Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Polymarket Perps−0.049%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now −0.049%, 7d avg −0.014%

Together, before fees+0.075%+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.035% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ADA-USD	0.2463	0.0100	pay 0.0013% / 1h	43m 26s	$94K	$635K	10x
Short	Bybit ADAUSDT	0.2462	0.0100	get 0.0100% / 8h	2h 43m	$73.1M	$117.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Polymarket Perps. 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 Polymarket PerpsbpFee BybitbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0
Price spread: −0.049% → −0.014%: −$3.49
Slippage, 4 orders: −$12.67
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.16
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Bybit: live order book, 6 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 Polymarket Perps live order book, 4 min ago	3.04 bp	7.4 bp −$7	10.2 bp −$102	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	2.02 bp	8.6 bp −$9	12.2 bp −$122	38.3 bp −$3,832	139.3 bp −$69.7K

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	0.2465	+0.071%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2468	+0.195%	$152K	$7.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2462	−0.028%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0019%	1h	0.2468	+0.184%	$6.3M	$13.3M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2470	+0.272%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.317%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2468	+0.199%	$2.4M	$987K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2465	+0.073%	$43.8M	$16.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2463	+0.003%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2466	+0.128%	$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	0.2462	−0.029%	$103.9M	$393.3M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2462	−0.049%	$73.1M	$117.4M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2463	−0.008%	$33.0M	$112.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2463	−0.008%	$99.6M	$62.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2462	−0.049%	$59.3M	$62.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2464	+0.012%	$29.6M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2463	−0.008%	$67.0M	$51.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2462	−0.049%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2467	+0.157%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2470	+0.274%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2471	+0.317%	$289K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2470	+0.276%	$229K	$760K	50x	as long as short
Polymarket Perps ADA-USDlong	+0.0100%	1h	0.2463	long leg	$94K	$635K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2469	+0.235%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2469	+0.240%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2470	+0.277%	$8K	$747K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2468	+0.191%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2469	+0.220%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2467	+0.154%	$48.1M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2467	+0.136%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2465	+0.067%	$537K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2467	+0.154%	$395K	$8.3M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0140%	1h	0.2468	+0.191%	$124K	$457K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2468	+0.195%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2463	−0.007%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0317%	1h	0.2469	+0.252%	$607K	$542K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0585%	1h	0.2461	−0.081%	$140K	—	100x	as long as short