Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.024%

Price spread now: Phemex against dYdX+0.016%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$308as in the Funding arb table

Net, price: spread back to 7d avg − costs−$320as in the Price arb table

costs, in and out, $10k−$3203.197% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 4 days (all we have)+0.163%+$16 · spread now +0.016%, 7d avg +0.016%

Together, before fees+0.281%+$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ADA-USD	0.2418	0	get 0.0000% / 1h	28m 04s	$199K	$2K	10x
Short	Phemex ADAUSDT	0.2418	0.0100	get 0.0100% / 8h	2h 28m	$47.1M	$7.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.016%Rate

Funding earned: $21
Price spread: +0.016% → +0.016%: $0.03
Slippage, 4 orders: −$297.7
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$298.67
Costs to cover: 3.197%
Break-even: 106.6 days

Slippage from dYdX: 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 dYdX live order book, 21 min ago	143.70 bp	148.7 bp −$149	148.7 bp −$1,487	148.7 bp −$14.9K	152.4 bp −$76.2K
Sell Phemex live order book, 6 min ago	4.13 bp	10.1 bp −$10	13.9 bp −$139	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
dYdX ADA-USDlong	0.0000%	1h	0.2418	long leg	$199K	$2K	10x
Kalshi KXADAPERP	0.0000%	8h	0.2419	+0.057%	$163K	$7.3M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2417	−0.011%	$83K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2418	+0.015%	$6.2M	$13.6M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2425	+0.301%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+2.208%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2420	+0.119%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2419	+0.066%	$41.7M	$17.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2418	+0.027%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2418	+0.033%	$155K	$176K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2418	+0.020%	$101.2M	$404.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2418	+0.016%	$71.1M	$121.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2419	+0.057%	$32.4M	$114.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2417	−0.025%	$98.1M	$64.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2417	−0.025%	$53.3M	$64.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2418	+0.024%	$29.0M	$15.7M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2418	+0.016%	$65.8M	$52.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2418	+0.016%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2419	+0.066%	$112K	$470K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2416	−0.062%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2424	+0.281%	$65K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2420	+0.105%	$284K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2422	+0.181%	$150K	$820K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2417	−0.042%	$125K	$887K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2417	−0.025%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2418	+0.033%	$39K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2420	+0.097%	$8K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2418	+0.016%	$333	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2420	+0.080%	$1.3M	$6.8M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2418	+0.016%	$47.1M	$7.1M	50x
Paradex ADA-USD-PERP	+0.0101%	8h	0.2419	+0.043%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2417	−0.012%	$526K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2423	+0.223%	$381K	$8.3M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2423	+0.223%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2418	−0.003%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0329%	1h	0.2419	+0.061%	$596K	$552K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0640% / S −0.0618%	1h	0.2417	−0.037%	$143K	—	100x	as long as short