Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−2.4660%/8h= −2700.3% APRpaid last 24h +0.004%

Price spread now: Phemex against Deribit−2.440%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$271as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 3 days (all we have)+2.458%+$246 · spread now −2.440%, 7d avg −0.028%

Together, before fees+2.482%+$248 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$740 a day on $10k at the current rate, and Phemex is 2.412% cheaper against Deribit than usual: you would sell low and buy high (−$241 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.024% in total (about 1.3% 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	0.2533	2.4760	pay 0.3095% / 1h	42m 05s	$492K	$349K	50x
Short	Phemex ADAUSDT	0.2471	0.0100	get 0.0100% / 8h	1h 42m	$48.2M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −2.440%Rate

Funding earned: −$5,178.6
Price spread: −2.440% → −0.028%: −$241.23
Slippage, 4 orders: −$10.88
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$5,449.7
Costs to cover: 0.299%
Break-even: never at this rate

Slippage from Deribit: live order book, 42 min ago; Phemex: live order book, 2 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, 42 min ago	3.05 bp	6.6 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.03 bp	8.0 bp −$8	14.8 bp −$148	41.4 bp −$4,138	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	0.2468	−2.570%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2470	−2.479%	$160K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2471	−2.456%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2471	−2.440%	$422K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0094%	1h	0.2471	−2.426%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	−2.357%	$2.5M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2473	−2.377%	$42.8M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2471	−2.440%	$1.2M	$919K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2469	−2.500%	$158K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2473	−2.378%	$102.3M	$355.7M	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	0.2472	−2.401%	$71.7M	$100.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2472	−2.401%	$32.0M	$105.7M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2470	−2.479%	$97.5M	$57.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2472	−2.401%	$53.4M	$50.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2472	−2.401%	$30.5M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2472	−2.401%	$66.2M	$42.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2472	−2.401%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2472	−2.393%	$102K	$417K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2458	−2.943%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2463	−2.768%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2462	−2.779%	$297K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	−2.716%	$56K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2470	−2.460%	$97K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2471	−2.440%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2472	−2.407%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2472	−2.401%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2472	−2.420%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2472	−2.413%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDTshort	+0.0100%	8h	0.2471	−2.440%	$48.2M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0100%	8h	0.2470	−2.489%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2472	−2.398%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2463	−2.764%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2465	−2.677%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2471	−2.432%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−3.467%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2470	−2.466%	$123K	—	100x	as long as short
Deribit ADA_USDC-PERPETUALlong	+2.4760%	1h	0.2533	long leg	$492K	$349K	50x