Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.004%

Price spread now: HTX against Phoenix+0.165%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 HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.293%+$29 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. HTX is 0.165% dearer against Phoenix than usual: you sell high and buy low (spread +0.165% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.8 days. Mind the row above: over the last 7 days funding on this pair paid +0.293%, 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	0.2454	0.0163	pay 0.0020% / 1h	53m 09s	$4K	$90K	10x
Short	HTX ADA-USDT	0.2458	0.0100	get 0.0100% / 8h	5h 53m	$1.3M	$5.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.165%Rate

Funding earned: −$13.18
Price spread: +0.165% → 0.000%: $16.5
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$15.68
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; HTX: live order book, 1 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 HTX live order book, 1 min ago	1.00 bp	8.8 bp −$9	20.4 bp −$204	57.6 bp −$5,760	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 36 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	0.2452	−0.106%	$202K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	+0.090%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.685%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2451	−0.130%	$411K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	+0.057%	$42.8M	$14.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2453	−0.048%	$1.2M	$983K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	−0.063%	$157K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2460	+0.224%	$103.0M	$366.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2458	+0.155%	$72.4M	$107.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2459	+0.196%	$32.7M	$105.6M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2454	−0.008%	$97.9M	$58.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2459	+0.196%	$64.3M	$53.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	+0.143%	$29.8M	$16.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2461	+0.277%	$65.9M	$47.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2461	+0.277%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2460	+0.216%	$126K	$417K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2467	+0.525%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2455	+0.049%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2450	−0.171%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2450	−0.171%	$56K	$590K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2454	−0.016%	$95K	$673K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2457	+0.114%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2459	+0.188%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2454	−0.010%	$9K	$745K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2459	+0.179%	$338	$13K	10x	as long as short
HTX ADA-USDTshort	+0.0100%	8h	0.2458	+0.165%	$1.3M	$5.9M	75x
Phemex ADAUSDT	+0.0100%	8h	0.2458	+0.155%	$47.8M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2458	+0.171%	$534K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0105%	8h	0.2454	−0.008%	$126K	$6.2M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0107%	8h	0.2454	0.000%	$21K	$250	20x	as long as short
Lighter ADA	+0.0112%	1h	0.2460	+0.236%	$2.4M	$1.0M	10x	as long as short
Phoenix ADAlong	+0.0163%	1h	0.2454	long leg	$4K	$90K	10x
Kraken Futures PF_ADAUSD	+0.0261%	1h	0.2458	+0.168%	$6.2M	$12.1M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2453	−0.029%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0416% / S −0.0202%	1h	0.2456	+0.077%	$95K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0523%	1h	0.2459	+0.204%	$502K	$471K	50x	as long as short