Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0223%/8h= −24.4% APRpaid last 24h −0.081%

Price spread now: MEXC against Deribit−0.078%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$220.215% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 4 days (all we have)−0.045%−$4 · spread now −0.078%, 7d avg −0.039%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and MEXC is 0.039% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.5% 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	0.2444	0.0323	pay 0.0040% / 1h	38m 41s	$602K	$549K	50x
Short	MEXC ADA_USDT	0.2442	0.0100	get 0.0100% / 8h	2h 38m	$58.2M	$63.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$46.83
Price spread: −0.078% → −0.039%: −$3.87
Slippage, 4 orders: −$14.53
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$72.22
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Deribit: live order book, 10 min ago; MEXC: 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, 10 min ago	4.85 bp	8.9 bp −$9	14.7 bp −$147	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	2.03 bp	2.0 bp −$2	3.2 bp −$32	15.9 bp −$1,587	41.5 bp −$20.8K

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	0.2443	−0.052%	$201K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2443	−0.037%	$157K	$7.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2442	−0.059%	$83K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2441	−0.100%	$6.2M	$13.3M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2459	+0.610%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.109%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2445	+0.049%	$2.4M	$989K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2443	−0.037%	$42.2M	$17.0M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2445	+0.038%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2443	−0.030%	$156K	$170K	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	0.2445	+0.046%	$103.1M	$396.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	−0.078%	$71.4M	$119.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2442	−0.078%	$32.6M	$112.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2441	−0.119%	$98.8M	$63.0M	75x	as long as short
MEXC ADA_USDTshort	+0.0100%	8h	0.2442	−0.078%	$58.2M	$63.2M	300x
KuCoin ADAUSDTM	+0.0100%	8h	0.2442	−0.078%	$29.3M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2443	−0.037%	$66.4M	$52.1M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2443	−0.037%	—	$19.9M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2442	−0.098%	$116K	$469K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2456	+0.499%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	+0.848%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	+0.617%	$293K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2457	+0.536%	$228K	$761K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2440	−0.176%	$110K	$746K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2443	−0.037%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2444	−0.012%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2443	−0.037%	$8K	$749K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2442	−0.094%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2443	−0.056%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2442	−0.078%	$47.6M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2443	−0.032%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2442	−0.083%	$531K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2442	−0.078%	$383K	$8.2M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2441	−0.119%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2441	−0.137%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0323%	1h	0.2444	long leg	$602K	$549K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0620% / S −0.0585%	1h	0.2443	−0.050%	$138K	—	100x	as long as short