Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h −0.017%

Price spread now: Phemex against Kraken Futures+0.012%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.012%, 7d avg −0.001%

Together, before fees−0.075%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2440	0.0281	pay 0.0035% / 1h	36m 27s	$6.3M	$14.0M	50x
Short	Phemex ADAUSDT	0.2440	0.0100	get 0.0100% / 8h	36m 27s	$47.3M	$7.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$38
Price spread: +0.012% → −0.001%: $1.31
Slippage, 4 orders: −$25.41
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$84.1
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Phemex: live order book, 3 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 Kraken Futures live order book, 3 min ago	3.07 bp	14.5 bp −$15	18.2 bp −$182	61.6 bp −$6,158	doesn't fit
Sell Phemex live order book, 3 min ago	4.09 bp	10.1 bp −$10	13.8 bp −$138	38.8 bp −$3,882	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	0.2440	0.000%	$201K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2440	+0.026%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.283%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2443	+0.151%	$2.4M	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2441	+0.053%	$6K	$5K	20x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2441	+0.069%	$42.9M	$18.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2441	+0.045%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2441	+0.041%	$156K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2441	+0.053%	$103.0M	$408.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2440	+0.012%	$72.4M	$126.2M	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	0.2442	+0.094%	$32.4M	$118.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2440	+0.012%	$99.6M	$65.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2440	+0.012%	$51.6M	$65.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2440	+0.016%	$29.4M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2440	+0.012%	$66.3M	$54.0M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2441	+0.053%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2442	+0.082%	$139K	$486K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2455	+0.628%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2448	+0.325%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2446	+0.240%	$286K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2457	+0.709%	$78K	$894K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2440	+0.008%	$119K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2442	+0.112%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2443	+0.134%	$8K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2440	+0.032%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2441	+0.041%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2440	+0.012%	$47.3M	$7.5M	50x
Paradex ADA-USD-PERP	+0.0104%	8h	0.2440	+0.001%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2440	+0.025%	$514K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0107%	8h	0.2441	+0.053%	$193K	$7.6M	3.2x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2441	+0.053%	$368K	$8.4M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2440	+0.012%	$4.4M	$5.8M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2459	+0.778%	$4K	$112K	10x	as long as short
Reya ADARUSDPERP	+0.0273%	1h	0.2440	+0.009%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0281%	1h	0.2440	long leg	$6.3M	$14.0M	50x
Deribit ADA_USDC-PERPETUAL	+0.0488%	1h	0.2442	+0.086%	$622K	$614K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0601% / S −0.0679%	1h	0.2440	+0.030%	$155K	—	100x	as long as short