Funding you earn now, next payment 03:00 UTC−0.0383%/8h= −41.9% APRpaid last 24h −0.066%
Price spread now: Phemex against Deribit+0.203%57s7-day average −0.026% · you sell dearer than you buy
Net, funding: paid 7d − costs−$37as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$320.319% of the position
Funding, last 7 days−0.047%−$5 on $10k
+Price spread, last 4 days (all we have)−0.190%−$19 · spread now +0.203%, 7d avg −0.026%
=The price spread pays, funding is against you. Phemex is 0.230% dearer against Deribit than usual: you sell high and buy low (spread +0.203% now, against its 7-day average of −0.026%): +$23 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 48 hours. At the pace of the last 7 days (−0.047% in total) that is about 34 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit ADA_USDC-PERPETUAL | 0.2459 | 0.0483 | pay 0.0060% / 1h | 7m 23s | $590K | $452K | 50x |
| Short | Phemex ADAUSDT | 0.2464 | 0.0100 | get 0.0100% / 8h | 5h 07m | $48.0M | $6.5M | 50x |
Deribit ADA_USDC-PERPETUAL
Phemex ADAUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$80.43
- Price spread: +0.203% → −0.026%
- $22.96
- Slippage, 4 orders
- −$12.87
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$89.34
- Costs to cover
- 0.319%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 56 min ago; Phemex: live order book, 2 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 Deribit live order book, 56 min ago | 1.63 bp | 5.1 bp −$5 | 12.5 bp −$125 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 4.06 bp | 10.1 bp −$10 | 15.8 bp −$158 | 42.7 bp −$4,269 | 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 | 0.2460 | +0.046% | $202K | $3K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2464 | +0.203% | $146K | $6.3M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2457 | −0.066% | $84K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | +0.488% | $849 | $202K | 12x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0056% | 1h | 0.2461 | +0.081% | $405K | $7.7M | 50x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2460 | +0.037% | $1.2M | $1.0M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2461 | +0.095% | $160K | $163K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2458 | −0.023% | $103.9M | $372.3M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2458 | −0.041% | $71.9M | $110.9M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2458 | −0.041% | $32.7M | $106.2M | 50x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Coinbase International ADA-PERP-INTX
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAPShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ADA_USDT | +0.0100% | 8h | 0.2456 | −0.122% | $98.6M | $60.9M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2457 | −0.081% | $61.8M | $61.0M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2457 | −0.102% | $29.6M | $16.0M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2458 | −0.041% | $66.0M | $49.9M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2458 | −0.041% | — | $20.0M | — | as long as short |
| Backpack ADA_USDC_PERP | +0.0100% | 1h | 0.2463 | +0.150% | $131K | $443K | 15x | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2467 | +0.326% | $4.3M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2466 | +0.285% | $66K | $283K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2465 | +0.247% | $292K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2463 | +0.163% | $227K | $738K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2457 | −0.098% | $93K | $680K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2458 | −0.041% | $6K | $6K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2459 | +0.007% | $40K | $2K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2458 | −0.040% | $8K | $743K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2457 | −0.065% | $338 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2464 | +0.190% | $1.3M | $6.3M | 75x | as long as short |
| Phemex ADAUSDTshort | +0.0100% | 8h | 0.2464 | +0.203% | $48.0M | $6.5M | 50x | |
| Extended ADA-USD | +0.0104% | 1h | 0.2457 | −0.088% | $533K | $1.8M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0108% | 8h | 0.2462 | +0.126% | $21K | $250 | 20x | as long as short |
| Hyperliquid ADA | +0.0124% | 1h | 0.2458 | −0.021% | $43.0M | $14.6M | 10x | as long as short |
| Lighter ADA | +0.0128% | 1h | 0.2462 | +0.142% | $2.4M | $1.1M | 10x | as long as short |
| Phoenix ADA | +0.0163% | 1h | 0.2465 | +0.224% | $4K | $90K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2468 | +0.366% | $4.5M | $5.8M | 75x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0261% | 1h | 0.2456 | −0.111% | $6.2M | $12.7M | 50x | as long as short |
| Reya ADARUSDPERP | +0.0279% | 1h | 0.2457 | −0.083% | $1K | — | 15x | as long as short |
| Deribit ADA_USDC-PERPETUALlong | +0.0483% | 1h | 0.2459 | long leg | $590K | $452K | 50x | |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0484% / S −0.0279% | 1h | 0.2458 | −0.055% | $107K | — | 100x | as long as short |
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Backpack ADA_USDC_PERP
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Extended ADA-USD
Paradex ADA-USD-PERP
Hyperliquid ADA
Lighter ADA
Phoenix ADA
BloFin ADA-USDT
Kraken Futures PF_ADAUSD
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]