Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0342%/8h= −37.4% APRpaid last 24h −0.066%

Price spread now: Binance against Deribit−0.004%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.442%−$44 · spread now −0.004%, 7d avg −0.019%

Together, before fees−0.512%−$51 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.070% in total (about -3.6% a year). A funding rate is set anew for every payment. 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	0.2459	0.0442	pay 0.0055% / 1h	53m 59s	$587K	$486K	50x
Short	Binance ADAUSDT	0.2459	0.0100	get 0.0100% / 8h	4h 53m	$103.8M	$372.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.004%Rate

Funding earned: −$71.82
Price spread: −0.004% → −0.019%: $1.52
Slippage, 4 orders: −$13.18
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$100.48
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Binance: live order book, 5 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, 5 min ago	2.64 bp	6.1 bp −$6	12.6 bp −$126	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	2.04 bp	7.0 bp −$7	9.8 bp −$98	22.4 bp −$2,243	71.2 bp −$35.6K

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	0.2460	+0.042%	$202K	$3K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2460	+0.057%	$140K	$6.3M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2457	−0.048%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.504%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2458	−0.024%	$413K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0092%	1h	0.2459	−0.003%	$6.3M	$12.8M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2460	+0.049%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	−0.007%	$1.2M	$979K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2462	+0.126%	$160K	$161K	10x	as long as short
Binance ADAUSDTshort	+0.0100%	8h	0.2459	−0.004%	$103.8M	$372.5M	75x

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2457	−0.065%	$71.7M	$111.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2458	−0.024%	$32.7M	$105.9M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2456	−0.106%	$98.3M	$58.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2458	−0.024%	$61.3M	$59.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	−0.016%	$29.7M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2457	−0.065%	$66.0M	$50.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2458	−0.024%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2458	−0.012%	$126K	$444K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2462	+0.142%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	−0.262%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2451	−0.327%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2449	−0.390%	$226K	$740K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	+0.049%	$92K	$683K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2457	−0.065%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2458	−0.042%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2459	+0.017%	$8K	$741K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2459	−0.004%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2458	−0.037%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2459	+0.016%	$47.9M	$6.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2457	−0.049%	$533K	$1.8M	50x	as long as short
Hyperliquid ADA	+0.0105%	1h	0.2460	+0.049%	$42.7M	$14.9M	10x	as long as short
Paradex ADA-USD-PERP	+0.0107%	8h	0.2461	+0.084%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2459	+0.033%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2460	+0.057%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0279%	1h	0.2459	−0.003%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0442%	1h	0.2459	long leg	$587K	$486K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0547% / S −0.0339%	1h	0.2457	−0.065%	$121K	—	100x	as long as short