Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0222%/8h= −24.3% APRpaid last 24h −0.071%

Price spread now: Binance against Deribit0.000%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 4 days (all we have)−0.216%−$22 · spread now 0.000%, 7d avg −0.020%

Together, before fees−0.291%−$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: −$7 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 -0.075% in total (about -3.9% 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	Deribit ADA_USDC-PERPETUAL	0.2450	0.0322	pay 0.0040% / 1h	42m 56s	$593K	$494K	50x
Short	Binance ADAUSDT	0.2450	0.0100	get 0.0100% / 8h	4h 42m	$103.6M	$372.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$46.62
Price spread: 0.000% → −0.020%: $1.96
Slippage, 4 orders: −$13.18
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$74.84
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Deribit: live order book, 16 min ago; Binance: live order book, 16 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 Deribit live order book, 16 min ago	2.64 bp	6.1 bp −$6	12.6 bp −$126	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	2.04 bp	7.0 bp −$7	9.8 bp −$98	22.4 bp −$2,243	71.2 bp −$35.6K

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	0.2454	+0.182%	$202K	$3K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2453	+0.127%	$160K	$6.3M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2450	+0.019%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.861%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2453	+0.127%	$432K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0092%	1h	0.2449	−0.025%	$6.3M	$12.8M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2451	+0.045%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2450	+0.004%	$1.2M	$983K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	+0.216%	$159K	$162K	10x	as long as short
Binance ADAUSDTshort	+0.0100%	8h	0.2450	0.000%	$103.6M	$372.9M	75x

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2450	+0.004%	$71.5M	$111.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2450	+0.004%	$32.6M	$105.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	−0.078%	$97.8M	$59.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2448	−0.078%	$61.1M	$60.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	−0.024%	$29.6M	$15.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2449	−0.037%	$65.8M	$50.2M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2449	−0.037%	—	$20.1M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	−0.029%	$124K	$444K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2446	−0.157%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2446	−0.169%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	−0.078%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2447	−0.118%	$226K	$743K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2452	+0.106%	$94K	$687K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2449	−0.037%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2449	−0.017%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	+0.087%	$8K	$740K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.016%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2450	+0.009%	$1.3M	$6.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2450	+0.004%	$47.7M	$6.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	−0.083%	$531K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0107%	8h	0.2455	+0.225%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0123%	1h	0.2451	+0.041%	$42.6M	$14.9M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2454	+0.184%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2450	+0.004%	$4.5M	$5.7M	75x	as long as short
Reya ADARUSDPERP	+0.0279%	1h	0.2450	+0.024%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0322%	1h	0.2450	long leg	$593K	$494K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0592% / S −0.0547%	1h	0.2450	+0.005%	$132K	—	100x	as long as short