Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.005%

Price spread now: Gate against Phoenix+0.309%92s7-day average −0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$520.518% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.212%+$21 on $10k

Price spread, last 4 days (all we have)−0.415%−$41 · spread now +0.309%, 7d avg −0.092%

Together, before fees−0.203%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Gate is 0.401% dearer against Phoenix than usual: you sell high and buy low: +$40 more if the spread goes back to its 7-day average of −0.092%. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2429	0.0032	pay 0.0004% / 1h	17m 46s	$4K	$105K	10x
Short	Gate ADA_USDT	0.2437	0.0100	get 0.0100% / 8h	2h 17m	$98.7M	$64.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.309%Rate

Funding earned: $14.19
Price spread: +0.309% → −0.092%: $40.06
Slippage, 4 orders: −$29.85
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $2.4
Costs to cover: 0.518%
Break-even: 5.8 days

Slippage from Phoenix: live order book, 35 min ago; Gate: live order book, 1 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 Phoenix live order book, 35 min ago	0.81 bp	13.0 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.05 bp	13.3 bp −$13	17.7 bp −$177	88.2 bp −$8,816	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
Kalshi KXADAPERP	0.0000%	8h	0.2441	+0.473%	$190K	$7.5M	3.2x	as long as short
dYdX ADA-USD	+0.0002%	1h	0.2438	+0.341%	$201K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2439	+0.411%	$83K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2441	+0.484%	$6.3M	$13.7M	50x	as long as short
Phoenix ADAlong	+0.0032%	1h	0.2429	long leg	$4K	$105K	10x
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.708%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2440	+0.436%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2439	+0.396%	$42.0M	$17.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2440	+0.432%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2440	+0.419%	$156K	$176K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2440	+0.416%	$102.7M	$407.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2439	+0.391%	$71.7M	$123.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2441	+0.473%	$32.4M	$117.2M	50x	as long as short
Gate ADA_USDTshort	+0.0100%	8h	0.2437	+0.309%	$98.7M	$64.8M	75x
MEXC ADA_USDT	+0.0100%	8h	0.2440	+0.432%	$52.4M	$65.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2439	+0.387%	$29.2M	$15.7M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2440	+0.432%	$66.3M	$53.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2438	+0.350%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2441	+0.469%	$126K	$476K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2427	−0.100%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2430	+0.035%	$65K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2419	−0.435%	$284K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2420	−0.391%	$84K	$887K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2439	+0.407%	$122K	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2440	+0.432%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2441	+0.490%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2443	+0.554%	$8K	$764K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2442	+0.494%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2439	+0.374%	$1.3M	$6.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2440	+0.432%	$47.4M	$7.4M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2441	+0.459%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2438	+0.345%	$521K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2438	+0.350%	$380K	$8.5M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2438	+0.350%	$4.4M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2441	+0.474%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0529%	1h	0.2442	+0.527%	$608K	$597K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0640% / S −0.0714%	1h	0.2440	+0.429%	$161K	—	100x	as long as short