Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.003%

Price spread now: Deribit against Orderly+0.069%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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. Deribit is 0.069% dearer against Orderly than usual: you sell high and buy low (spread +0.069% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ADA_USDC	0.2448	0.0100	pay 0.0100% / 8h	2h 51m	$6K	$36K	20x
Short	Deribit ADA_USDC-PERPETUAL	0.2450	0.0077	get 0.0010% / 1h	51m 05s	$476K	$358K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$4.83
Price spread: +0.069% → 0.000%: $6.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$10.89
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 37 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 37 min ago	24.09 bp	29.4 bp −$29	doesn't fit	doesn't fit	doesn't fit

Orderly: 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	0.2447	−0.041%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2450	+0.082%	$153K	$5.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2448	−0.006%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2447	−0.041%	$409K	$7.2M	50x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0077%	1h	0.2450	+0.069%	$476K	$358K	50x
Lighter ADA	+0.0096%	1h	0.2450	+0.102%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2449	+0.049%	$42.4M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2449	+0.030%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2448	−0.020%	$157K	$148K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2449	+0.041%	$101.0M	$356.0M	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	0.2449	+0.041%	$70.6M	$100.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2449	+0.041%	$32.2M	$105.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2446	−0.082%	$96.9M	$57.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2448	0.000%	$52.8M	$56.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	+0.033%	$30.6M	$18.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2449	+0.041%	$65.3M	$42.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2449	+0.041%	—	$20.7M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	+0.049%	$104K	$421K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2453	+0.224%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	+0.216%	$65K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	+0.404%	$296K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2452	+0.163%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2449	+0.025%	$96K	$701K	10x	as long as short
Orderly PERP_ADA_USDClong	+0.0100%	8h	0.2448	long leg	$6K	$36K	20x
Derive ADA-PERP	+0.0100%	1h	0.2449	+0.054%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2448	−0.001%	$9K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2448	+0.016%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2447	−0.052%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2448	0.000%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2449	+0.022%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	−0.008%	$560K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2454	+0.257%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2449	+0.041%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2448	+0.019%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2448	+0.015%	$6.1M	$11.5M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0521% / S −0.0277%	1h	0.2448	+0.011%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2457	+0.368%	$844	$95K	12x	as long as short