Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.004%

Price spread now: HTX against Deribit−0.035%7-day average −0.021% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.035%, 7d avg −0.021%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.080%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.2% 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	Deribit ADA_USDC-PERPETUAL	0.2456	0.0320	pay 0.0040% / 1h	19m 10s	$502K	$470K	50x
Short	HTX ADA-USDT	0.2455	0.0100	get 0.0100% / 8h	6h 19m	$1.3M	$5.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$46.2
Price spread: −0.035% → −0.021%: −$1.34
Slippage, 4 orders: −$17.43
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$83.97
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from Deribit: live order book, 50 min ago; HTX: live order book, 5 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 Deribit live order book, 50 min ago	2.62 bp	6.4 bp −$6	13.0 bp −$130	doesn't fit	doesn't fit
Sell HTX live order book, 5 min ago	0.59 bp	11.9 bp −$12	19.1 bp −$191	47.9 bp −$4,785	doesn't fit

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-USD	0.0000%	1h	0.2452	−0.171%	$202K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.130%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.603%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2453	−0.130%	$405K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	−0.004%	$42.8M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	−0.041%	$1.2M	$970K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	−0.139%	$157K	$157K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	−0.008%	$103.0M	$371.9M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	−0.049%	$72.1M	$108.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2457	+0.033%	$32.6M	$107.4M	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	0.2453	−0.130%	$97.8M	$60.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2454	−0.090%	$58.5M	$52.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	−0.085%	$29.9M	$17.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	−0.049%	$65.7M	$47.0M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2455	−0.049%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2451	−0.208%	$126K	$412K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2456	−0.006%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2457	+0.046%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	+0.123%	$300K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2457	+0.033%	$56K	$588K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	−0.033%	$93K	$669K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2455	−0.049%	$6K	$27K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2456	−0.022%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2457	+0.031%	$9K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2456	−0.008%	$338	$13K	10x	as long as short
HTX ADA-USDTshort	+0.0100%	8h	0.2455	−0.035%	$1.3M	$5.8M	75x
Phemex ADAUSDT	+0.0100%	8h	0.2455	−0.049%	$47.8M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2455	−0.034%	$532K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0106%	8h	0.2455	−0.068%	$21K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0110%	8h	0.2454	−0.090%	$163K	$6.3M	3.2x	as long as short
Phoenix ADA	+0.0163%	1h	0.2453	−0.114%	$4K	$87K	10x	as long as short
Lighter ADA	+0.0192%	1h	0.2458	+0.061%	$2.4M	$1.0M	10x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2455	−0.029%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0320%	1h	0.2456	long leg	$502K	$470K	50x
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2455	−0.029%	$6.2M	$12.1M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0416% / S −0.0202%	1h	0.2453	−0.127%	$95K	—	100x	as long as short