Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.010%

Price spread now: Phemex against Coinbase International+0.041%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now +0.041%, 7d avg +0.029%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ADA-PERP-INTX	0.2433	0.0056	pay 0.0007% / 1h	24m 21s	$401K	$7.2M	50x
Short	Phemex ADAUSDT	0.2434	0.0100	get 0.0100% / 8h	24m 21s	$47.5M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.041%Rate

Funding earned: $9.24
Price spread: +0.041% → +0.029%: $1.26
Slippage, 4 orders: −$20.34
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$31.84
Costs to cover: 0.423%
Break-even: 31.1 days

Slippage from Coinbase International: live order book, 5 min ago; Phemex: live order book, 5 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 Coinbase International live order book, 5 min ago	2.05 bp	11.8 bp −$12	20.1 bp −$201	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.05 bp	8.0 bp −$8	15.9 bp −$159	42.2 bp −$4,220	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
dYdX ADA-USD	0.0000%	1h	0.2434	+0.061%	$200K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2435	+0.082%	$186K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2435	+0.064%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTXlong	+0.0056%	1h	0.2433	long leg	$401K	$7.2M	50x
Lighter ADA	+0.0096%	1h	0.2436	+0.127%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2435	+0.099%	$42.2M	$14.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2435	+0.067%	$1.2M	$929K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2435	+0.086%	$156K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2435	+0.072%	$101.0M	$364.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2434	+0.041%	$70.6M	$103.6M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2435	+0.082%	$32.1M	$106.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2434	+0.041%	$96.6M	$60.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2434	+0.041%	$51.8M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2435	+0.074%	$29.8M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2433	0.000%	$65.4M	$43.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2435	+0.082%	—	$21.3M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2436	+0.140%	$108K	$417K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2437	+0.173%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2442	+0.371%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2439	+0.231%	$291K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2442	+0.370%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2434	+0.058%	$91K	$637K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2434	+0.041%	$6K	$31K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2435	+0.082%	$39K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2435	+0.081%	$9K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2434	+0.037%	$335	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2435	+0.094%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2434	+0.041%	$47.5M	$5.9M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2435	+0.072%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2434	+0.021%	$551K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0114%	1h	0.2434	+0.036%	$6.1M	$11.7M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2440	+0.275%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2433	0.000%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+1.562%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2434	+0.043%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0563% / S −0.0313%	1h	0.2434	+0.049%	$121K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.3132%	1h	0.2490	+2.359%	$500K	$430K	50x	as long as short