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Price arb /

ADA

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Spread before costs (cost unknown: a leg has no order-book sample)+0.217%
7d average—if it closes, per $10,000$22funding while held, a day+$1.03
Long on PhoenixShort on Orderly
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ADA0.24380.0066pay 0.0008% / 1h3m 48s$4K$103K10x
ShortOrderly PERP_ADA_USDC0.24430.0100get 0.0100% / 8h1h 03m$6K$36K20x

Price spread history

latest
Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
$21.74
Funding while held
$1.03
Slippage, 4 orders
no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Orderly: 3 bp × 2 orders
−$6
Net
$9.78
Spread needed to break even
0.130%
Slippage unknown: Phoenix: live order book, 39 min ago; Orderly: no order-book sample. Net counts fees only.

Cost of waiting

funding view
Funding /8h
+0.0034%
Per $10,000 a day
+$1.03
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 39 min ago0.83 bp13.2 bp −$1352.4 bp −$524doesn't fitdoesn't fit
Sell Orderly no order-book sample—————
Orderly: 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 price on every exchange

against the cheapest. Click to use as the short leg.
Injective0.2424cheapestedgeX0.2437+0.528%
Phoenix0.2438+0.565%
Coinbase International0.2442+0.743%Extended0.2442+0.757%GMX0.2443+0.776%HTX0.2443+0.778%Gate0.2443+0.784%MEXC0.2443+0.784%Bitget0.2443+0.784%BingX0.2443+0.784%Kalshi0.2443+0.784%
Orderly0.2443+0.784%
Phemex0.2443+0.784%Reya0.2443+0.785%gTrade (Gains Network)0.2443+0.792%Paradex0.2443+0.800%KuCoin0.2443+0.800%Aster0.2443+0.801%SoDEX0.2444+0.804%Kraken Futures0.2444+0.813%SunX0.2444+0.824%Backpack0.2444+0.833%Polymarket Perps0.2444+0.833%Deribit0.2444+0.833%Derive0.2444+0.835%ApeX Omni0.2445+0.866%Hyperliquid0.2445+0.879%dYdX0.2446+0.887%Pacifica0.2446+0.904%Bybit0.2446+0.908%Variational Omni0.2446+0.910%Binance0.2447+0.934%Lighter0.2447+0.945%OKX0.2447+0.949%BloFin0.2449+1.031%

ADA on 36 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Injective ADA/USDC PERP−0.562%+0.0033%1h$832$124K12xas long as short
edgeX ADAUSDC−0.037%+0.0100%4h$65K$353K20xas long as short
Phoenix ADAlong0.000%+0.0066%1h$4K$103K10x
Coinbase International ADA-PERP-INTX+0.176%+0.0136%1h$422K$6.8M50xas long as short
Extended ADA-USD+0.191%+0.0104%1h$635K$1.6M50xas long as short
GMX ADA/USD [WBTC.b-USDC]+0.210%L +0.0543% / S −0.0293%1h$117K—100xas long as short
HTX ADA-USDT+0.212%+0.0100%8h$1.3M$4.8M75xas long as short
Gate ADA_USDT+0.217%+0.0072%8h$93.9M$57.5M75xas long as short
MEXC ADA_USDT+0.217%+0.0100%8h$51.5M$62.5M300xas long as short
Bitget ADAUSDT+0.217%+0.0100%8h$64.0M$46.3M75xas long as short
Show all 36 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
BingX ADA-USDT+0.217%+0.0100%8h—$18.1M—as long as short
Kalshi KXADAPERP+0.217%0.0000%8h$126K$5.6M3.2xas long as short
Orderly PERP_ADA_USDCshort+0.217%+0.0100%8h$6K$36K20x
Phemex ADAUSDT+0.217%+0.0100%8h$47.8M$5.8M50xas long as short
Reya ADARUSDPERP+0.218%+0.0295%1h$1K—15xas long as short
gTrade (Gains Network) ADA/USD+0.226%L +0.0005% / S −0.0003%1h$84K—150xas long as short
Paradex ADA-USD-PERP+0.234%+0.0100%8h$20K$25020xas long as short
KuCoin ADAUSDTM+0.234%+0.0100%8h$30.3M$20.9M75xas long as short
Aster ADAUSDT+0.234%+0.0100%8h$1.1M$1.4M75xas long as short
SoDEX ADA-USD+0.238%+0.0100%1h$336$13K10xas long as short
Kraken Futures PF_ADAUSD+0.247%−0.0069%1h$5.9M$11.3M50xas long as short
SunX ADA-USDT+0.258%+0.0100%8h$9K$783K30xas long as short
Backpack ADA_USDC_PERP+0.267%+0.0100%1h$104K$417K15xas long as short
Polymarket Perps ADA-USD+0.267%+0.0100%1h$93K$722K10xas long as short
Deribit ADA_USDC-PERPETUAL+0.267%0.0000%1h$464K$396K50xas long as short
Derive ADA-PERP+0.269%+0.0100%1h$40K$3K5xas long as short
ApeX Omni ADAUSDT+0.299%+0.0100%1h$152K$395K50xas long as short
Hyperliquid ADA+0.312%+0.0100%1h$41.8M$15.7M10xas long as short
dYdX ADA-USD+0.320%0.0000%1h$202K$2K10xas long as short
Pacifica ADA+0.337%+0.0100%1h$159K$174K10xas long as short
Bybit ADAUSDT+0.340%+0.0100%8h$70.8M$109.7M75xas long as short
Variational Omni ADA+0.342%+0.0100%8h$4.2M$1.0M—as long as short
Binance ADAUSDT+0.367%+0.0100%8h$102.0M$354.4M75xas long as short
Lighter ADA+0.377%+0.0096%1h$2.3M$1.0M10xas long as short
OKX ADA-USDT-SWAP+0.382%+0.0100%8h$32.4M$105.7M50xas long as short
BloFin ADA-USDT+0.464%+0.0220%8h$4.5M$6.0M75xas long as short