Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.008%

Price spread now: Phoenix against OKX+0.315%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$440.439% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 4 days (all we have)+0.187%+$19 · spread now +0.315%, 7d avg +0.048%

Together, before fees−0.008%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.267% dearer against OKX than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of +0.048%. Mind the row above: over the last 7 days funding on this pair cost −0.196%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ADA-USDT-SWAP	0.2443	0.0100	pay 0.0100% / 8h	7h 33m	$32.6M	$117.9M	50x
Short	Phoenix ADA	0.2451	0.0163	get 0.0020% / 1h	33m 26s	$2K	$113K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.315%Rate

Funding earned: $13.19
Price spread: +0.315% → +0.048%: $26.72
Slippage, 4 orders: −$26.86
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$3.95
Costs to cover: 0.439%
Break-even: 9.1 days

Slippage from OKX: live order book, 6 min ago; Phoenix: live order book, 4 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 OKX live order book, 6 min ago	2.04 bp	10.7 bp −$11	14.6 bp −$146	39.0 bp −$3,901	doesn't fit
Sell Phoenix live order book, 4 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	0.2456	+0.532%	$191K	$7.7M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2450	+0.302%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.146%	$849	$202K	12x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2444	+0.057%	$42.9M	$18.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	+0.027%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2443	+0.012%	$156K	$181K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2443	+0.012%	$103.3M	$406.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	−0.041%	$72.6M	$127.1M	75x	as long as short
OKX ADA-USDT-SWAPlong	+0.0100%	8h	0.2443	long leg	$32.6M	$117.9M	50x
Gate ADA_USDT	+0.0100%	8h	0.2441	−0.082%	$99.8M	$62.0M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ADA_USDT	+0.0100%	8h	0.2442	−0.041%	$58.8M	$67.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2442	−0.033%	$29.3M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2442	−0.041%	$66.3M	$53.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2443	0.000%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	+0.282%	$137K	$484K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2452	+0.372%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	+0.351%	$65K	$288K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2452	+0.352%	$290K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2459	+0.655%	$75K	$895K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2443	0.000%	$116K	$1.4M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	+0.409%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.431%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2449	+0.234%	$8K	$751K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2451	+0.327%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2449	+0.257%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2450	+0.287%	$47.4M	$7.6M	50x	as long as short
Lighter ADA	+0.0104%	1h	0.2445	+0.078%	$2.4M	$1.1M	10x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2441	−0.067%	$541K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2444	+0.044%	$20K	—	20x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2449	+0.246%	$366K	$8.4M	50x	as long as short
Phoenix ADAshort	+0.0163%	1h	0.2451	+0.315%	$2K	$113K	10x
Kraken Futures PF_ADAUSD	+0.0199%	1h	0.2451	+0.338%	$6.3M	$14.0M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2454	+0.450%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0272%	1h	0.2449	+0.226%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0369% / S −0.0295%	1h	0.2449	+0.265%	$87K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0484%	1h	0.2455	+0.475%	$637K	$739K	50x	as long as short
dYdX ADA-USD	+0.0721%	1h	0.2443	+0.016%	$202K	$2K	10x	as long as short