Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.003%

Price spread now: HTX against Phoenix−0.252%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.278%+$28 on $10k

Price spread, last 4 days (all we have)+0.465%+$46 · spread now −0.252%, 7d avg −0.032%

Together, before fees+0.743%+$74 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.220% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.252% now, against its 7-day average of −0.032%). If the spread goes back, that is −$22 on $10k: about 11 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2451	0.0032	pay 0.0004% / 1h	8m 35s	$4K	$105K	10x
Short	HTX ADA-USDT	0.2445	0.0100	get 0.0100% / 8h	2h 08m	$1.3M	$7.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.252%Rate

Funding earned: $14.19
Price spread: −0.252% → −0.032%: −$22.01
Slippage, 4 orders: −$28.93
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$55.75
Costs to cover: 0.479%
Break-even: 34.5 days

Slippage from Phoenix: live order book, 44 min ago; HTX: live order book, just now.

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, 44 min ago	0.81 bp	13.0 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell HTX live order book, just now	0.33 bp	9.5 bp −$9	19.0 bp −$190	43.8 bp −$4,383	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	0.2454	+0.126%	$186K	$7.5M	3.2x	as long as short
dYdX ADA-USD	+0.0002%	1h	0.2449	−0.075%	$201K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2450	−0.053%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2448	−0.129%	$6.3M	$13.8M	50x	as long as short
Phoenix ADAlong	+0.0032%	1h	0.2451	long leg	$4K	$105K	10x
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.820%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2452	+0.029%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2448	−0.110%	$42.8M	$18.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2451	−0.004%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2450	−0.051%	$157K	$178K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2450	−0.037%	$103.1M	$410.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2450	−0.037%	$72.3M	$124.7M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2450	−0.037%	$32.5M	$118.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2449	−0.078%	$99.7M	$65.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2450	−0.037%	$52.2M	$65.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2450	−0.020%	$29.4M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2450	−0.037%	$66.5M	$53.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2450	−0.037%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2446	−0.208%	$131K	$481K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2447	−0.156%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2449	−0.064%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2449	−0.059%	$287K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	+0.086%	$83K	$888K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2450	−0.020%	$120K	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2450	−0.037%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2450	−0.026%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2453	+0.081%	$8K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.057%	$337	$13K	10x	as long as short
HTX ADA-USDTshort	+0.0100%	8h	0.2445	−0.252%	$1.3M	$7.0M	75x
Phemex ADAUSDT	+0.0100%	8h	0.2445	−0.241%	$47.5M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2449	−0.086%	$524K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2450	−0.037%	$388K	$8.6M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2451	+0.016%	$21K	$250	20x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2450	−0.037%	$4.4M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2452	+0.025%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0608%	1h	0.2451	+0.004%	$624K	$612K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0631% / S −0.0728%	1h	0.2450	−0.034%	$164K	—	100x	as long as short