Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Orderly against Derive+0.037%357s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.037% dearer against Derive than usual: you sell high and buy low, +$4 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 357 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ADA-PERP	0.2462	0.0100	pay 0.0013% / 1h	51m 17s	$40K	$4K	5x
Short	Orderly PERP_ADA_USDC	0.2463	0.0100	get 0.0100% / 8h	7h 51m	$6K	$5K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Derive. 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 DerivebpFee OrderlybpOrdersPrice spread, now +0.037%Rate

Funding earned: $0
Price spread: +0.037% → 0.000%: $3.7
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$8.3
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Derive and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.192%	$202K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2461	−0.026%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.362%	$849	$202K	12x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2462	+0.005%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2460	−0.089%	$158K	$181K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2464	+0.084%	$104.2M	$407.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2462	−0.004%	$73.5M	$127.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2463	+0.037%	$32.8M	$119.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2462	−0.004%	$101.0M	$61.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2463	+0.037%	$59.9M	$67.2M	300x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ADAUSDTM	+0.0100%	8h	0.2463	+0.037%	$29.6M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2462	−0.004%	$66.9M	$54.1M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2463	+0.037%	—	$20.3M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2455	−0.284%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2458	−0.154%	$66K	$288K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	−0.130%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2459	−0.125%	$75K	$896K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2463	+0.025%	$117K	$1.4M	10x	as long as short
Orderly PERP_ADA_USDCshort	+0.0100%	8h	0.2463	+0.037%	$6K	$5K	20x
Derive ADA-PERPlong	+0.0100%	1h	0.2462	long leg	$40K	$4K	5x
SunX ADA-USDT	+0.0100%	8h	0.2464	+0.087%	$8K	$754K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2464	+0.057%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2464	+0.091%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2462	−0.004%	$47.6M	$7.6M	50x	as long as short
Kalshi KXADAPERP	+0.0101%	8h	0.2460	−0.085%	$204K	$7.8M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2463	+0.032%	$506K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2460	−0.088%	$21K	$250	20x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2453	−0.369%	$365K	$8.5M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2456	−0.255%	$3K	$113K	10x	as long as short
Lighter ADA	+0.0192%	1h	0.2465	+0.098%	$2.4M	$996K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0198%	1h	0.2464	+0.060%	$6.4M	$14.1M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0199%	1h	0.2460	−0.077%	$142K	$485K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2461	−0.044%	$4.5M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0272%	1h	0.2463	+0.038%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0341%	1h	0.2465	+0.102%	$43.3M	$18.5M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0370% / S −0.0295%	1h	0.2462	−0.005%	$87K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0562%	1h	0.2465	+0.102%	$639K	$739K	50x	as long as short