Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0301%/8h= −33.0% APRpaid last 24h −0.066%

Price spread now: Bybit against Deribit+0.020%7-day average −0.048% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)−0.412%−$41 · spread now +0.020%, 7d avg −0.048%

Together, before fees−0.473%−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.069% dearer against Deribit than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.048%): +$7 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.061% in total) that is about 7.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.061% in total (about -3.2% 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	0.0401	pay 0.0050% / 1h	44m 16s	$540K	$456K	50x
Short	Bybit ADAUSDT	0.2459	0.0100	get 0.0100% / 8h	5h 44m	$72.6M	$107.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$63.21
Price spread: +0.020% → −0.048%: $6.88
Slippage, 4 orders: −$10.64
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.97
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from Deribit: live order book, 19 min ago; Bybit: 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, 19 min ago	1.63 bp	5.1 bp −$5	12.5 bp −$125	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.04 bp	7.5 bp −$8	11.3 bp −$113	35.3 bp −$3,533	137.7 bp −$68.9K

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	0.2458	−0.013%	$202K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	−0.086%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.508%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2458	−0.020%	$441K	$7.5M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2459	+0.040%	$42.9M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	−0.031%	$1.2M	$985K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2459	+0.016%	$158K	$159K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2458	−0.020%	$103.0M	$367.0M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2459	+0.020%	$72.6M	$107.9M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2461	+0.102%	$32.8M	$105.3M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2456	−0.102%	$98.2M	$58.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2458	−0.020%	$59.9M	$55.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	−0.024%	$29.8M	$16.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2457	−0.061%	$65.7M	$47.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2457	−0.061%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2461	+0.089%	$119K	$420K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2456	−0.099%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2454	−0.187%	$65K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	−0.243%	$287K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2452	−0.264%	$226K	$722K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2458	−0.033%	$94K	$674K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2458	−0.020%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2459	0.000%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2459	+0.020%	$8K	$745K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2458	−0.020%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2458	−0.020%	$1.3M	$6.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2458	−0.020%	$47.8M	$6.3M	50x	as long as short
Kalshi KXADAPERP	+0.0103%	8h	0.2463	+0.183%	$162K	$6.2M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2458	−0.027%	$535K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2460	+0.055%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2456	−0.089%	$4K	$90K	10x	as long as short
Lighter ADA	+0.0176%	1h	0.2460	+0.061%	$2.4M	$1.0M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2462	+0.142%	—	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0261%	1h	0.2458	−0.039%	$6.3M	$12.3M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2457	−0.041%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0401%	1h	0.2459	long leg	$540K	$456K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0416% / S −0.0202%	1h	0.2455	−0.129%	$95K	—	100x	as long as short