Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0420%/8h= −46.0% APRpaid last 24h −0.071%

Price spread now: HTX against Deribit−0.056%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.056%, 7d avg −0.022%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and HTX is 0.035% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.013% 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	Deribit ADA_USDC-PERPETUAL	0.2468	0.0520	pay 0.0065% / 1h	16m 08s	$599K	$488K	50x
Short	HTX ADA-USDT	0.2467	0.0100	get 0.0100% / 8h	4h 16m	$1.3M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$88.2
Price spread: −0.056% → −0.022%: −$3.48
Slippage, 4 orders: −$18.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$128.87
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Deribit: live order book, 43 min ago; HTX: live order book, 3 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, 43 min ago	2.64 bp	6.1 bp −$6	12.6 bp −$126	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	1.20 bp	8.5 bp −$8	21.0 bp −$210	53.0 bp −$5,304	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	0.2467	−0.060%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2469	+0.041%	$154K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2465	−0.107%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.122%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2463	−0.203%	$428K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0092%	1h	0.2466	−0.064%	$6.3M	$12.7M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2468	+0.004%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2467	−0.039%	$1.2M	$985K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2467	−0.028%	$160K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2466	−0.079%	$104.4M	$370.3M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2465	−0.122%	$71.9M	$108.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2465	−0.122%	$33.0M	$105.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2464	−0.162%	$98.3M	$59.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2466	−0.081%	$61.9M	$60.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2465	−0.105%	$29.8M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2465	−0.122%	$66.4M	$49.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2464	−0.162%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2466	−0.097%	$125K	$442K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2465	−0.119%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2467	−0.032%	$66K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2468	−0.011%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2466	−0.081%	$227K	$746K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2467	−0.045%	$94K	$689K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2466	−0.081%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2468	−0.012%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2468	−0.002%	$9K	$729K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2467	−0.061%	$339	$13K	10x	as long as short
HTX ADA-USDTshort	+0.0100%	8h	0.2467	−0.056%	$1.3M	$6.3M	75x
Phemex ADAUSDT	+0.0100%	8h	0.2467	−0.041%	$48.1M	$6.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2466	−0.068%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2468	0.000%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0190%	1h	0.2466	−0.089%	$42.8M	$14.7M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2470	+0.065%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2467	−0.041%	$4.3M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2466	−0.101%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.0520%	1h	0.2468	long leg	$599K	$488K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0595% / S −0.0547%	1h	0.2466	−0.091%	$133K	—	100x	as long as short