Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.061%

Price spread now: Reya against Phemex−0.025%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.025% cheaper against Phemex than usual: you would sell low and buy high (spread −0.025% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2471	0.0100	pay 0.0100% / 8h	3h 31m	$48.0M	$5.5M	50x
Short	Reya ADARUSDPERP	0.2470	0.0288	get 0.0036% / 1h	31m 06s	$1K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.025%Rate

Funding earned: $39.47
Price spread: −0.025% → 0.000%: −$2.5
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $18.96
Costs to cover: 0.180%
Break-even: 3.6 days

Slippage unknown: Phemex: live order book, 4 min ago; Reya: no order-book sample. Net counts fees only.

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, 4 min ago	2.03 bp	8.0 bp −$8	15.9 bp −$159	42.7 bp −$4,272	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2471	−0.005%	$203K	$4K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2471	−0.005%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0032%	1h	0.2471	0.000%	$440K	$7.2M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2441	−1.214%	$838	$61K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	+0.097%	$2.5M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2473	+0.097%	$43.1M	$13.8M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2472	+0.042%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	−0.028%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2472	+0.049%	$103.2M	$350.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2471	0.000%	$71.8M	$100.0M	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	0.2471	0.000%	$32.7M	$105.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2470	−0.040%	$97.7M	$57.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2471	0.000%	$53.1M	$56.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2471	+0.016%	$30.4M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2471	0.000%	$65.9M	$42.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2471	0.000%	—	$19.1M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2472	+0.049%	$102K	$429K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2462	−0.383%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2464	−0.264%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2464	−0.289%	$290K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	−0.283%	$55K	$575K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2470	−0.032%	$97K	$736K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2471	0.000%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2472	+0.036%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2472	+0.041%	$9K	$756K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2471	−0.012%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2472	+0.036%	$1.3M	$4.6M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2471	long leg	$48.0M	$5.5M	50x
Kalshi KXADAPERP	+0.0100%	8h	0.2472	+0.040%	$196K	$5.9M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2472	+0.027%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2471	−0.010%	$591K	$1.8M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2470	−0.036%	$4K	$84K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2470	−0.040%	$4.4M	$5.3M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0255%	1h	0.2471	+0.008%	$6.2M	$11.2M	50x	as long as short
Reya ADARUSDPERPshort	+0.0288%	1h	0.2470	−0.025%	$1K	—	15x
GMX ADA/USD [WBTC.b-USDC]	L +0.0521% / S −0.0277%	1h	0.2470	−0.022%	$114K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4762%	1h	0.2533	+2.493%	$492K	$359K	50x	as long as short