Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.6% APRpaid last 24h −0.033%

Price spread now: Kalshi against Phoenix−0.037%7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.037%, 7d avg −0.122%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.085% dearer against Phoenix than usual: you sell high and buy low (spread −0.037% now, against its 7-day average of −0.122%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.8 days. At the pace of the last 7 days (−0.027% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2450	0.0032	pay 0.0004% / 1h	1m 03s	$4K	$105K	10x
Short	Kalshi KXADAPERP	0.2449	0	get 0.0000% / 8h	6h 01m	$187K	$7.6M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.037%Rate

Funding earned: −$6.81
Price spread: −0.037% → −0.122%: $8.51
Slippage, 4 orders: −$31.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$46.72
Costs to cover: 0.484%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Kalshi: live order book, 3 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, 52 min ago	0.81 bp	13.0 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	4.09 bp	9.1 bp −$9	20.4 bp −$204	doesn't fit	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 KXADAPERPshort	0.0000%	8h	0.2449	−0.037%	$187K	$7.6M	3.2x
dYdX ADA-USD	+0.0001%	1h	0.2447	−0.137%	$201K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2447	−0.109%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2449	−0.049%	$6.3M	$13.8M	50x	as long as short
Phoenix ADAlong	+0.0032%	1h	0.2450	long leg	$4K	$105K	10x
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.861%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2451	+0.037%	$2.4M	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2448	−0.078%	$6K	$6K	20x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2451	+0.041%	$43.0M	$18.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2450	−0.010%	$1.2M	$1.1M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ADA	+0.0100%	1h	0.2448	−0.069%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2449	−0.037%	$103.1M	$410.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2448	−0.078%	$72.4M	$124.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2448	−0.078%	$32.5M	$118.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2447	−0.118%	$100.0M	$65.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2449	−0.037%	$52.1M	$65.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	−0.049%	$29.4M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2448	−0.078%	$66.6M	$53.6M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2448	−0.078%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	−0.029%	$137K	$485K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2452	+0.089%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2448	−0.058%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	−0.072%	$288K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2452	+0.086%	$83K	$889K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2447	−0.110%	$120K	$1.1M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2449	−0.028%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2448	−0.082%	$8K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2449	−0.033%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2447	−0.124%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	−0.037%	$47.5M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	−0.088%	$524K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2448	−0.078%	$379K	$8.6M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2448	−0.083%	$21K	$250	20x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2450	+0.004%	$4.4M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2448	−0.058%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0631% / S −0.0728%	1h	0.2448	−0.093%	$164K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0649%	1h	0.2450	0.000%	$623K	$613K	50x	as long as short