Funding you earn now, next payment 07:00 UTC−0.0490%/8h= −53.7% APRpaid last 24h −0.119%
Price spread now: Kalshi against Deribit+0.016%7-day average −0.108% · you sell dearer than you buy
Net, funding: paid 7d − costs−$71as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$400.404% of the position
Funding, last 7 days−0.310%−$31 on $10k
+Price spread, last 4 days (all we have)−0.154%−$15 · spread now +0.016%, 7d avg −0.108%
=The price spread pays, funding is against you. Kalshi is 0.124% dearer against Deribit than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.108%): +$12 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 20 hours. At the pace of the last 7 days (−0.310% in total) that is about 2.8 days.
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 | Deribit ADA_USDC-PERPETUAL | 0.2433 | 0.0490 | pay 0.0061% / 1h | 46m 09s | $619K | $612K | 50x |
| Short | Kalshi KXADAPERP | 0.2433 | 0 | get 0.0000% / 8h | 5h 46m | $191K | $7.6M | 3.2x |
Deribit ADA_USDC-PERPETUAL
Kalshi KXADAPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$102.9
- Price spread: +0.016% → −0.108%
- $12.41
- Slippage, 4 orders
- −$23.36
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$130.85
- Costs to cover
- 0.404%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 63 min ago; Kalshi: 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, 63 min ago | 4.85 bp | 8.9 bp −$9 | 14.7 bp −$147 | doesn't fit | doesn't fit |
| Sell Kalshi live order book, 3 min ago | 4.10 bp | 13.2 bp −$13 | 21.8 bp −$218 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kalshi KXADAPERPshort | 0.0000% | 8h | 0.2433 | +0.016% | $191K | $7.6M | 3.2x | |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2432 | −0.045% | $83K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | +1.579% | $849 | $202K | 12x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2432 | −0.025% | $6K | $5K | 20x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2431 | −0.058% | $1.2M | $1.1M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2433 | +0.016% | $156K | $178K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2432 | −0.025% | $102.3M | $410.8M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2431 | −0.066% | $71.9M | $125.0M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2432 | −0.025% | $32.3M | $117.8M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2431 | −0.066% | $99.4M | $64.1M | 75x | as long as short |
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Orderly PERP_ADA_USDC
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAP
Gate ADA_USDTShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ADA_USDT | +0.0100% | 8h | 0.2432 | −0.025% | $51.7M | $64.5M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2431 | −0.062% | $29.3M | $15.9M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2431 | −0.066% | $66.0M | $53.6M | 75x | as long as short |
| BingX ADA-USDC | +0.0100% | 8h | 0.2431 | −0.066% | — | $6.5M | — | as long as short |
| Backpack ADA_USDC_PERP | +0.0100% | 1h | 0.2432 | −0.016% | $139K | $485K | 15x | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2437 | +0.185% | $4.2M | $1.0M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2440 | +0.304% | $65K | $287K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2437 | +0.162% | $295K | $4.0M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2439 | +0.263% | $81K | $890K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2431 | −0.078% | $125K | $1.2M | 10x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2432 | −0.031% | $39K | $4K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2434 | +0.056% | $8K | $765K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2433 | +0.016% | $335 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2432 | −0.044% | $1.3M | $7.0M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2431 | −0.066% | $47.2M | $7.4M | 50x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2431 | −0.047% | $511K | $1.8M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0105% | 8h | 0.2434 | +0.049% | $20K | $250 | 20x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0120% | 1h | 0.2438 | +0.222% | $375K | $8.6M | 50x | as long as short |
| dYdX ADA-USD | +0.0133% | 1h | 0.2432 | −0.022% | $200K | $2K | 10x | as long as short |
| Lighter ADA | +0.0136% | 1h | 0.2433 | +0.008% | $2.4M | $1.0M | 10x | as long as short |
| Phoenix ADA | +0.0163% | 1h | 0.2441 | +0.341% | $4K | $111K | 10x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0171% | 1h | 0.2432 | −0.045% | $6.3M | $13.8M | 50x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2438 | +0.222% | $4.4M | $5.8M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0275% | 1h | 0.2431 | −0.085% | $1K | — | 15x | as long as short |
| Hyperliquid ADA | +0.0287% | 1h | 0.2434 | +0.049% | $42.7M | $18.2M | 10x | as long as short |
| Deribit ADA_USDC-PERPETUALlong | +0.0490% | 1h | 0.2433 | long leg | $619K | $612K | 50x | |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0629% / S −0.0728% | 1h | 0.2430 | −0.096% | $163K | — | 100x | as long as short |
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDC
Backpack ADA_USDC_PERP
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Extended ADA-USD
Paradex ADA-USD-PERP
Coinbase International ADA-PERP-INTX
dYdX ADA-USD
Lighter ADA
Phoenix ADA
Kraken Futures PF_ADAUSD
BloFin ADA-USDT
Reya ADARUSDPERP
Hyperliquid ADA
GMX ADA/USD [WBTC.b-USDC]