Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against BingX+0.040%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on BingX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)+0.410%+$41 · spread now +0.040%, 7d avg −0.001%

Together, before fees+0.390%+$39 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 0.041% dearer against BingX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ADA-USDT	0.2491	0.0100	pay 0.0100% / 8h	6h 58m	—	$19.7M	—
Short	Phemex ADAUSDT	0.2492	0.0100	get 0.0100% / 8h	6h 58m	$48.1M	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BingX. 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 BingXbpFee PhemexbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → −0.001%: $4.15
Slippage, 4 orders: −$11.82
Fee BingX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.68
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Phemex: live order book, 6 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 BingX live order book, 5 min ago	2.00 bp	7.0 bp −$7	7.0 bp −$70	17.2 bp −$1,720	40.8 bp −$20.4K
Sell Phemex live order book, 6 min ago	2.00 bp	8.0 bp −$8	11.2 bp −$112	37.6 bp −$3,760	doesn't fit

ADA on 36 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	0.2490	−0.053%	$208K	$5K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2493	+0.080%	$224K	$7.7M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2497	+0.253%	$86K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.803%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2492	+0.032%	$2.4M	$946K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2492	+0.044%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2491	−0.006%	$160K	$180K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2492	+0.040%	$106.3M	$397.9M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2490	−0.040%	$74.9M	$125.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2492	+0.040%	$33.2M	$116.0M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2491	0.000%	$102.6M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2490	−0.040%	$58.2M	$67.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2491	−0.008%	$30.1M	$15.7M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2491	0.000%	$68.0M	$52.8M	75x	as long as short
BingX ADA-USDTlong	+0.0100%	8h	0.2491	long leg	—	$19.7M	—
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2494	+0.104%	$148K	$467K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2496	+0.202%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2502	+0.436%	$67K	$290K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2502	+0.425%	$299K	$3.6M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2502	+0.442%	$73K	$898K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2495	+0.153%	$118K	$1.3M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2491	0.000%	$6K	$5K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2496	+0.207%	$8K	$720K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2492	+0.020%	$343	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2493	+0.063%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2492	+0.040%	$48.1M	$7.7M	50x
Paradex ADA-USD-PERP	+0.0103%	8h	0.2492	+0.038%	$21K	—	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2492	+0.033%	$548K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2503	+0.482%	$376K	$8.5M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0146%	1h	0.2492	+0.043%	$6.4M	$13.9M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2499	+0.329%	$3K	$107K	10x	as long as short
Hyperliquid ADA	+0.0200%	1h	0.2493	+0.082%	$44.4M	$18.7M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2492	+0.040%	$4.5M	$5.7M	75x	as long as short
Reya ADARUSDPERP	+0.0271%	1h	0.2493	+0.078%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0312%	1h	0.2492	+0.048%	$636K	$736K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0371% / S −0.0295%	1h	0.2500	+0.354%	$89K	—	100x	as long as short