Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.003%
Price spread now: Injective against Phemex+0.488%7-day average −0.385% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.040%−$4 on $10k
+Price spread, last 3 days (all we have)−1.704%−$170 · spread now +0.488%, 7d avg −0.385%
=The price spread pays, funding is against you. Injective is 0.873% dearer against Phemex than usual: you sell high and buy low (spread +0.488% now, against its 7-day average of −0.385%): +$87 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 44 days. At the pace of the last 7 days (−0.040% in total) that is about 5 months.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex ADAUSDT | 0.2459 | 0.0100 | pay 0.0100% / 8h | 7h 34m | $48.0M | $5.9M | 50x |
| Short | Injective ADA/USDC PERP | 0.2471 | 0.0033 | get 0.0004% / 1h | 34m 39s | $849 | $202K | 12x |
Phemex ADAUSDT
Injective ADA/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$14
- Price spread: +0.488% → −0.385%
- $87.33
- Slippage, 4 orders
- no order book: not counted
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $61.31
- Costs to cover
- 0.120%
- Break-even
- from the start
Slippage unknown: Phemex: live order book, 4 min ago; Injective: no order-book sample. 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 Phemex live order book, 4 min ago | 2.04 bp | 12.0 bp −$12 | 19.0 bp −$190 | 47.3 bp −$4,728 | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX ADA-USD | 0.0000% | 1h | 0.2463 | +0.167% | $203K | $4K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2462 | +0.122% | $199K | $6.1M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2458 | −0.060% | $84K | — | 150x | as long as short |
| Injective ADA/USDC PERPshort | +0.0033% | 1h | 0.2471 | +0.488% | $849 | $202K | 12x | |
| Coinbase International ADA-PERP-INTX | +0.0040% | 1h | 0.2458 | −0.041% | $417K | $7.3M | 50x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0047% | 1h | 0.2459 | −0.013% | $6.2M | $11.7M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2466 | +0.293% | $2.5M | $1.1M | 10x | as long as short |
| Phoenix ADA | +0.0098% | 1h | 0.2454 | −0.211% | $4K | $84K | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2466 | +0.274% | $1.2M | $946K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2465 | +0.249% | $158K | $145K | 10x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Coinbase International ADA-PERP-INTX
Kraken Futures PF_ADAUSD
Lighter ADA
Phoenix ADA
Aster ADAUSDT
Pacifica ADAShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance ADAUSDT | +0.0100% | 8h | 0.2465 | +0.241% | $102.2M | $365.1M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2464 | +0.203% | $72.3M | $104.0M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2464 | +0.203% | $32.5M | $107.0M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2462 | +0.122% | $97.7M | $58.6M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2464 | +0.203% | $52.9M | $51.0M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2464 | +0.211% | $30.2M | $17.8M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2464 | +0.203% | $66.2M | $44.0M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2464 | +0.203% | — | $20.4M | — | as long as short |
| Backpack ADA_USDC_PERP | +0.0100% | 1h | 0.2463 | +0.163% | $116K | $420K | 15x | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2460 | +0.045% | $4.2M | $942K | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2452 | −0.270% | $65K | $281K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2453 | −0.244% | $296K | $3.7M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2456 | −0.122% | $56K | $583K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2460 | +0.037% | $93K | $645K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2458 | −0.041% | $6K | $29K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2459 | +0.003% | $40K | $3K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2460 | +0.040% | $9K | $763K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2459 | −0.008% | $338 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2460 | +0.044% | $1.3M | $5.5M | 75x | as long as short |
| Phemex ADAUSDTlong | +0.0100% | 8h | 0.2459 | long leg | $48.0M | $5.9M | 50x | |
| Paradex ADA-USD-PERP | +0.0101% | 8h | 0.2465 | +0.232% | $21K | $250 | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2464 | +0.203% | $554K | $1.8M | 50x | as long as short |
| Hyperliquid ADA | +0.0117% | 1h | 0.2467 | +0.333% | $43.0M | $14.4M | 10x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0197% | 1h | 0.2459 | +0.016% | $494K | $435K | 50x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2458 | −0.041% | $4.4M | $5.5M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0283% | 1h | 0.2460 | +0.022% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0625% / S −0.0393% | 1h | 0.2457 | −0.078% | $141K | — | 100x | as long as short |
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAP
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Backpack ADA_USDC_PERP
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Paradex ADA-USD-PERP
Extended ADA-USD
Hyperliquid ADA
Deribit ADA_USDC-PERPETUAL
BloFin ADA-USDT
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]