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Price arb /

ADA

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After costs, if the gap returns to its 7d average, $10k−$9
spread now+0.365%7d average+0.042%fees + slippage, in and out−$41spread needed0.409%
Long on Polymarket PerpsShort on Phoenix
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPolymarket Perps ADA-USD0.24410.0100pay 0.0013% / 1h57m 25s$93K$724K10x
ShortPhoenix ADA0.24500.0066get 0.0008% / 1h57m 25s$4K$103K10x

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
$36.47
Funding while held
−$1.03
Slippage, 4 orders
−$25.93
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$5.5
Spread needed to break even
0.409%
Slippage from Polymarket Perps: live order book, 57 min ago; Phoenix: live order book, 46 min ago.

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 Polymarket Perps live order book, 57 min ago0.83 bp6.8 bp −$712.0 bp −$120doesn't fitdoesn't fit
Sell Phoenix live order book, 46 min ago0.83 bp13.2 bp −$1344.9 bp −$449doesn't fitdoesn't fit

ADA price on every exchange

against the cheapest. Click to use as the short leg.
Injective0.2424cheapestApeX Omni0.2438+0.578%Gate0.2439+0.619%Reya0.2439+0.620%Variational Omni0.2439+0.624%Bybit0.2440+0.660%OKX0.2440+0.660%MEXC0.2440+0.660%KuCoin0.2440+0.660%Bitget0.2440+0.660%BingX0.2440+0.660%Orderly0.2440+0.660%GMX0.2440+0.670%gTrade (Gains Network)0.2440+0.677%edgeX0.2441+0.684%
Polymarket Perps0.2441+0.685%
Binance0.2441+0.702%Extended0.2442+0.740%Hyperliquid0.2443+0.767%dYdX0.2443+0.796%Aster0.2443+0.797%Paradex0.2443+0.798%BloFin0.2444+0.825%Pacifica0.2445+0.847%Lighter0.2446+0.903%Coinbase International0.2447+0.949%Phemex0.2447+0.949%HTX0.2447+0.958%SoDEX0.2448+0.986%Derive0.2448+0.993%Deribit0.2449+1.015%Kraken Futures0.2449+1.031%
Phoenix0.2450+1.052%
Backpack0.2450+1.064%SunX0.2450+1.071%Kalshi0.2450+1.073%

ADA on 36 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Injective ADA/USDC PERP−0.680%+0.0558%1h$832$124K12xas long as short
ApeX Omni ADAUSDT−0.107%+0.0100%1h$228K$443K50xas long as short
Gate ADA_USDT−0.066%+0.0076%8h$94.1M$56.8M75xas long as short
Reya ADARUSDPERP−0.064%+0.0295%1h$1K—15xas long as short
Variational Omni ADA−0.061%+0.0100%8h$4.2M$1.0M—as long as short
Bybit ADAUSDT−0.025%+0.0100%8h$70.7M$110.1M75xas long as short
OKX ADA-USDT-SWAP−0.025%+0.0100%8h$32.4M$105.7M50xas long as short
MEXC ADA_USDT−0.025%+0.0100%8h$51.3M$61.5M300xas long as short
KuCoin ADAUSDTM−0.025%+0.0100%8h$30.2M$21.0M75xas long as short
Bitget ADAUSDT−0.025%+0.0100%8h$64.0M$46.5M75xas long as short
Show all 36 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
BingX ADA-USDT−0.025%+0.0100%8h—$18.3M—as long as short
Orderly PERP_ADA_USDC−0.025%+0.0100%8h$6K$36K20xas long as short
GMX ADA/USD [WBTC.b-USDC]−0.014%L +0.0543% / S −0.0293%1h$117K—100xas long as short
gTrade (Gains Network) ADA/USD−0.008%L +0.0005% / S −0.0003%1h$83K—150xas long as short
edgeX ADAUSDC−0.001%+0.0100%4h$65K$275K20xas long as short
Polymarket Perps ADA-USDlong0.000%+0.0100%1h$93K$724K10x
Binance ADAUSDT+0.017%+0.0100%8h$102.6M$356.7M75xas long as short
Extended ADA-USD+0.054%+0.0104%1h$635K$1.6M50xas long as short
Hyperliquid ADA+0.082%+0.0100%1h$41.8M$15.7M10xas long as short
dYdX ADA-USD+0.111%0.0000%1h$202K$2K10xas long as short
Aster ADAUSDT+0.111%+0.0100%8h$1.1M$1.4M75xas long as short
Paradex ADA-USD-PERP+0.113%+0.0100%8h$20K$25020xas long as short
BloFin ADA-USDT+0.139%+0.0220%8h$4.4M$6.2M75xas long as short
Pacifica ADA+0.161%+0.0100%1h$159K$176K10xas long as short
Lighter ADA+0.217%+0.0104%1h$2.3M$1.0M10xas long as short
Coinbase International ADA-PERP-INTX+0.262%+0.0120%1h$422K$6.8M50xas long as short
Phemex ADAUSDT+0.262%+0.0100%8h$47.9M$5.8M50xas long as short
HTX ADA-USDT+0.271%+0.0100%8h$1.3M$4.9M75xas long as short
SoDEX ADA-USD+0.299%+0.0100%1h$337$13K10xas long as short
Derive ADA-PERP+0.307%+0.0100%1h$40K$3K5xas long as short
Deribit ADA_USDC-PERPETUAL+0.328%+0.0240%1h$465K$398K50xas long as short
Kraken Futures PF_ADAUSD+0.344%+0.0222%1h$6.0M$11.4M50xas long as short
Phoenix ADAshort+0.365%+0.0066%1h$4K$103K10x
Backpack ADA_USDC_PERP+0.377%+0.0100%1h$105K$419K15xas long as short
SunX ADA-USDT+0.383%+0.0100%8h$9K$788K30xas long as short
Kalshi KXADAPERP+0.385%0.0000%8h$141K$5.7M3.2xas long as short