Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.014%

Price spread now: Coinbase International against Bybit−0.204%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 3 days (all we have)+0.474%+$47 · spread now −0.204%, 7d avg −0.011%

Together, before fees+0.377%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Coinbase International is 0.193% cheaper against Bybit than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2454	0.0100	pay 0.0100% / 8h	2h 56m	$71.1M	$100.8M	75x
Short	Coinbase International ADA-PERP-INTX	0.2449	0.0056	get 0.0007% / 1h	56m 50s	$405K	$7.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$9.24
Price spread: −0.204% → −0.011%: −$19.25
Slippage, 4 orders: −$16.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$66.35
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Coinbase International: 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 Bybit live order book, 2 min ago	2.03 bp	7.5 bp −$8	11.3 bp −$113	28.1 bp −$2,812	181.3 bp −$90.7K
Sell Coinbase International live order book, 2 min ago	4.06 bp	9.1 bp −$9	14.6 bp −$146	211.0 bp −$21.1K	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	0.2453	−0.044%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2454	0.000%	$153K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.050%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTXshort	+0.0056%	1h	0.2449	−0.204%	$405K	$7.1M	50x
Lighter ADA	+0.0096%	1h	0.2455	+0.053%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	+0.037%	$42.5M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2453	−0.030%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	−0.032%	$157K	$148K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	+0.081%	$102.2M	$357.5M	75x	as long as short
Bybit ADAUSDTlong	+0.0100%	8h	0.2454	long leg	$71.1M	$100.8M	75x

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	0.2455	+0.041%	$32.3M	$105.7M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	−0.041%	$97.4M	$56.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2455	+0.041%	$53.0M	$56.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	+0.045%	$30.7M	$18.5M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	+0.041%	$65.6M	$42.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2454	0.000%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2454	−0.008%	$102K	$425K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2465	+0.429%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	+0.452%	$66K	$278K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2463	+0.383%	$297K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	+0.407%	$55K	$578K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2454	+0.004%	$96K	$700K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	−0.041%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.012%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2454	−0.002%	$9K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2453	−0.053%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2453	−0.050%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2453	−0.041%	$47.9M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2453	−0.042%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2456	+0.071%	$565K	$1.8M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2454	−0.020%	$4K	$82K	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0198%	1h	0.2454	+0.004%	$477K	$359K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2455	+0.041%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2454	−0.002%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0336%	1h	0.2453	−0.025%	$6.1M	$11.6M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0521% / S −0.0277%	1h	0.2452	−0.072%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2457	+0.122%	$844	$95K	12x	as long as short