Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.023%

Price spread now: Bybit against dYdX−0.142%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$325as in the Funding arb table

Net, price: spread back to 7d avg − costs−$350as in the Price arb table

costs, in and out, $10k−$3363.359% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.142%, 7d avg −0.002%

Together, before fees+0.264%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.141% cheaper against dYdX than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of −0.002%). If the spread goes back, that is −$14 on $10k: about 4.7 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.104% in total) that is about 9.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ADA-USD	0.2459	0	get 0.0000% / 1h	32m 11s	$202K	$3K	10x
Short	Bybit ADAUSDT	0.2455	0.0100	get 0.0100% / 8h	6h 32m	$72.1M	$109.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.142%Rate

Funding earned: $21
Price spread: −0.142% → −0.002%: −$14.1
Slippage, 4 orders: −$314.89
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$328.99
Costs to cover: 3.359%
Break-even: 116.7 days

Slippage from dYdX: live order book, 37 min ago; Bybit: 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 dYdX live order book, 37 min ago	75.22 bp	238.7 bp −$239	238.8 bp −$2,388	238.8 bp −$23.9K	281.4 bp −$140.7K
Sell Bybit live order book, 2 min ago	2.04 bp	9.4 bp −$9	13.2 bp −$132	34.7 bp −$3,470	157.3 bp −$78.6K

ADA on 36 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-USDlong	0.0000%	1h	0.2459	long leg	$202K	$3K	10x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	−0.118%	$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	+0.0048%	1h	0.2458	−0.020%	$400K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	−0.094%	$42.8M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	−0.013%	$1.2M	$973K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2458	−0.026%	$159K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	−0.117%	$102.6M	$375.3M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2455	−0.142%	$72.1M	$109.0M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2455	−0.142%	$32.6M	$108.0M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2454	−0.183%	$97.8M	$59.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2454	−0.183%	$49.4M	$51.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2457	−0.077%	$30.0M	$17.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2454	−0.183%	$65.6M	$46.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2455	−0.142%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2456	−0.118%	$125K	$423K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2452	−0.260%	$4.2M	$991K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	−0.209%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	−0.220%	$290K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	−0.183%	$56K	$589K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	+0.045%	$92K	$665K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2456	−0.102%	$6K	$27K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2457	−0.053%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	−0.267%	$9K	$771K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2457	−0.081%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	−0.091%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2455	−0.142%	$47.8M	$6.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2455	−0.128%	$532K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2458	−0.014%	$21K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0112%	8h	0.2453	−0.224%	$148K	$6.3M	3.2x	as long as short
Lighter ADA	+0.0160%	1h	0.2456	−0.102%	$2.4M	$1.0M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2457	−0.053%	$4K	$87K	10x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2460	+0.042%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2456	−0.121%	$6.2M	$12.1M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0416% / S −0.0202%	1h	0.2456	−0.109%	$95K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4755%	1h	0.2517	+2.375%	$515K	$472K	50x	as long as short