ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0011%/8h= −1.2% APRnext payment −$0.01 per $10,000 · paid last 24h −0.001%

Price spread now: Backpack against Phoenix+0.077%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.077% dearer against Phoenix than usual: you sell high and buy low (spread +0.077% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 23 days. Mind the row above: over the last 7 days funding on this pair paid +0.100%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2468	0.0161	pay 0.0020% / 1h	11m 21s	$4K	$95K	10x
Short	Backpack ADA_USDC_PERP	0.2470	0.0150	get 0.0019% / 1h	11m 21s	$124K	$471K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$2.37
Price spread: +0.077% → 0.000%: $7.7
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11.68
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 42 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Backpack live order book, 42 min ago	2.19 bp	7.2 bp −$7	8.8 bp −$88	doesn't fit	doesn't fit

Phoenix: 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	0.2470	+0.057%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2470	+0.077%	$137K	$6.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2468	+0.007%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2468	+0.014%	$6.3M	$13.1M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.117%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2468	−0.004%	$397K	$8.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	+0.199%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2470	+0.078%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	+0.087%	$158K	$170K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2469	+0.045%	$104.4M	$390.5M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2467	−0.045%	$74.1M	$115.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2469	+0.036%	$33.0M	$111.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2467	−0.045%	$100.3M	$62.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2468	−0.004%	$59.5M	$62.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2469	+0.041%	$29.7M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2469	+0.036%	$67.2M	$51.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2468	−0.004%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2463	−0.204%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2471	+0.134%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2472	+0.158%	$290K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2472	+0.158%	$228K	$756K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2468	+0.012%	$92K	$629K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2468	−0.004%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2469	+0.044%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2469	+0.034%	$8K	$747K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2469	+0.036%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2467	−0.046%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2470	+0.077%	$48.1M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2470	+0.072%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2468	−0.013%	$534K	$1.8M	50x	as long as short
Backpack ADA_USDC_PERPshort	+0.0150%	1h	0.2470	+0.077%	$124K	$471K	15x
Phoenix ADAlong	+0.0161%	1h	0.2468	long leg	$4K	$95K	10x
BloFin ADA-USDT	+0.0220%	8h	0.2469	+0.036%	$4.6M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0277%	1h	0.2468	−0.004%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0295%	1h	0.2470	+0.073%	$43.9M	$16.3M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0317%	1h	0.2470	+0.061%	$607K	$533K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0624% / S −0.0585%	1h	0.2468	−0.003%	$140K	—	100x	as long as short