Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against SunX+0.043%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$720.720% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now +0.043%, 7d avg −0.024%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.067% dearer against SunX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ADA-USDT	0.2440	0.0100	pay 0.0100% / 8h	26m 40s	$9K	$764K	30x
Short	Phemex ADAUSDT	0.2441	0.0100	get 0.0100% / 8h	26m 40s	$47.7M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SunX. 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 SunXbpFee PhemexbpOrdersPrice spread, now +0.043%Rate

Funding earned: $0
Price spread: +0.043% → −0.024%: $6.68
Slippage, 4 orders: −$52.03
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.35
Costs to cover: 0.720%
Break-even: never at this rate

Slippage from SunX: live order book, 35 min ago; Phemex: 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 SunX live order book, 35 min ago	20.78 bp	24.8 bp −$25	31.6 bp −$316	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.05 bp	8.0 bp −$8	15.9 bp −$159	42.2 bp −$4,220	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	0.2440	−0.007%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2440	+0.002%	$186K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2440	−0.016%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2438	−0.080%	$402K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2439	−0.048%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2440	+0.022%	$42.2M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2440	−0.015%	$1.2M	$928K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2439	−0.048%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2438	−0.085%	$101.2M	$363.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2438	−0.080%	$70.9M	$103.3M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2438	−0.080%	$32.2M	$106.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2437	−0.121%	$96.7M	$59.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2437	−0.121%	$52.2M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2438	−0.084%	$29.9M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2438	−0.080%	$65.5M	$43.5M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2438	−0.080%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2442	+0.080%	$108K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2449	+0.379%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2442	+0.085%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2449	+0.372%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2442	+0.084%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2439	−0.043%	$92K	$634K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2440	+0.002%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2441	+0.030%	$40K	$3K	5x	as long as short
SunX ADA-USDTlong	+0.0100%	8h	0.2440	long leg	$9K	$764K	30x
SoDEX ADA-USD	+0.0100%	1h	0.2440	+0.014%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2441	+0.030%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2441	+0.043%	$47.7M	$5.9M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2438	−0.083%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2437	−0.119%	$551K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0114%	1h	0.2440	+0.018%	$6.1M	$11.7M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2442	+0.104%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2442	+0.084%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+1.272%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2439	−0.034%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0563% / S −0.0313%	1h	0.2440	+0.002%	$121K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4746%	1h	0.2501	+2.518%	$503K	$430K	50x	as long as short