Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0608%/8h= −66.6% APRpaid last 24h −0.078%

Price spread now: edgeX against Deribit−0.292%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.292%, 7d avg −0.043%

Together, before fees+0.007%+ Points / potential airdropedgeX: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and edgeX is 0.249% cheaper against Deribit than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.005% in total (about 0.3% 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	0.2508	0.0708	pay 0.0088% / 1h	31m 16s	$622K	$523K	50x
Short	edgeX ADAUSDC	0.2501	0.0100	get 0.0050% / 4h	3h 31m	$67K	$286K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.292%Rate

Funding earned: −$127.68
Price spread: −0.292% → −0.043%: −$24.87
Slippage, 4 orders: −$20.92
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$189.47
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Deribit: live order book, 23 min ago; edgeX: live order book, 22 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, 23 min ago	2.19 bp	6.1 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 22 min ago	7.95 bp	12.4 bp −$12	26.8 bp −$268	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	0.2501	−0.302%	$206K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2502	−0.251%	$152K	$6.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2505	−0.121%	$86K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0025%	1h	0.2506	−0.084%	$6.4M	$13.0M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−1.487%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2506	−0.092%	$388K	$8.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2504	−0.171%	$2.5M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2506	−0.099%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2502	−0.247%	$161K	$170K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2508	−0.015%	$107.0M	$383.1M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2506	−0.092%	$75.2M	$112.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2507	−0.052%	$33.6M	$111.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2506	−0.092%	$102.5M	$60.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2506	−0.092%	$61.2M	$61.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2506	−0.100%	$30.1M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2506	−0.092%	$68.2M	$51.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2507	−0.052%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2508	−0.010%	$4.4M	$1.1M	—	as long as short
edgeX ADAUSDCshort	+0.0100%	4h	0.2501	−0.292%	$67K	$286K	20x
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2501	−0.306%	$302K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2500	−0.331%	$230K	$753K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2507	−0.060%	$96K	$617K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2506	−0.092%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2507	−0.055%	$41K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2508	−0.014%	$9K	$738K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2506	−0.072%	$345	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2502	−0.257%	$1.4M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2505	−0.132%	$48.8M	$6.9M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2506	−0.081%	$542K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0113%	8h	0.2500	−0.312%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0161%	1h	0.2502	−0.267%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2501	−0.291%	$4.6M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0277%	1h	0.2506	−0.073%	$1K	—	15x	as long as short
Backpack ADA_USDC_PERP	+0.0311%	1h	0.2500	−0.319%	$139K	$461K	15x	as long as short
Hyperliquid ADA	+0.0476%	1h	0.2509	+0.012%	$44.9M	$16.0M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0617% / S −0.0569%	1h	0.2505	−0.129%	$139K	—	100x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0708%	1h	0.2508	long leg	$622K	$523K	50x