Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Phemex−0.041%46s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as 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−$390.392% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)−0.105%−$11 · spread now −0.041%, 7d avg −0.019%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.022% cheaper against Phemex than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.019%. The two prices were read 46 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	Phemex ADAUSDT	0.2462	0.0100	pay 0.0100% / 8h	42m 24s	$48.1M	$5.9M	50x
Short	Bitget ADAUSDT	0.2461	0.0100	get 0.0100% / 8h	42m 24s	$66.0M	$43.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → −0.019%: −$2.2
Slippage, 4 orders: −$15.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$41.38
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bitget: 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 Phemex live order book, 2 min ago	2.03 bp	8.0 bp −$8	16.3 bp −$163	41.6 bp −$4,163	doesn't fit
Sell Bitget live order book, 2 min ago	2.03 bp	10.4 bp −$10	15.7 bp −$157	30.3 bp −$3,029	109.6 bp −$54.8K

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	0.2462	−0.004%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2467	+0.203%	$168K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2460	−0.073%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2465	+0.122%	$407K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2461	−0.041%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2462	+0.002%	$42.6M	$14.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2461	−0.028%	$1.2M	$924K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2461	−0.029%	$158K	$144K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2462	−0.010%	$102.3M	$362.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2460	−0.081%	$71.8M	$102.7M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2461	−0.041%	$32.4M	$107.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2460	−0.081%	$97.7M	$59.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2460	−0.081%	$53.1M	$50.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2460	−0.061%	$30.3M	$18.0M	75x	as long as short
Bitget ADAUSDTshort	+0.0100%	8h	0.2461	−0.041%	$66.0M	$43.2M	75x
BingX ADA-USDC	+0.0100%	8h	0.2460	−0.081%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2463	+0.024%	$109K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2468	+0.251%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2468	+0.250%	$66K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2467	+0.222%	$299K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2469	+0.284%	$56K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2461	−0.057%	$96K	$625K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2463	+0.041%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2463	+0.044%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2463	+0.039%	$9K	$762K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2462	−0.004%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2466	+0.162%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2462	long leg	$48.1M	$5.9M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2461	−0.028%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2461	−0.038%	$557K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2461	−0.027%	$6.2M	$11.6M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0115%	1h	0.2463	+0.053%	$501K	$424K	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2468	+0.244%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2465	+0.122%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.366%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2460	−0.077%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0566% / S −0.0313%	1h	0.2460	−0.085%	$122K	—	100x	as long as short