Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0645%/8h= +70.6% APRpaid last 24h +0.119%

Price spread now: Deribit against Kalshi+0.114%7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

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

Long on Kalshi Short on Deribit

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)+0.023%+$2 · spread now +0.114%, 7d avg +0.108%

Together, before fees+0.334%+$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.108%, so right now this pair is about funding alone: +$19 a day on $10k at the current rate.

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	Kalshi KXADAPERP	0.2457	0	get 0.0000% / 8h	5h 20m	$198K	$7.6M	3.2x
Short	Deribit ADA_USDC-PERPETUAL	0.2460	0.0645	get 0.0081% / 1h	20m 00s	$628K	$617K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Kalshi. 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 KalshibpFee DeribitbpOrdersPrice spread, now +0.114%Rate

Funding earned: $135.45
Price spread: +0.114% → +0.108%: $0.63
Slippage, 4 orders: −$19
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $100.09
Costs to cover: 0.360%
Break-even: 1.8 days

Slippage from Kalshi: live order book, 4 min ago; Deribit: live order book, 24 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 Kalshi live order book, 4 min ago	4.08 bp	9.6 bp −$10	20.2 bp −$202	doesn't fit	doesn't fit
Sell Deribit live order book, 24 min ago	2.66 bp	10.6 bp −$11	16.8 bp −$168	doesn't fit	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
Kalshi KXADAPERPlong	0.0000%	8h	0.2457	long leg	$198K	$7.6M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.145%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.570%	$849	$202K	12x	as long as short
dYdX ADA-USD	+0.0044%	1h	0.2460	+0.104%	$202K	$2K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2458	+0.041%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2456	−0.057%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2457	−0.009%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	−0.064%	$103.3M	$408.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	−0.081%	$73.0M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2456	−0.041%	$32.8M	$118.5M	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	0.2454	−0.122%	$100.5M	$64.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2456	−0.041%	$52.7M	$65.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	−0.106%	$29.6M	$15.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2454	−0.122%	$66.8M	$53.6M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2454	−0.122%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2453	−0.160%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	−0.222%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2450	−0.284%	$292K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2452	−0.204%	$80K	$892K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	+0.102%	$127K	$1.3M	10x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2459	+0.082%	$8K	$759K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2458	+0.041%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2459	+0.099%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2457	0.000%	$47.6M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2457	+0.017%	$516K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0108%	8h	0.2457	+0.016%	$21K	$250	20x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2460	+0.122%	$382K	$8.5M	50x	as long as short
Lighter ADA	+0.0136%	1h	0.2460	+0.118%	$2.4M	$1.0M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2453	−0.167%	$4K	$111K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0169%	1h	0.2458	+0.046%	$6.4M	$13.9M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0183%	1h	0.2456	−0.041%	$140K	$484K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2452	−0.204%	$4.4M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0274%	1h	0.2459	+0.081%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0311%	1h	0.2456	−0.041%	$43.1M	$18.1M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0632% / S −0.0728%	1h	0.2456	−0.025%	$165K	—	100x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0645%	1h	0.2460	+0.114%	$628K	$617K	50x