Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against ApeX Omni+0.163%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$530.525% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now +0.163%, 7d avg −0.002%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.165% dearer against ApeX Omni than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ADAUSDT	0.2450	0.0100	pay 0.0013% / 1h	54m 56s	$56K	$590K	50x
Short	Phemex ADAUSDT	0.2454	0.0100	get 0.0100% / 8h	5h 54m	$47.7M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.163%Rate

Funding earned: $0
Price spread: +0.163% → −0.002%: $16.55
Slippage, 4 orders: −$30.52
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$35.97
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 8 min ago; Phemex: live order book, 4 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 ApeX Omni live order book, 8 min ago	2.04 bp	22.2 bp −$22	51.8 bp −$518	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.04 bp	8.0 bp −$8	13.6 bp −$136	41.6 bp −$4,160	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	0.2455	+0.184%	$202K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2452	+0.090%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.857%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2468	+0.735%	$412K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2457	+0.287%	$42.8M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	+0.214%	$1.2M	$983K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	+0.220%	$158K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	+0.245%	$103.1M	$366.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	+0.204%	$72.4M	$107.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2455	+0.204%	$32.7M	$105.5M	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	0.2454	+0.163%	$98.0M	$58.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2455	+0.204%	$64.3M	$53.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	+0.196%	$29.8M	$17.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	+0.204%	$65.7M	$47.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2455	+0.204%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	+0.196%	$126K	$414K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2467	+0.698%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2450	+0.015%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2450	0.000%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDTlong	+0.0100%	1h	0.2450	long leg	$56K	$590K	50x
Polymarket Perps ADA-USD	+0.0100%	1h	0.2454	+0.171%	$94K	$672K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2452	+0.082%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2453	+0.119%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2453	+0.120%	$9K	$745K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2453	+0.135%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	+0.163%	$1.3M	$5.9M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2454	+0.163%	$47.7M	$6.3M	50x
Extended ADA-USD	+0.0104%	1h	0.2455	+0.221%	$534K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0105%	8h	0.2455	+0.204%	$126K	$6.2M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0107%	8h	0.2455	+0.217%	$21K	$250	20x	as long as short
Lighter ADA	+0.0112%	1h	0.2456	+0.249%	$2.4M	$1.0M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0117%	1h	0.2453	+0.118%	$501K	$471K	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2454	+0.180%	$4K	$90K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0262%	1h	0.2453	+0.128%	$6.2M	$12.2M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2452	+0.082%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0416% / S −0.0202%	1h	0.2452	+0.079%	$95K	—	100x	as long as short