Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.004%

Price spread now: Deribit against Bybit+0.016%45s7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.280% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now +0.016%, 7d avg +0.051%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.034% cheaper against Bybit than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.051%). If the spread goes back, that is −$3 on $10k: about 15 hours of funding at the current rate (+$5 a day). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2454	0.0100	pay 0.0100% / 8h	6h 48m	$72.3M	$108.1M	75x
Short	Deribit ADA_USDC-PERPETUAL	0.2454	0.0280	get 0.0035% / 1h	48m 30s	$499K	$470K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.016%Rate

Funding earned: $37.8
Price spread: +0.016% → +0.051%: −$3.42
Slippage, 4 orders: −$10.01
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $6.37
Costs to cover: 0.280%
Break-even: 5.8 days

Slippage from Bybit: live order book, 6 min ago; Deribit: live order book, 20 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 Bybit live order book, 6 min ago	2.05 bp	7.5 bp −$8	10.5 bp −$105	31.0 bp −$3,103	170.6 bp −$85.3K
Sell Deribit live order book, 20 min ago	2.62 bp	6.5 bp −$6	14.3 bp −$143	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	0.2457	+0.135%	$202K	$4K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2454	+0.019%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.693%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2456	+0.081%	$410K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2458	+0.167%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	+0.033%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2457	+0.135%	$1.2M	$968K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2457	+0.130%	$159K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	+0.055%	$102.3M	$375.0M	75x	as long as short
Bybit ADAUSDTlong	+0.0100%	8h	0.2454	long leg	$72.3M	$108.1M	75x

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2455	+0.041%	$32.5M	$108.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2457	+0.122%	$98.4M	$58.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2456	+0.081%	$50.2M	$50.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	+0.175%	$30.1M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	−0.041%	$65.5M	$46.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2456	+0.081%	—	$20.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2456	+0.094%	$126K	$424K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2450	−0.158%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2444	−0.424%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2444	−0.407%	$291K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2451	−0.122%	$56K	$587K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	+0.045%	$93K	$656K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	−0.041%	$6K	$28K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2455	+0.031%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2460	+0.246%	$9K	$773K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	+0.016%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2459	+0.184%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2454	0.000%	$47.8M	$6.4M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2461	+0.285%	$200K	$6.2M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	+0.016%	$533K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2456	+0.099%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2457	+0.143%	$4K	$87K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	+0.204%	$4.4M	$5.6M	75x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0280%	1h	0.2454	+0.016%	$499K	$470K	50x
Reya ADARUSDPERP	+0.0282%	1h	0.2453	−0.060%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2454	−0.015%	$6.2M	$12.0M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0622% / S −0.0389%	1h	0.2453	−0.029%	$140K	—	100x	as long as short