Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0103%/8h= +11.2% APRpaid last 24h 0.000%

Price spread now: Backpack against Phemex−0.049%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 4 days (all we have)−0.037%−$4 · spread now −0.049%, 7d avg −0.007%

Together, before fees−0.141%−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.042% cheaper against Phemex than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of −0.007%). If the spread goes back, that is −$4 on $10k: about 33 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.104%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2455	0.0100	pay 0.0100% / 8h	7h 55m	$47.5M	$7.6M	50x
Short	Backpack ADA_USDC_PERP	0.2454	0.0203	get 0.0025% / 1h	55m 47s	$142K	$486K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.049%Rate

Funding earned: $21.55
Price spread: −0.049% → −0.007%: −$4.23
Slippage, 4 orders: −$11.21
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$15.9
Costs to cover: 0.332%
Break-even: 12.2 days

Slippage from Phemex: live order book, 3 min ago; Backpack: live order book, 43 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 Phemex live order book, 3 min ago	4.07 bp	10.1 bp −$10	14.1 bp −$141	41.2 bp −$4,121	doesn't fit
Sell Backpack live order book, 43 min ago	0.20 bp	7.5 bp −$7	11.5 bp −$115	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-USD	0.0000%	1h	0.2459	+0.155%	$202K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2455	+0.015%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.652%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2456	+0.041%	$2.4M	$996K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2451	−0.169%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2460	+0.199%	$158K	$181K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2450	−0.204%	$103.6M	$407.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2450	−0.204%	$73.1M	$127.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2449	−0.244%	$32.6M	$118.9M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	−0.285%	$100.3M	$61.8M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ADA_USDT	+0.0100%	8h	0.2449	−0.244%	$54.1M	$66.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2450	−0.204%	$29.5M	$16.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2449	−0.244%	$66.5M	$54.1M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2449	−0.244%	—	$20.2M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2455	+0.004%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2455	−0.015%	$66K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	−0.080%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	−0.041%	$76K	$896K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2458	+0.122%	$117K	$1.4M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2456	+0.041%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2462	+0.289%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2460	+0.211%	$8K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2455	+0.020%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2462	+0.286%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2455	long leg	$47.5M	$7.6M	50x
Kalshi KXADAPERP	+0.0104%	8h	0.2459	+0.163%	$218K	$7.8M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2460	+0.198%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2447	−0.312%	$505K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2456	+0.041%	$365K	$8.5M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0199%	1h	0.2455	+0.012%	$6.4M	$14.1M	50x	as long as short
Backpack ADA_USDC_PERPshort	+0.0203%	1h	0.2454	−0.049%	$142K	$486K	15x
BloFin ADA-USDT	+0.0220%	8h	0.2461	+0.244%	$4.5M	$5.9M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2460	+0.200%	$3K	$113K	10x	as long as short
Reya ADARUSDPERP	+0.0272%	1h	0.2457	+0.062%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0317%	1h	0.2451	−0.151%	$43.4M	$18.3M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0370% / S −0.0295%	1h	0.2455	−0.004%	$87K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0402%	1h	0.2457	+0.081%	$637K	$738K	50x	as long as short