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

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

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

Long on Phemex Short on Kraken Futures

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	Phemex ADAUSDT	0.2440	0.0100	pay 0.0100% / 8h	36m 57s	$47.3M	$7.5M	50x
Short	Kraken Futures PF_ADAUSD	0.2440	0.0281	get 0.0035% / 1h	36m 57s	$6.3M	$14.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.012%Rate

Funding earned: $38
Price spread: −0.012% → +0.001%: −$1.31
Slippage, 4 orders: −$25.41
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$10.72
Costs to cover: 0.474%
Break-even: 9.0 days

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: live order book, 2 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, 2 min ago	4.09 bp	10.1 bp −$10	13.7 bp −$137	59.9 bp −$5,992	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.07 bp	12.7 bp −$13	15.1 bp −$151	43.3 bp −$4,335	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	0.2442	+0.062%	$201K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2440	+0.015%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.270%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2442	+0.070%	$2.4M	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2440	0.000%	$6K	$5K	20x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2441	+0.056%	$42.9M	$18.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2442	+0.063%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2443	+0.125%	$156K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2442	+0.098%	$102.8M	$408.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	+0.082%	$72.3M	$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	+0.082%	$32.5M	$118.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2441	+0.041%	$99.7M	$65.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2441	+0.041%	$51.8M	$65.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2442	+0.086%	$29.4M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2442	+0.082%	$66.4M	$54.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2443	+0.123%	—	$20.1M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2442	+0.070%	$139K	$486K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2455	+0.616%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2448	+0.313%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2446	+0.228%	$286K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2457	+0.697%	$78K	$894K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2441	+0.045%	$119K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2442	+0.100%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2443	+0.122%	$8K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2440	+0.020%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2441	+0.029%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2440	long leg	$47.3M	$7.5M	50x
Paradex ADA-USD-PERP	+0.0104%	8h	0.2444	+0.156%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2441	+0.055%	$514K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0107%	8h	0.2441	+0.041%	$193K	$7.6M	3.2x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2441	+0.041%	$368K	$8.4M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2440	0.000%	$4.4M	$5.8M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2459	+0.766%	$4K	$112K	10x	as long as short
Reya ADARUSDPERP	+0.0273%	1h	0.2441	+0.040%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSDshort	+0.0281%	1h	0.2440	−0.012%	$6.3M	$14.0M	50x
Deribit ADA_USDC-PERPETUAL	+0.0488%	1h	0.2442	+0.074%	$622K	$614K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0601% / S −0.0679%	1h	0.2440	−0.007%	$155K	—	100x	as long as short