Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.004%

Price spread now: Deribit against Bybit+0.069%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5,550as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5,546as in the Price arb table

costs, in and out, $10k−$5,54855.482% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.322%+$32 · spread now +0.069%, 7d avg +0.046%

Together, before fees+0.309%+$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.024% dearer against Bybit than usual: you sell high and buy low (spread +0.069% now, against its 7-day average of +0.046%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.014% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2448	0.0100	pay 0.0100% / 8h	2h 54m	$70.7M	$100.4M	75x
Short	Deribit ADA_USDC-PERPETUAL	0.2450	0	get 0.0000% / 1h	54m 12s	$476K	$358K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$21
Price spread: +0.069% → +0.046%: $2.39
Slippage, 4 orders: −$5,530.17
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$5,566.78
Costs to cover: 55.482%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Deribit: live order book, 34 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, 5 min ago	2.03 bp	7.5 bp −$8	11.3 bp −$113	28.1 bp −$2,812	181.3 bp −$90.7K
Sell Deribit live order book, 34 min ago	24.09 bp	29.4 bp −$29	doesn't fit	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	0.2452	+0.163%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2451	+0.123%	$153K	$5.8M	3.2x	as long as short
Deribit ADA_USDC-PERPETUALshort	0.0000%	1h	0.2450	+0.069%	$476K	$358K	50x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2449	+0.032%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2448	0.000%	$380K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2452	+0.143%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2450	+0.065%	$42.4M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2448	−0.008%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	+0.196%	$157K	$148K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2450	+0.077%	$101.0M	$355.9M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDTlong	+0.0100%	8h	0.2448	long leg	$70.7M	$100.4M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2449	+0.041%	$32.2M	$105.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	0.000%	$97.0M	$57.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2449	+0.041%	$52.8M	$56.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	+0.053%	$30.6M	$18.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2449	+0.041%	$65.4M	$42.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2449	+0.041%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	+0.045%	$104K	$421K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2453	+0.224%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2454	+0.263%	$65K	$278K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	+0.216%	$295K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2452	+0.163%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2447	−0.033%	$96K	$701K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2449	+0.041%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2450	+0.070%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2448	−0.001%	$9K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2449	+0.041%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2447	−0.038%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	+0.041%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2450	+0.077%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2449	+0.031%	$563K	$1.8M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2454	+0.225%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2457	+0.368%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2447	−0.022%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2450	+0.062%	$6.1M	$11.6M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0520% / S −0.0277%	1h	0.2449	+0.060%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2457	+0.368%	$844	$95K	12x	as long as short