Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h 0.000%

Price spread now: Phemex against Injective−1.012%65s7-day average +0.337% · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)+2.227%+$223 · spread now −1.012%, 7d avg +0.337%

Together, before fees+2.265%+$226 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 1.348% cheaper against Injective than usual: you would sell low and buy high (spread −1.012% now, against its 7-day average of +0.337%). If the spread goes back, that is −$135 on $10k: about 2 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.037% in total) that is about 8 months. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ADA/USDC PERP	0.2471	0.0033	pay 0.0004% / 1h	57m 29s	$849	$202K	12x
Short	Phemex ADAUSDT	0.2446	0.0100	get 0.0100% / 8h	1h 57m	$47.5M	$7.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhemexbpOrdersPrice spread, now −1.012%Rate

Funding earned: $14
Price spread: −1.012% → +0.337%: −$134.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$132.86
Costs to cover: 0.120%
Break-even: 73.4 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 7 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 7 min ago	2.04 bp	11.9 bp −$12	14.5 bp −$145	37.7 bp −$3,765	doesn't fit

Injective: 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
Kalshi KXADAPERP	0.0000%	8h	0.2448	−0.931%	$187K	$7.6M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2446	−1.002%	$84K	—	150x	as long as short
Phoenix ADA	+0.0032%	1h	0.2450	−0.854%	$4K	$104K	10x	as long as short
Injective ADA/USDC PERPlong	+0.0033%	1h	0.2471	long leg	$849	$202K	12x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2446	−1.012%	$6K	$6K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2443	−1.133%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2444	−1.077%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2442	−1.184%	$102.8M	$410.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	−1.174%	$72.2M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2442	−1.174%	$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	−1.255%	$99.7M	$63.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2443	−1.133%	$52.0M	$64.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2447	−0.983%	$29.3M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2441	−1.214%	$66.3M	$53.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2442	−1.174%	—	$20.2M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2448	−0.929%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2445	−1.046%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	−0.929%	$288K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2450	−0.850%	$82K	$889K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2450	−0.854%	$129K	$1.1M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2447	−0.980%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	−0.773%	$8K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2446	−1.020%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2446	−1.001%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2446	−1.012%	$47.5M	$7.4M	50x
Extended ADA-USD	+0.0104%	1h	0.2441	−1.223%	$524K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2446	−0.999%	$21K	$250	20x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2444	−1.093%	$377K	$8.6M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0170%	1h	0.2445	−1.058%	$6.3M	$13.8M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0206%	1h	0.2446	−1.012%	$137K	$484K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2447	−0.971%	$4.4M	$5.8M	75x	as long as short
Lighter ADA	+0.0240%	1h	0.2445	−1.052%	$2.4M	$1.0M	10x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2449	−0.890%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0343%	1h	0.2449	−0.911%	$43.0M	$18.2M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0404%	1h	0.2447	−0.951%	$623K	$613K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0631% / S −0.0728%	1h	0.2447	−0.983%	$164K	—	100x	as long as short
dYdX ADA-USD	+0.0862%	1h	0.2443	−1.118%	$201K	$2K	10x	as long as short