Funding you earn now, next payment 07:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.035%
Price spread now: Kalshi against Phoenix+0.029%7-day average −0.123% · you sell dearer than you buy
Net, funding: paid 7d − costs−$53as in the Funding arb table
Net, price: spread back to 7d avg − costs−$34as in the Price arb table
costs, in and out, $10k−$490.493% of the position
Funding, last 7 days−0.034%−$3 on $10k
+Price spread, last 4 days (all we have)−0.172%−$17 · spread now +0.029%, 7d avg −0.123%
=The price spread pays, funding is against you. Kalshi is 0.152% dearer against Phoenix than usual: you sell high and buy low (spread +0.029% now, against its 7-day average of −0.123%): +$15 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 7 days (−0.034% in total) that is about 31 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix ADA | 0.2443 | 0.0228 | pay 0.0029% / 1h | 16m 34s | $2K | $112K | 10x |
| Short | Kalshi KXADAPERP | 0.2444 | 0.0104 | get 0.0104% / 8h | 4h 16m | $245K | $7.7M | 3.2x |
Phoenix ADA
Kalshi KXADAPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$26.12
- Price spread: +0.029% → −0.123%
- $15.18
- Slippage, 4 orders
- −$32.27
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$60.22
- Costs to cover
- 0.493%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 26 min ago; Kalshi: 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 Phoenix live order book, 26 min ago | 0.81 bp | 13.1 bp −$13 | 52.5 bp −$525 | doesn't fit | doesn't fit |
| Sell Kalshi live order book, 2 min ago | 6.14 bp | 11.1 bp −$11 | 20.1 bp −$201 | 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 | 0.2449 | +0.251% | $202K | $2K | 10x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2444 | +0.045% | $84K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | +1.134% | $849 | $202K | 12x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2452 | +0.344% | $2.4M | $1.0M | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2446 | +0.111% | $6K | $5K | 20x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2450 | +0.270% | $1.2M | $1.2M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2450 | +0.266% | $157K | $180K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2450 | +0.259% | $103.4M | $407.5M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2449 | +0.233% | $72.9M | $126.4M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2449 | +0.233% | $32.5M | $118.7M | 50x | as long as short |
dYdX ADA-USD
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Lighter ADA
Orderly PERP_ADA_USDC
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAPShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ADA_USDT | +0.0100% | 8h | 0.2449 | +0.233% | $100.0M | $65.5M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2449 | +0.233% | $51.8M | $65.9M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2450 | +0.274% | $29.6M | $16.0M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2450 | +0.274% | $66.5M | $54.0M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2450 | +0.274% | — | $20.2M | — | as long as short |
| Backpack ADA_USDC_PERP | +0.0100% | 1h | 0.2450 | +0.295% | $139K | $484K | 15x | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2438 | −0.214% | $4.2M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2443 | −0.027% | $65K | $288K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2444 | +0.017% | $295K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2444 | +0.029% | $76K | $894K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2449 | +0.237% | $122K | $1.3M | 10x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2444 | +0.026% | $40K | $4K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2445 | +0.069% | $8K | $755K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2447 | +0.131% | $336 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2447 | +0.155% | $1.3M | $7.1M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2447 | +0.151% | $47.4M | $7.6M | 50x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2448 | +0.208% | $503K | $1.8M | 50x | as long as short |
| Kalshi KXADAPERPshort | +0.0104% | 8h | 0.2444 | +0.029% | $245K | $7.7M | 3.2x | |
| Paradex ADA-USD-PERP | +0.0104% | 8h | 0.2450 | +0.270% | $21K | $250 | 20x | as long as short |
| Hyperliquid ADA | +0.0112% | 1h | 0.2452 | +0.352% | $43.1M | $18.1M | 10x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0144% | 1h | 0.2440 | −0.135% | $376K | $8.4M | 50x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2447 | +0.151% | $4.5M | $5.9M | 75x | as long as short |
| Phoenix ADAlong | +0.0228% | 1h | 0.2443 | long leg | $2K | $112K | 10x | |
| Reya ADARUSDPERP | +0.0273% | 1h | 0.2445 | +0.070% | $1K | — | 15x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0280% | 1h | 0.2447 | +0.158% | $6.3M | $14.0M | 50x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0369% / S −0.0295% | 1h | 0.2445 | +0.059% | $87K | — | 100x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0650% | 1h | 0.2448 | +0.188% | $623K | $614K | 50x | as long as short |
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Backpack ADA_USDC_PERP
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Extended ADA-USD
Paradex ADA-USD-PERP
Hyperliquid ADA
Coinbase International ADA-PERP-INTX
BloFin ADA-USDT
Reya ADARUSDPERP
Kraken Futures PF_ADAUSD
GMX ADA/USD [WBTC.b-USDC]
Deribit ADA_USDC-PERPETUAL