Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h −0.004%

Price spread now: Phoenix against BingX−0.226%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.226% cheaper against BingX than usual: you would sell low and buy high (spread −0.226% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 12 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.249%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ADA-USDC	0.2474	0.0100	pay 0.0100% / 8h	5h 34m	—	$6.6M	—
Short	Phoenix ADA	0.2468	0.0163	get 0.0020% / 1h	34m 50s	$4K	$90K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now −0.226%Rate

Funding earned: $13.18
Price spread: −0.226% → 0.000%: −$22.64
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$26.45
Costs to cover: 0.170%
Break-even: 21.0 days

Slippage unknown: BingX: live order book, 2 min ago; Phoenix: no order-book sample. Net counts fees only.

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 BingX live order book, 2 min ago	4.04 bp	15.7 bp −$16	31.9 bp −$319	89.8 bp −$8,976	520.5 bp −$260.3K
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
dYdX ADA-USD	0.0000%	1h	0.2474	+0.006%	$204K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2478	+0.150%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.121%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2477	+0.121%	$423K	$7.6M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2475	+0.028%	$43.0M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2478	+0.163%	$1.2M	$990K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2474	−0.010%	$159K	$161K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2475	+0.054%	$104.3M	$370.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2473	−0.040%	$72.7M	$109.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2474	0.000%	$33.0M	$106.2M	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	0.2475	+0.040%	$99.2M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2476	+0.081%	$58.0M	$57.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2478	+0.154%	$29.9M	$16.5M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2472	−0.081%	$66.2M	$48.4M	75x	as long as short
BingX ADA-USDClong	+0.0100%	8h	0.2474	long leg	—	$6.6M	—
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2479	+0.218%	$128K	$423K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2479	+0.203%	$4.3M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2466	−0.340%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2466	−0.323%	$296K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2467	−0.283%	$228K	$732K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2478	+0.174%	$95K	$675K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2478	+0.162%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2479	+0.190%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2480	+0.242%	$9K	$747K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2479	+0.186%	$341	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2477	+0.131%	$1.3M	$6.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2481	+0.283%	$48.2M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2479	+0.194%	$537K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2474	0.000%	$142K	$6.3M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2476	+0.094%	$21K	$250	20x	as long as short
Lighter ADA	+0.0160%	1h	0.2480	+0.259%	$2.5M	$1.0M	10x	as long as short
Phoenix ADAshort	+0.0163%	1h	0.2468	−0.226%	$4K	$90K	10x
BloFin ADA-USDT	+0.0220%	8h	0.2480	+0.243%	$4.5M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0259%	1h	0.2479	+0.217%	$6.4M	$12.4M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2478	+0.181%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0418% / S −0.0202%	1h	0.2477	+0.119%	$96K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0557%	1h	0.2479	+0.218%	$564K	$450K	50x	as long as short