Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.013%

Price spread now: Derive against Hyperliquid−0.175%52s7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.175% cheaper against Hyperliquid than usual: you would sell low and buy high, −$18 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 52 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	Hyperliquid ADA	0.2459	0.0100	pay 0.0013% / 1h	43m 16s	$43.2M	$18.2M	10x
Short	Derive ADA-PERP	0.2454	0.0100	get 0.0013% / 1h	43m 16s	$40K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Hyperliquid. 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 HyperliquidbpFee DerivebpOrdersPrice spread, now −0.175%Rate

Funding earned: $0
Price spread: −0.175% → 0.000%: −$17.51
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$32.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Derive: 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 Hyperliquid live order book, 10 min ago	0.20 bp	6.5 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	0.2455	−0.130%	$202K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2455	−0.127%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.508%	$849	$202K	12x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2455	−0.142%	$6K	$5K	20x	as long as short
Hyperliquid ADAlong	+0.0100%	1h	0.2459	long leg	$43.2M	$18.2M	10x
Aster ADAUSDT	+0.0100%	8h	0.2455	−0.156%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	−0.095%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	−0.142%	$103.4M	$407.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2454	−0.183%	$73.0M	$125.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2455	−0.142%	$32.7M	$118.4M	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	0.2455	−0.142%	$100.7M	$64.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2454	−0.183%	$52.4M	$65.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2457	−0.065%	$29.6M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	−0.142%	$66.7M	$53.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2456	−0.102%	—	$20.1M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	−0.155%	$140K	$486K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2458	−0.019%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2460	+0.043%	$66K	$288K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2455	−0.145%	$299K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2457	−0.061%	$78K	$894K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2456	−0.085%	$126K	$1.2M	10x	as long as short
Derive ADA-PERPshort	+0.0100%	1h	0.2454	−0.175%	$40K	$4K	5x
SunX ADA-USDT	+0.0100%	8h	0.2459	+0.019%	$8K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2455	−0.163%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	−0.085%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2454	−0.183%	$47.5M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	−0.169%	$516K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2458	−0.016%	$21K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2456	−0.102%	$179K	$7.6M	3.2x	as long as short
Lighter ADA	+0.0136%	1h	0.2456	−0.094%	$2.4M	$1.0M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2454	−0.183%	$372K	$8.4M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2456	−0.102%	$4.5M	$5.9M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2457	−0.077%	$4K	$112K	10x	as long as short
Reya ADARUSDPERP	+0.0273%	1h	0.2456	−0.082%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0279%	1h	0.2454	−0.198%	$6.3M	$13.9M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0603% / S −0.0679%	1h	0.2456	−0.122%	$156K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4763%	1h	0.2516	+2.343%	$641K	$614K	50x	as long as short