Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.8556%/8h= −936.9% APRpaid last 24h +0.004%

Price spread now: KuCoin against Deribit−0.835%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)+0.688%+$69 · spread now −0.835%, 7d avg −0.035%

Together, before fees+0.678%+$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$257 a day on $10k at the current rate, and KuCoin is 0.800% cheaper against Deribit than usual: you would sell low and buy high (−$80 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.010% in total (about -0.5% 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	0.2479	0.8656	pay 0.1082% / 1h	5m 19s	$485K	$377K	50x
Short	KuCoin ADAUSDTM	0.2458	0.0100	get 0.0100% / 8h	1h 05m	$30.2M	$18.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.835%Rate

Funding earned: −$1,796.76
Price spread: −0.835% → −0.035%: −$80.03
Slippage, 4 orders: −$23.16
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1,918.95
Costs to cover: 0.422%
Break-even: never at this rate

Slippage from Deribit: live order book, 13 min ago; KuCoin: live order book, 4 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, 13 min ago	2.85 bp	9.6 bp −$10	16.0 bp −$160	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	1.22 bp	12.6 bp −$13	19.7 bp −$197	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	0.2457	−0.893%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2461	−0.718%	$171K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2459	−0.817%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2453	−1.041%	$411K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2459	−0.790%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2461	−0.722%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2460	−0.738%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2460	−0.774%	$1.2M	$924K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2457	−0.869%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2459	−0.782%	$102.2M	$360.5M	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	0.2459	−0.799%	$71.6M	$102.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2459	−0.799%	$31.9M	$106.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2458	−0.839%	$97.2M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2459	−0.799%	$52.2M	$51.2M	300x	as long as short
KuCoin ADAUSDTMshort	+0.0100%	8h	0.2458	−0.835%	$30.2M	$18.1M	75x
Bitget ADAUSDT	+0.0100%	8h	0.2459	−0.799%	$66.0M	$43.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2459	−0.799%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2460	−0.771%	$107K	$417K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2457	−0.873%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2454	−1.017%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2456	−0.924%	$295K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	−1.041%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	−0.779%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2460	−0.758%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2460	−0.761%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2460	−0.758%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2460	−0.779%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2459	−0.812%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2459	−0.799%	$47.9M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2459	−0.810%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2459	−0.818%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2458	−0.827%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	−0.799%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2460	−0.776%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	−0.315%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2459	−0.809%	$122K	—	100x	as long as short
Deribit ADA_USDC-PERPETUALlong	+0.8656%	1h	0.2479	long leg	$485K	$377K	50x