Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.009%

Price spread now: Bybit against Coinbase International−0.041%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 3 days (all we have)+0.067%+$7 · spread now −0.041%, 7d avg +0.007%

Together, before fees+0.165%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.048% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.007%). If the spread goes back, that is −$5 on $10k: about 2.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ADA-PERP-INTX	0.2443	0.0040	pay 0.0005% / 1h	46m 39s	$407K	$7.2M	50x
Short	Bybit ADAUSDT	0.2442	0.0100	get 0.0100% / 8h	7h 46m	$71.3M	$103.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: $12.6
Price spread: −0.041% → +0.007%: −$4.79
Slippage, 4 orders: −$17.78
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.97
Costs to cover: 0.388%
Break-even: 24.2 days

Slippage from Coinbase International: live order book, 2 min ago; Bybit: 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 Coinbase International live order book, 2 min ago	4.09 bp	10.6 bp −$11	17.7 bp −$177	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.05 bp	7.5 bp −$8	11.0 bp −$110	33.0 bp −$3,300	135.7 bp −$67.9K

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	0.2443	−0.015%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2444	+0.041%	$194K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2445	+0.063%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.146%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTXlong	+0.0040%	1h	0.2443	long leg	$407K	$7.2M	50x
Kraken Futures PF_ADAUSD	+0.0048%	1h	0.2444	+0.032%	$6.1M	$11.7M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2445	+0.061%	$2.4M	$1.1M	10x	as long as short
Phoenix ADA	+0.0098%	1h	0.2447	+0.176%	$4K	$84K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2445	+0.094%	$42.4M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	+0.042%	$1.2M	$939K	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ADA	+0.0100%	1h	0.2444	+0.045%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2443	−0.005%	$101.1M	$365.0M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2442	−0.041%	$71.3M	$103.5M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2442	−0.041%	$32.2M	$106.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2443	0.000%	$97.4M	$58.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2444	+0.041%	$52.3M	$50.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2444	+0.029%	$29.9M	$17.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2444	+0.041%	$65.7M	$43.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2444	+0.041%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2446	+0.131%	$107K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2447	+0.169%	$4.2M	$967K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2446	+0.121%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2446	+0.124%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2446	+0.123%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2443	0.000%	$93K	$643K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2445	+0.082%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2446	+0.130%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2445	+0.083%	$9K	$766K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2444	+0.041%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2446	+0.122%	$1.3M	$5.5M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2443	0.000%	$47.7M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2444	+0.041%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2443	0.000%	$550K	$1.8M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2445	+0.082%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2444	+0.022%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0622% / S −0.0393%	1h	0.2445	+0.077%	$141K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4739%	1h	0.2506	+2.587%	$506K	$431K	50x	as long as short