Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0188%/8h= −20.5% APRpaid last 24h −0.033%

Price spread now: Phoenix against BloFin+0.119%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.443%−$44 on $10k

Price spread, last 4 days (all we have)−0.361%−$36 · spread now +0.119%, 7d avg +0.008%

Together, before fees−0.804%−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.111% dearer against BloFin than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of +0.008%): +$11 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ADA-USDT	0.2447	0.0220	pay 0.0220% / 8h	1h 57m	$4.4M	$5.8M	75x
Short	Phoenix ADA	0.2450	0.0032	get 0.0004% / 1h	57m 34s	$4K	$104K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$39.39
Price spread: +0.119% → +0.008%: $11.09
Slippage, 4 orders: −$27.18
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$74.48
Costs to cover: 0.462%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Phoenix: live order book, 55 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 BloFin live order book, 6 min ago	2.04 bp	8.0 bp −$8	8.4 bp −$84	18.4 bp −$1,840	42.6 bp −$21.3K
Sell Phoenix live order book, 55 min ago	0.81 bp	13.0 bp −$13	44.8 bp −$448	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 KXADAPERP	0.0000%	8h	0.2448	+0.041%	$187K	$7.6M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2446	−0.031%	$84K	—	150x	as long as short
Phoenix ADAshort	+0.0032%	1h	0.2450	+0.119%	$4K	$104K	10x
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.981%	$849	$202K	12x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2446	−0.041%	$6K	$6K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2443	−0.163%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2444	−0.107%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2442	−0.215%	$102.8M	$410.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	−0.204%	$72.2M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2442	−0.204%	$32.4M	$118.2M	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	0.2440	−0.286%	$99.7M	$63.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2443	−0.163%	$52.0M	$64.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2447	−0.012%	$29.3M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2441	−0.245%	$66.3M	$53.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2442	−0.204%	—	$20.2M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2448	+0.043%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2445	−0.075%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	+0.042%	$288K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2450	+0.123%	$82K	$889K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2450	+0.119%	$129K	$1.1M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2447	−0.008%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	+0.201%	$8K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2446	−0.049%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2446	−0.030%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2446	−0.041%	$47.5M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2441	−0.254%	$524K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2446	−0.028%	$21K	$250	20x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2444	−0.123%	$377K	$8.6M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0170%	1h	0.2445	−0.088%	$6.3M	$13.8M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0206%	1h	0.2446	−0.041%	$137K	$484K	15x	as long as short
BloFin ADA-USDTlong	+0.0220%	8h	0.2447	long leg	$4.4M	$5.8M	75x
Lighter ADA	+0.0240%	1h	0.2445	−0.082%	$2.4M	$1.0M	10x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2449	+0.082%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0343%	1h	0.2449	+0.061%	$43.0M	$18.2M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0404%	1h	0.2447	+0.020%	$623K	$613K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0631% / S −0.0728%	1h	0.2447	−0.012%	$164K	—	100x	as long as short
dYdX ADA-USD	+0.0862%	1h	0.2443	−0.148%	$201K	$2K	10x	as long as short