Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0057%/8h= −6.3% APRpaid last 24h −0.028%

Price spread now: Phoenix against BloFin+0.356%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.456%−$46 on $10k

Price spread, last 4 days (all we have)−0.761%−$76 · spread now +0.356%, 7d avg +0.011%

Together, before fees−1.217%−$122 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.345% dearer against BloFin than usual: you sell high and buy low (spread +0.356% now, against its 7-day average of +0.011%): +$35 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 7 days (−0.456% in total) that is about 5.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ADA-USDT	0.2442	0.0220	pay 0.0220% / 8h	7h 29m	$4.5M	$5.8M	75x
Short	Phoenix ADA	0.2451	0.0163	get 0.0020% / 1h	29m 51s	$2K	$113K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.356%Rate

Funding earned: −$12.01
Price spread: +0.356% → +0.011%: $34.52
Slippage, 4 orders: −$23.26
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$19.74
Costs to cover: 0.423%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Phoenix: live order book, 8 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 BloFin live order book, 4 min ago	2.05 bp	8.0 bp −$8	10.0 bp −$100	28.4 bp −$2,842	70.3 bp −$35.1K
Sell Phoenix live order book, 8 min ago	0.81 bp	13.1 bp −$13	44.7 bp −$447	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
Kalshi KXADAPERP	0.0000%	8h	0.2439	−0.123%	$189K	$7.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2438	−0.149%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.188%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2440	−0.090%	$2.4M	$1.1M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2441	−0.033%	$42.8M	$18.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2439	−0.117%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2438	−0.162%	$156K	$181K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2440	−0.082%	$103.1M	$406.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2438	−0.164%	$72.4M	$127.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2440	−0.082%	$32.5M	$117.8M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2438	−0.164%	$99.7M	$62.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2439	−0.123%	$58.7M	$68.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2439	−0.123%	$29.3M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2440	−0.082%	$66.3M	$53.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2440	−0.082%	—	$20.3M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2440	−0.082%	$135K	$485K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2441	−0.037%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2444	+0.093%	$65K	$289K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2452	+0.393%	$290K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2443	+0.041%	$74K	$895K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2437	−0.184%	$116K	$1.4M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2438	−0.164%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2438	−0.149%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2439	−0.131%	$8K	$751K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2441	−0.041%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2439	−0.109%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2439	−0.123%	$47.2M	$7.6M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2438	−0.157%	$20K	—	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2439	−0.107%	$541K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2441	−0.041%	$365K	$8.4M	50x	as long as short
Phoenix ADAshort	+0.0163%	1h	0.2451	+0.356%	$2K	$113K	10x
Kraken Futures PF_ADAUSD	+0.0200%	1h	0.2438	−0.145%	$6.3M	$14.0M	50x	as long as short
BloFin ADA-USDTlong	+0.0220%	8h	0.2442	long leg	$4.5M	$5.8M	75x
Reya ADARUSDPERP	+0.0272%	1h	0.2438	−0.163%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0365%	1h	0.2439	−0.106%	$633K	$737K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0368% / S −0.0295%	1h	0.2439	−0.138%	$86K	—	100x	as long as short
dYdX ADA-USD	+0.0774%	1h	0.2439	−0.139%	$202K	$3K	10x	as long as short