Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Backpack−0.036%7-day average +0.006% · 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−$35as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.500%+$50 · spread now −0.036%, 7d avg +0.006%

Together, before fees+0.614%+$61 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 0.042% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2478	0.0100	pay 0.0013% / 1h	12m 56s	$142K	$472K	15x
Short	Phemex ADAUSDT	0.2477	0.0100	get 0.0100% / 8h	7h 12m	$47.8M	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Backpack. 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 BackpackbpFee PhemexbpOrdersPrice spread, now −0.036%Rate

Funding earned: $0
Price spread: −0.036% → +0.006%: −$4.23
Slippage, 4 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$35.23
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Backpack: live order book, 21 min ago; Phemex: live order book, 6 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 Backpack live order book, 21 min ago	0.20 bp	7.6 bp −$8	11.1 bp −$111	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	2.02 bp	8.0 bp −$8	12.0 bp −$120	41.5 bp −$4,153	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
Kalshi KXADAPERP	0.0000%	8h	0.2480	+0.085%	$206K	$7.7M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2476	−0.063%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.278%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2477	−0.020%	$2.4M	$1.1M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2480	+0.093%	$43.6M	$18.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2479	+0.025%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2480	+0.069%	$159K	$182K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2480	+0.081%	$105.2M	$398.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2479	+0.044%	$73.9M	$124.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2481	+0.125%	$33.1M	$116.4M	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	0.2478	+0.004%	$101.0M	$62.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2478	+0.004%	$57.8M	$69.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2477	−0.024%	$29.9M	$15.7M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2478	+0.004%	$67.6M	$53.1M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2479	+0.044%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2478	long leg	$142K	$472K	15x
Variational Omni ADA	+0.0100%	8h	0.2485	+0.292%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2483	+0.201%	$66K	$290K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2479	+0.037%	$298K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2481	+0.125%	$75K	$895K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2480	+0.065%	$118K	$1.4M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2476	−0.077%	$6K	$5K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2478	+0.019%	$8K	$727K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2475	−0.097%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2476	−0.073%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2477	−0.036%	$47.8M	$7.7M	50x
Paradex ADA-USD-PERP	+0.0104%	8h	0.2480	+0.091%	$21K	—	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2478	−0.002%	$545K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2480	+0.085%	$370K	$8.4M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2484	+0.258%	$3K	$113K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0197%	1h	0.2476	−0.092%	$6.4M	$13.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2478	+0.004%	$4.5M	$5.7M	75x	as long as short
Reya ADARUSDPERP	+0.0271%	1h	0.2478	+0.004%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0370% / S −0.0295%	1h	0.2476	−0.061%	$88K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0437%	1h	0.2477	−0.056%	$635K	$718K	50x	as long as short
dYdX ADA-USD	+0.0589%	1h	0.2479	+0.027%	$207K	$5K	10x	as long as short