ADA-USDT	+0.0220%	8h	0.2453	−0.323%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2461	+0.011%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−0.649%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0566% / S −0.0313%	1h	0.2461	−0.011%	$122K	—	100x	as long as short