Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h +0.004%

Price spread now: Orderly against Deribit−0.053%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Orderly is 0.053% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ADA_USDC-PERPETUAL	0.2462	0.0360	pay 0.0045% / 1h	16m 17s	$481K	$351K	50x
Short	Orderly PERP_ADA_USDC	0.2461	0.0100	get 0.0100% / 8h	1h 16m	$6K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.053%Rate

Funding earned: −$54.6
Price spread: −0.053% → 0.000%: −$5.28
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$72.88
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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, 2 min ago	2.85 bp	9.6 bp −$10	16.0 bp −$160	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2458	−0.189%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2458	−0.175%	$154K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2461	−0.072%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2460	−0.093%	$410K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2460	−0.113%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2461	−0.061%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2462	−0.012%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2462	−0.030%	$1.2M	$921K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2459	−0.118%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2462	−0.023%	$102.2M	$360.5M	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	0.2461	−0.053%	$71.5M	$102.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2461	−0.053%	$31.9M	$106.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2460	−0.093%	$97.2M	$59.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2461	−0.053%	$53.6M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2462	−0.032%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2461	−0.053%	$65.9M	$43.2M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2461	−0.053%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2458	−0.162%	$101K	$414K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2453	−0.370%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2456	−0.269%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2456	−0.275%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2455	−0.296%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2461	−0.065%	$96K	$625K	10x	as long as short
Orderly PERP_ADA_USDCshort	+0.0100%	8h	0.2461	−0.053%	$6K	$36K	20x
Derive ADA-PERP	+0.0100%	1h	0.2462	−0.017%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2462	−0.010%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2460	−0.081%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2461	−0.061%	$1.3M	$5.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2460	−0.093%	$48.0M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2460	−0.098%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2460	−0.113%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2459	−0.154%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2460	−0.093%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2461	−0.070%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.353%	$849	$202K	12x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0360%	1h	0.2462	long leg	$481K	$351K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2461	−0.062%	$122K	—	100x	as long as short