Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h +0.010%

Price spread now: Kraken Futures against Phemex+0.085%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now +0.085%, 7d avg +0.002%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.082% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.007% in total (about -0.4% 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	Phemex ADAUSDT	0.2451	0.0100	pay 0.0100% / 8h	6h 16m	$47.7M	$6.3M	50x
Short	Kraken Futures PF_ADAUSD	0.2453	0.0354	get 0.0044% / 1h	16m 51s	$6.2M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.085%Rate

Funding earned: $53.34
Price spread: +0.085% → +0.002%: $8.24
Slippage, 4 orders: −$19.26
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $20.32
Costs to cover: 0.413%
Break-even: 4.3 days

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: 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	13.1 bp −$131	37.0 bp −$3,704	doesn't fit
Sell Kraken Futures live order book, 2 min ago	2.85 bp	12.6 bp −$13	16.5 bp −$165	53.2 bp −$5,316	doesn't fit

ADA on 36 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	0.2452	+0.054%	$202K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2450	−0.027%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.816%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2453	+0.082%	$405K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	+0.143%	$42.8M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2452	+0.055%	$1.2M	$970K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	+0.077%	$157K	$157K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2452	+0.041%	$102.9M	$371.9M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2451	0.000%	$72.0M	$108.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2451	0.000%	$32.6M	$107.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2450	−0.041%	$97.8M	$60.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2452	+0.041%	$58.9M	$52.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2452	+0.057%	$29.9M	$17.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	+0.082%	$65.6M	$47.0M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2452	+0.041%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2452	+0.037%	$127K	$413K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2456	+0.206%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2454	+0.112%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2455	+0.159%	$299K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	+0.122%	$56K	$589K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2451	+0.012%	$93K	$669K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2451	0.000%	$6K	$27K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2452	+0.040%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2460	+0.365%	$8K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2453	+0.082%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2453	+0.071%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2451	long leg	$47.7M	$6.3M	50x
Extended ADA-USD	+0.0104%	1h	0.2452	+0.055%	$532K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0107%	8h	0.2454	+0.121%	$21K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0109%	8h	0.2452	+0.041%	$163K	$6.3M	3.2x	as long as short
Phoenix ADA	+0.0163%	1h	0.2454	+0.110%	$4K	$87K	10x	as long as short
Lighter ADA	+0.0200%	1h	0.2453	+0.094%	$2.4M	$1.0M	10x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2450	−0.042%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSDshort	+0.0354%	1h	0.2453	+0.085%	$6.2M	$12.1M	50x
Deribit ADA_USDC-PERPETUAL	+0.0362%	1h	0.2454	+0.102%	$502K	$470K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0415% / S −0.0202%	1h	0.2451	−0.012%	$95K	—	100x	as long as short