Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0302%/8h= +33.1% APRpaid last 24h +0.004%

Price spread now: Deribit against Phemex+0.171%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)−0.158%−$16 · spread now +0.171%, 7d avg +0.027%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.144% dearer against Phemex than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.027%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% 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	Phemex ADAUSDT	0.2450	0.0100	pay 0.0100% / 8h	6h 42m	$47.7M	$6.4M	50x
Short	Deribit ADA_USDC-PERPETUAL	0.2454	0.0402	get 0.0050% / 1h	42m 36s	$502K	$473K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.171%Rate

Funding earned: $63.42
Price spread: +0.171% → +0.027%: $14.44
Slippage, 4 orders: −$9.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $48.88
Costs to cover: 0.290%
Break-even: 1.6 days

Slippage from Phemex: live order book, 6 min ago; Deribit: live order book, 26 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 Phemex live order book, 6 min ago	2.03 bp	8.0 bp −$8	13.1 bp −$131	37.3 bp −$3,727	doesn't fit
Sell Deribit live order book, 26 min ago	2.62 bp	6.5 bp −$6	14.3 bp −$143	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
dYdX ADA-USD	0.0000%	1h	0.2442	−0.335%	$201K	$4K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	+0.138%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.857%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2453	+0.122%	$406K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2444	−0.237%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2444	−0.226%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	−0.244%	$1.2M	$971K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2443	−0.273%	$158K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2444	−0.238%	$102.1M	$376.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2443	−0.286%	$71.9M	$108.5M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2444	−0.245%	$32.4M	$108.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2442	−0.327%	$97.9M	$58.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2443	−0.286%	$50.2M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2443	−0.273%	$29.8M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2443	−0.286%	$65.3M	$46.6M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2444	−0.245%	—	$20.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	−0.049%	$126K	$422K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2453	+0.127%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2458	+0.331%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	+0.121%	$290K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2460	+0.408%	$56K	$588K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2454	+0.163%	$93K	$656K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	+0.122%	$6K	$28K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.170%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2456	+0.245%	$9K	$774K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	+0.155%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2455	+0.200%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2450	long leg	$47.7M	$6.4M	50x
Extended ADA-USD	+0.0104%	1h	0.2442	−0.310%	$533K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2444	−0.225%	$20K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0109%	8h	0.2457	+0.286%	$195K	$6.2M	3.2x	as long as short
Phoenix ADA	+0.0163%	1h	0.2453	+0.110%	$4K	$87K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	+0.367%	$4.4M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2455	+0.185%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2452	+0.092%	$6.2M	$12.1M	50x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0402%	1h	0.2454	+0.171%	$502K	$473K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0622% / S −0.0389%	1h	0.2454	+0.160%	$140K	—	100x	as long as short