ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRnext payment +$1.00 per $10,000 · paid last 24h +0.030%

Price spread now: Phemex against Kalshi+0.243%7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

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

Long on Kalshi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.252%+$25 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.243%, 7d avg +0.089%

Together, before fees+0.256%+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.155% dearer against Kalshi than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2467	0	get 0.0000% / 8h	12m 42s	$154K	$6.2M	3.2x
Short	Phemex ADAUSDT	0.2473	0.0100	get 0.0100% / 8h	4h 12m	$48.2M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kalshi. 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 KalshibpFee PhemexbpOrdersPrice spread, now +0.243%Rate

Funding earned: $21
Price spread: +0.243% → +0.089%: $15.47
Slippage, 4 orders: −$20.25
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$5.78
Costs to cover: 0.423%
Break-even: 8.9 days

Slippage from Kalshi: live order book, 1 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 Kalshi live order book, 1 min ago	2.02 bp	15.1 bp −$15	24.7 bp −$247	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.06 bp	10.1 bp −$10	14.8 bp −$148	43.4 bp −$4,338	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	0.2470	+0.104%	$203K	$2K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2467	long leg	$154K	$6.2M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2471	+0.176%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.162%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2462	−0.203%	$425K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0092%	1h	0.2473	+0.227%	$6.3M	$12.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	+0.227%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2471	+0.162%	$1.2M	$987K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2471	+0.176%	$160K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2471	+0.154%	$104.6M	$370.4M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2471	+0.162%	$72.0M	$108.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2472	+0.203%	$33.0M	$105.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2470	+0.122%	$98.5M	$59.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2470	+0.122%	$62.3M	$61.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2470	+0.138%	$29.9M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2471	+0.162%	$66.5M	$49.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2472	+0.203%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2473	+0.247%	$130K	$444K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2465	−0.078%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2467	+0.016%	$66K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2469	+0.078%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2467	0.000%	$227K	$747K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2473	+0.235%	$95K	$689K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2472	+0.203%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2474	+0.271%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2473	+0.241%	$9K	$730K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2473	+0.247%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2472	+0.218%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2473	+0.243%	$48.2M	$6.6M	50x
Extended ADA-USD	+0.0104%	1h	0.2471	+0.155%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0110%	8h	0.2471	+0.170%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0195%	1h	0.2467	−0.012%	$4K	$100K	10x	as long as short
Hyperliquid ADA	+0.0197%	1h	0.2472	+0.219%	$42.9M	$14.7M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2469	+0.081%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2473	+0.223%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0596% / S −0.0547%	1h	0.2472	+0.193%	$133K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0599%	1h	0.2474	+0.296%	$600K	$489K	50x	as long as short