Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0497%/8h= +54.4% APRpaid last 24h +0.071%

Price spread now: Deribit against Phemex−0.056%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.056%, 7d avg +0.026%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.082% cheaper against Phemex than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of +0.026%). If the spread goes back, that is −$8 on $10k: about 13 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.052% in total) that is about 11 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.052% in total (about 2.7% 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	Phemex ADAUSDT	0.2483	0.0100	pay 0.0100% / 8h	4h 01m	$48.5M	$6.6M	50x
Short	Deribit ADA_USDC-PERPETUAL	0.2482	0.0597	get 0.0075% / 1h	1m 18s	$602K	$488K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.056%Rate

Funding earned: $104.37
Price spread: −0.056% → +0.026%: −$8.23
Slippage, 4 orders: −$16.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $60.26
Costs to cover: 0.359%
Break-even: 3.0 days

Slippage from Phemex: live order book, 3 min ago; Deribit: live order book, 58 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 Phemex live order book, 3 min ago	2.02 bp	11.7 bp −$12	16.2 bp −$162	40.4 bp −$4,040	doesn't fit
Sell Deribit live order book, 58 min ago	2.64 bp	10.0 bp −$10	16.6 bp −$166	doesn't fit	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	0.2481	−0.079%	$204K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2480	−0.121%	$167K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2480	−0.119%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.483%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2481	−0.081%	$420K	$7.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0091%	1h	0.2480	−0.103%	$6.3M	$12.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2482	−0.020%	$2.5M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2481	−0.081%	$1.2M	$990K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2483	−0.003%	$161K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2483	−0.006%	$105.2M	$371.0M	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	0.2480	−0.121%	$72.4M	$108.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2482	−0.040%	$33.3M	$106.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2480	−0.121%	$99.2M	$59.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2481	−0.081%	$61.7M	$61.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2482	−0.048%	$30.0M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2481	−0.081%	$66.8M	$49.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2481	−0.081%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2479	−0.173%	$131K	$441K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2465	−0.722%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2473	−0.412%	$66K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2473	−0.402%	$290K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2471	−0.483%	$228K	$748K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2482	−0.048%	$95K	$690K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2481	−0.081%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2481	−0.071%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2482	−0.041%	$9K	$729K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2480	−0.101%	$341	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2483	−0.003%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2483	long leg	$48.5M	$6.6M	50x
Extended ADA-USD	+0.0104%	1h	0.2480	−0.109%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0111%	8h	0.2483	+0.008%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0195%	1h	0.2472	−0.451%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2482	−0.040%	$4.6M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0249%	1h	0.2484	+0.044%	$43.8M	$15.2M	10x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2481	−0.080%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0597% / S −0.0547%	1h	0.2479	−0.155%	$134K	—	100x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0597%	1h	0.2482	−0.056%	$602K	$488K	50x