Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Derive+0.075%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.075% dearer against Derive than usual: you sell high and buy low (spread +0.075% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ADA-PERP	0.2459	0.0100	pay 0.0013% / 1h	8m 33s	$40K	$2K	5x
Short	Kalshi KXADAPERP	0.2461	0	get 0.0000% / 8h	7h 08m	$140K	$6.9M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now +0.075%Rate

Funding earned: −$21
Price spread: +0.075% → 0.000%: $7.54
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$29.46
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 5 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	2.02 bp	7.0 bp −$7	14.3 bp −$143	doesn't fit	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2462	+0.099%	$203K	$2K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2461	+0.075%	$140K	$6.9M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2459	+0.001%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2458	−0.053%	$6.3M	$13.2M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.482%	$849	$202K	12x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0035%	1h	0.2459	−0.006%	$605K	$533K	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2462	+0.116%	$396K	$8.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2464	+0.206%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2463	+0.165%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2463	+0.158%	$158K	$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	0.2463	+0.165%	$104.0M	$391.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2462	+0.116%	$73.7M	$116.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2463	+0.157%	$32.9M	$111.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2462	+0.116%	$99.9M	$62.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2463	+0.157%	$59.1M	$62.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2462	+0.104%	$29.7M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2464	+0.197%	$67.1M	$51.5M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2463	+0.157%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2466	+0.280%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2471	+0.499%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2472	+0.523%	$290K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2472	+0.523%	$228K	$756K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2464	+0.189%	$92K	$630K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2458	−0.047%	$6K	$6K	20x	as long as short
Derive ADA-PERPlong	+0.0100%	1h	0.2459	long leg	$40K	$2K	5x
SunX ADA-USDT	+0.0100%	8h	0.2468	+0.357%	$8K	$747K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2459	−0.018%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2460	+0.033%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2461	+0.075%	$48.0M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2464	+0.203%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2462	+0.111%	$534K	$1.8M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0131%	1h	0.2461	+0.075%	$123K	$470K	15x	as long as short
Phoenix ADA	+0.0161%	1h	0.2465	+0.242%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2460	+0.035%	$4.6M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0266%	1h	0.2466	+0.275%	$43.9M	$16.3M	10x	as long as short
Reya ADARUSDPERP	+0.0277%	1h	0.2464	+0.217%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0585%	1h	0.2460	+0.017%	$140K	—	100x	as long as short