Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0128%/8h= +14.1% APRpaid last 24h +0.010%

Price spread now: Phoenix against Gate+0.200%107s7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$460.464% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 on $10k

Price spread, last 4 days (all we have)+0.761%+$76 · spread now +0.200%, 7d avg +0.095%

Together, before fees+0.542%+$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.105% dearer against Gate than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.095%. Mind the row above: over the last 7 days funding on this pair cost −0.218%, so the current rate has only just turned in your favour. The two prices were read 107 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	Gate ADA_USDT	0.2455	0.0100	pay 0.0100% / 8h	7h 53m	$100.7M	$61.9M	75x
Short	Phoenix ADA	0.2460	0.0228	get 0.0029% / 1h	53m 35s	$3K	$113K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.200%Rate

Funding earned: $26.98
Price spread: +0.200% → +0.095%: $10.48
Slippage, 4 orders: −$24.43
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$8.97
Costs to cover: 0.464%
Break-even: 9.3 days

Slippage from Gate: live order book, 5 min ago; Phoenix: live order book, 49 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 Gate live order book, 5 min ago	2.04 bp	9.5 bp −$10	14.3 bp −$143	85.5 bp −$8,552	doesn't fit
Sell Phoenix live order book, 49 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
dYdX ADA-USD	0.0000%	1h	0.2455	+0.016%	$202K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.068%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.652%	$849	$202K	12x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2457	+0.067%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	+0.045%	$157K	$181K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	+0.041%	$103.8M	$407.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2456	+0.041%	$73.3M	$127.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2457	+0.081%	$32.7M	$119.2M	50x	as long as short
Gate ADA_USDTlong	+0.0100%	8h	0.2455	long leg	$100.7M	$61.9M	75x
MEXC ADA_USDT	+0.0100%	8h	0.2456	+0.041%	$54.3M	$66.6M	300x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ADAUSDTM	+0.0100%	8h	0.2456	+0.033%	$29.5M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2457	+0.081%	$66.7M	$54.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2457	+0.081%	—	$20.3M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2455	+0.004%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2460	+0.189%	$66K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	−0.080%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	−0.041%	$76K	$896K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2457	+0.081%	$117K	$1.4M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2455	0.000%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2462	+0.289%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2458	+0.131%	$8K	$754K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2455	−0.020%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2458	+0.117%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2454	−0.041%	$47.5M	$7.6M	50x	as long as short
Kalshi KXADAPERP	+0.0102%	8h	0.2456	+0.041%	$212K	$7.8M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2456	+0.054%	$506K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2457	+0.093%	$21K	$250	20x	as long as short
Lighter ADA	+0.0112%	1h	0.2457	+0.086%	$2.4M	$996K	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2453	−0.081%	$365K	$8.5M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0172%	1h	0.2455	+0.012%	$141K	$486K	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0199%	1h	0.2455	−0.017%	$6.4M	$14.1M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2452	−0.122%	$4.5M	$5.9M	75x	as long as short
Phoenix ADAshort	+0.0228%	1h	0.2460	+0.200%	$3K	$113K	10x
Reya ADARUSDPERP	+0.0272%	1h	0.2456	+0.042%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0334%	1h	0.2458	+0.114%	$43.5M	$18.3M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0369% / S −0.0295%	1h	0.2454	−0.038%	$87K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0565%	1h	0.2456	+0.041%	$637K	$738K	50x	as long as short