Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0526%/8h= −57.6% APRpaid last 24h −0.119%

Price spread now: Kalshi against Deribit−0.020%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.310%−$31 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now −0.020%, 7d avg −0.108%

Together, before fees−0.427%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.087% dearer against Deribit than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.108%): +$9 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.310% in total) that is about 47 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.310% in total (about -16.2% 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	0.2452	0.0526	pay 0.0066% / 1h	21m 41s	$626K	$616K	50x
Short	Kalshi KXADAPERP	0.2451	0	get 0.0000% / 8h	5h 21m	$197K	$7.6M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.020%Rate

Funding earned: −$110.46
Price spread: −0.020% → −0.108%: $8.72
Slippage, 4 orders: −$19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$137.73
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Deribit: live order book, 22 min ago; Kalshi: live order book, 2 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, 22 min ago	2.66 bp	6.2 bp −$6	12.7 bp −$127	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	4.08 bp	9.6 bp −$10	17.3 bp −$173	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
Kalshi KXADAPERPshort	0.0000%	8h	0.2451	−0.020%	$197K	$7.6M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2449	−0.084%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.795%	$849	$202K	12x	as long as short
dYdX ADA-USD	+0.0045%	1h	0.2455	+0.126%	$202K	$2K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2450	−0.061%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	+0.129%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	+0.175%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	+0.184%	$103.3M	$407.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	+0.143%	$73.0M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2456	+0.184%	$32.7M	$118.3M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2452	+0.020%	$100.4M	$64.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2456	+0.184%	$52.8M	$65.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2450	−0.049%	$29.5M	$15.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2454	+0.102%	$66.8M	$53.6M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2453	+0.061%	—	$20.2M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2451	−0.017%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2444	−0.291%	$65K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2439	−0.507%	$291K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2447	−0.184%	$80K	$892K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2451	−0.037%	$127K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2436	−0.620%	$39K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	+0.020%	$8K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.041%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2451	−0.008%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2450	−0.061%	$47.5M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2451	−0.004%	$514K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0108%	8h	0.2456	+0.198%	$21K	$250	20x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2451	−0.020%	$382K	$8.5M	50x	as long as short
Lighter ADA	+0.0144%	1h	0.2457	+0.241%	$2.4M	$1.0M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2450	−0.045%	$4K	$111K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0170%	1h	0.2450	−0.047%	$6.3M	$13.9M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0178%	1h	0.2451	−0.020%	$139K	$483K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2453	+0.061%	$4.4M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0274%	1h	0.2451	−0.040%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0306%	1h	0.2456	+0.196%	$43.2M	$18.1M	10x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0526%	1h	0.2452	long leg	$626K	$616K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0631% / S −0.0728%	1h	0.2449	−0.083%	$164K	—	100x	as long as short