Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.004%

Price spread now: BingX against Deribit−0.126%54s7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.398% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now −0.126%, 7d avg −0.030%

Together, before fees−0.020%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.096% cheaper against Deribit than usual: you would sell low and buy high (spread −0.126% now, against its 7-day average of −0.030%). If the spread goes back, that is −$10 on $10k: about 3.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.046% in total) that is about 15 days. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ADA_USDC-PERPETUAL	0.2465	0	get 0.0000% / 1h	54m 23s	$479K	$351K	50x
Short	BingX ADA-USDC	0.2462	0.0100	get 0.0100% / 8h	1h 54m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.126%Rate

Funding earned: $21
Price spread: −0.126% → −0.030%: −$9.58
Slippage, 4 orders: −$22.84
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$28.42
Costs to cover: 0.398%
Break-even: 16.5 days

Slippage from Deribit: live order book, 29 min ago; BingX: live order book, 12 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, 29 min ago	3.05 bp	6.6 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	4.09 bp	13.0 bp −$13	21.5 bp −$215	81.7 bp −$8,169	632.1 bp −$316.0K

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	0.2463	−0.092%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2462	−0.126%	$162K	$5.8M	3.2x	as long as short
Deribit ADA_USDC-PERPETUALlong	0.0000%	1h	0.2465	long leg	$479K	$351K	50x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2461	−0.183%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2461	−0.166%	$409K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0094%	1h	0.2464	−0.031%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2466	+0.024%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2462	−0.105%	$42.7M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2464	−0.036%	$1.2M	$998K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2464	−0.039%	$158K	$147K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2462	−0.138%	$102.0M	$355.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2461	−0.166%	$70.8M	$99.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2461	−0.166%	$31.9M	$105.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2461	−0.166%	$97.0M	$57.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2462	−0.126%	$53.2M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2463	−0.101%	$30.4M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2462	−0.126%	$65.9M	$42.8M	75x	as long as short
BingX ADA-USDCshort	+0.0100%	8h	0.2462	−0.126%	—	$6.6M	—
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2465	+0.016%	$101K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	−0.195%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2450	−0.616%	$65K	$278K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	−0.482%	$296K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2455	−0.410%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2462	−0.105%	$97K	$624K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2460	−0.207%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2464	−0.048%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2465	−0.006%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2464	−0.065%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2466	+0.047%	$1.3M	$5.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2464	−0.045%	$48.1M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2464	−0.047%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2464	−0.061%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2454	−0.446%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2466	+0.037%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2461	−0.157%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−0.815%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0566% / S −0.0313%	1h	0.2460	−0.220%	$122K	—	100x	as long as short