Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.030%

Price spread now: Kalshi against Phemex+0.040%7-day average −0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Phemex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.252%−$25 on $10k

Price spread, last 3 days (all we have)−0.491%−$49 · spread now +0.040%, 7d avg −0.096%

Together, before fees−0.743%−$74 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.136% dearer against Phemex than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ADAUSDT	0.2471	0.0100	pay 0.0100% / 8h	3h 31m	$48.0M	$5.5M	50x
Short	Kalshi KXADAPERP	0.2472	0.0100	get 0.0100% / 8h	7h 31m	$196K	$5.9M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +0.040%Rate

Funding earned: $0.08
Price spread: +0.040% → −0.096%: $13.64
Slippage, 4 orders: −$16.06
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$24.35
Costs to cover: 0.381%
Break-even: 2257.8 days

Slippage from Phemex: live order book, 3 min ago; Kalshi: 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 Phemex live order book, 3 min ago	2.03 bp	8.0 bp −$8	15.9 bp −$159	42.7 bp −$4,272	doesn't fit
Sell Kalshi live order book, 3 min ago	4.06 bp	9.1 bp −$9	17.0 bp −$170	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	0.2471	−0.005%	$203K	$4K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2471	−0.005%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0032%	1h	0.2471	0.000%	$440K	$7.2M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2441	−1.214%	$838	$61K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	+0.097%	$2.5M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2473	+0.097%	$43.1M	$13.8M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2472	+0.042%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	−0.028%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2472	+0.049%	$103.2M	$350.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2471	0.000%	$71.8M	$100.0M	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	0.2471	0.000%	$32.7M	$105.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2470	−0.040%	$97.7M	$57.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2471	0.000%	$53.1M	$56.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2471	+0.016%	$30.4M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2471	0.000%	$65.9M	$42.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2471	0.000%	—	$19.1M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2472	+0.049%	$102K	$429K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2462	−0.383%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2464	−0.264%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2464	−0.289%	$290K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	−0.283%	$55K	$575K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2470	−0.032%	$97K	$736K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2471	0.000%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2472	+0.036%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2472	+0.041%	$9K	$756K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2471	−0.012%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2472	+0.036%	$1.3M	$4.6M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2471	long leg	$48.0M	$5.5M	50x
Kalshi KXADAPERPshort	+0.0100%	8h	0.2472	+0.040%	$196K	$5.9M	3.2x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2472	+0.027%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2471	−0.010%	$591K	$1.8M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2470	−0.036%	$4K	$84K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2470	−0.040%	$4.4M	$5.3M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0255%	1h	0.2471	+0.008%	$6.2M	$11.2M	50x	as long as short
Reya ADARUSDPERP	+0.0288%	1h	0.2470	−0.025%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0521% / S −0.0277%	1h	0.2470	−0.022%	$114K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4762%	1h	0.2533	+2.493%	$492K	$359K	50x	as long as short