Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0063%/8h= −7.0% APRpaid last 24h −0.003%

Price spread now: Binance against Phoenix+0.012%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 4 days (all we have)−0.065%−$6 · spread now +0.012%, 7d avg −0.040%

Together, before fees+0.123%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.052% dearer against Phoenix than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.040%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.188%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2440	0.0163	pay 0.0020% / 1h	31m 18s	$4K	$111K	10x
Short	Binance ADAUSDT	0.2440	0.0100	get 0.0100% / 8h	1h 31m	$102.6M	$409.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.012%Rate

Funding earned: −$13.33
Price spread: +0.012% → −0.040%: $5.19
Slippage, 4 orders: −$23.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$48.56
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from Phoenix: live order book, 17 min ago; Binance: live order book, 12 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 Phoenix live order book, 17 min ago	0.82 bp	13.2 bp −$13	52.6 bp −$526	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	2.05 bp	7.0 bp −$7	11.1 bp −$111	28.3 bp −$2,828	75.6 bp −$37.8K

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
Kalshi KXADAPERP	0.0000%	8h	0.2438	−0.070%	$200K	$7.6M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2438	−0.087%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.283%	$849	$202K	12x	as long as short
dYdX ADA-USD	+0.0062%	1h	0.2437	−0.106%	$200K	$2K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2439	−0.029%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2439	−0.018%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2439	−0.027%	$156K	$178K	10x	as long as short
Binance ADAUSDTshort	+0.0100%	8h	0.2440	+0.012%	$102.6M	$409.2M	75x
Bybit ADAUSDT	+0.0100%	8h	0.2439	−0.029%	$72.2M	$124.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2439	−0.029%	$32.5M	$117.6M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2439	−0.029%	$99.7M	$64.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2439	−0.029%	$52.8M	$64.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2440	−0.008%	$29.5M	$15.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2439	−0.029%	$66.3M	$53.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2439	−0.029%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2435	−0.190%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2439	−0.041%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2439	−0.029%	$291K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2442	+0.094%	$80K	$891K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2439	−0.037%	$128K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2436	−0.139%	$39K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2441	+0.054%	$8K	$762K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2439	−0.049%	$335	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2439	−0.030%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2438	−0.070%	$47.3M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2438	−0.053%	$512K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0106%	8h	0.2439	−0.009%	$20K	$250	20x	as long as short
Lighter ADA	+0.0112%	1h	0.2440	+0.029%	$2.4M	$1.0M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2439	−0.029%	$381K	$8.5M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0150%	1h	0.2439	−0.037%	$138K	$483K	15x	as long as short
Phoenix ADAlong	+0.0163%	1h	0.2440	long leg	$4K	$111K	10x
Kraken Futures PF_ADAUSD	+0.0171%	1h	0.2439	−0.039%	$6.3M	$13.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2441	+0.053%	$4.4M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0268%	1h	0.2441	+0.057%	$42.9M	$18.2M	10x	as long as short
Reya ADARUSDPERP	+0.0274%	1h	0.2439	−0.048%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0611%	1h	0.2441	+0.037%	$623K	$617K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0630% / S −0.0728%	1h	0.2438	−0.067%	$164K	—	100x	as long as short