Funding you earn now, next payment 04:00 UTC−0.0621%/8h= −68.0% APRnext payment −$0.78 per $10,000 · paid last 24h −0.071%
Price spread now: Backpack against Deribit−0.008%7-day average −0.033% · 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−$28as in the Price arb table
costs, in and out, $10k−$310.307% of the position
Funding, last 7 days−0.175%−$18 on $10k
+Price spread, last 4 days (all we have)−0.226%−$23 · spread now −0.008%, 7d avg −0.033%
=The price spread pays, funding is against you. Backpack is 0.025% dearer against Deribit than usual: you sell high and buy low (spread −0.008% now, against its 7-day average of −0.033%): +$3 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.175% in total) that is about 24 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.175% in total (about -9.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.78 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit ADA_USDC-PERPETUAL | 0.2475 | 0.0721 | pay 0.0090% / 1h | 31m 38s | $600K | $489K | 50x |
| Short | Backpack ADA_USDC_PERP | 0.2475 | 0.0100 | get 0.0013% / 1h | 31m 38s | $123K | $445K | 15x |
Deribit ADA_USDC-PERPETUAL
Backpack ADA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$130.41
- Price spread: −0.008% → −0.033%
- $2.53
- Slippage, 4 orders
- −$13.73
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$158.61
- Costs to cover
- 0.307%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 27 min ago; Backpack: live order book, 27 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 Deribit live order book, 27 min ago | 2.64 bp | 6.1 bp −$6 | 12.6 bp −$126 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 27 min ago | 0.81 bp | 6.2 bp −$6 | 7.7 bp −$77 | 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 | 0.2477 | +0.067% | $204K | $2K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2472 | −0.117% | $155K | $6.2M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2471 | −0.142% | $84K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | −0.158% | $849 | $202K | 12x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0080% | 1h | 0.2449 | −1.047% | $424K | $7.7M | 50x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0091% | 1h | 0.2474 | −0.050% | $6.3M | $12.8M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2479 | +0.182% | $2.4M | $1.1M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2478 | +0.125% | $1.2M | $985K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2478 | +0.112% | $161K | $162K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2478 | +0.123% | $105.0M | $370.0M | 75x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Coinbase International ADA-PERP-INTX
Kraken Futures PF_ADAUSD
Lighter ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDTShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ADAUSDT | +0.0100% | 8h | 0.2476 | +0.044% | $72.2M | $108.8M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2478 | +0.125% | $33.0M | $105.8M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2477 | +0.085% | $98.9M | $59.3M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2477 | +0.085% | $61.4M | $60.1M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2478 | +0.109% | $29.9M | $15.0M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2478 | +0.125% | $66.6M | $49.4M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2477 | +0.085% | — | $20.1M | — | as long as short |
| Backpack ADA_USDC_PERPshort | +0.0100% | 1h | 0.2475 | −0.008% | $123K | $445K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2449 | −1.044% | $4.2M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2456 | −0.761% | $65K | $284K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2456 | −0.744% | $289K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2466 | −0.360% | $227K | $743K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2473 | −0.085% | $95K | $688K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2472 | −0.117% | $6K | $5K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2473 | −0.065% | $40K | $2K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2474 | −0.037% | $8K | $733K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2474 | −0.036% | $340 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2474 | −0.051% | $1.3M | $6.4M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2473 | −0.077% | $48.2M | $6.6M | 50x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2477 | +0.099% | $536K | $1.8M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0109% | 8h | 0.2478 | +0.140% | $21K | $250 | 20x | as long as short |
| Hyperliquid ADA | +0.0180% | 1h | 0.2478 | +0.116% | $43.0M | $14.8M | 10x | as long as short |
| Phoenix ADA | +0.0195% | 1h | 0.2463 | −0.489% | $4K | $100K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2469 | −0.238% | $4.5M | $5.8M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0279% | 1h | 0.2471 | −0.138% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0595% / S −0.0547% | 1h | 0.2472 | −0.126% | $133K | — | 100x | as long as short |
| Deribit ADA_USDC-PERPETUALlong | +0.0721% | 1h | 0.2475 | long leg | $600K | $489K | 50x |
Bybit ADAUSDT
OKX ADA-USDT-SWAP
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Extended ADA-USD
Paradex ADA-USD-PERP
Hyperliquid ADA
Phoenix ADA
BloFin ADA-USDT
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]