Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Hyperliquid against Bybit+0.086%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days−0.067%−$7 · spread now +0.086%, 7d avg +0.008%

Together, before fees−0.200%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.078% dearer against Bybit than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2444	0.0100	pay 0.0100% / 8h	6m 03s	$71.1M	$104.0M	75x
Short	Hyperliquid ADA	0.2446	0.0100	get 0.0013% / 1h	6m 03s	$42.4M	$14.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → +0.008%: $7.81
Slippage, 4 orders: −$12.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$24.75
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Hyperliquid: live order book, 7 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 Bybit live order book, 3 min ago	2.04 bp	7.5 bp −$8	10.3 bp −$103	30.0 bp −$2,997	136.4 bp −$68.2K
Sell Hyperliquid live order book, 7 min ago	0.61 bp	7.2 bp −$7	doesn't fit	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	0.2445	+0.028%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2445	+0.041%	$213K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2443	−0.059%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2445	+0.041%	$405K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2445	+0.057%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADAshort	+0.0100%	1h	0.2446	+0.086%	$42.4M	$14.3M	10x
Aster ADAUSDT	+0.0100%	8h	0.2444	+0.010%	$1.2M	$931K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2446	+0.063%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2445	+0.024%	$101.0M	$366.2M	75x	as long as short
Bybit ADAUSDTlong	+0.0100%	8h	0.2444	long leg	$71.1M	$104.0M	75x

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	0.2446	+0.082%	$32.3M	$107.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2443	−0.041%	$97.5M	$60.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2443	−0.041%	$52.3M	$51.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2445	+0.029%	$29.9M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2445	+0.041%	$65.7M	$43.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2444	0.000%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2445	+0.025%	$106K	$418K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2441	−0.116%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2446	+0.069%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2444	+0.001%	$290K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2445	+0.041%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2443	−0.049%	$94K	$641K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2443	−0.041%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2443	−0.044%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2445	+0.042%	$9K	$768K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2444	−0.020%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2443	−0.022%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2444	0.000%	$47.7M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2445	+0.053%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2444	+0.001%	$551K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0114%	1h	0.2444	−0.006%	$6.1M	$11.7M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2446	+0.065%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2442	−0.082%	$4.3M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+1.105%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2442	−0.079%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0364%	1h	0.2444	0.000%	$490K	$430K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0563% / S −0.0313%	1h	0.2442	−0.083%	$121K	—	100x	as long as short