Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0412%/8h= +45.1% APRpaid last 24h +0.071%

Price spread now: Deribit against HTX−0.109%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on HTX Short on Deribit

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)+0.165%+$17 · spread now −0.109%, 7d avg +0.022%

Together, before fees+0.152%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.131% cheaper against HTX than usual: you would sell low and buy high (spread −0.109% now, against its 7-day average of +0.022%). If the spread goes back, that is −$13 on $10k: about 25 hours of funding at the current rate (+$12 a day).

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	HTX ADA-USDT	0.2499	0.0100	pay 0.0100% / 8h	3h 54m	$1.4M	$6.4M	75x
Short	Deribit ADA_USDC-PERPETUAL	0.2496	0.0512	get 0.0064% / 1h	54m 19s	$613K	$496K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against HTX. 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 HTXbpFee DeribitbpOrdersPrice spread, now −0.109%Rate

Funding earned: $86.52
Price spread: −0.109% → +0.022%: −$13.08
Slippage, 4 orders: −$18.92
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $35.52
Costs to cover: 0.379%
Break-even: 4.1 days

Slippage from HTX: live order book, 5 min ago; Deribit: live order book, 65 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 HTX live order book, 5 min ago	0.93 bp	9.9 bp −$10	30.3 bp −$303	60.7 bp −$6,067	doesn't fit
Sell Deribit live order book, 65 min ago	2.64 bp	10.0 bp −$10	16.6 bp −$166	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	0.2501	+0.081%	$206K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2500	+0.059%	$294K	$6.5M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2494	−0.166%	$88K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2494	−0.173%	$6.4M	$12.6M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−1.102%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2494	−0.181%	$416K	$8.0M	50x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2501	+0.107%	$1.2M	$998K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2502	+0.135%	$162K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2496	−0.101%	$105.2M	$375.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2494	−0.181%	$73.1M	$109.2M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2496	−0.101%	$33.4M	$107.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2494	−0.181%	$99.9M	$59.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2495	−0.141%	$62.1M	$60.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2501	+0.083%	$30.2M	$15.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2494	−0.181%	$67.3M	$50.1M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2495	−0.141%	—	$6.6M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2489	−0.379%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2486	−0.483%	$66K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2488	−0.421%	$292K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2489	−0.381%	$229K	$748K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2499	+0.011%	$97K	$693K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2494	−0.181%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2496	−0.107%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2496	−0.104%	$8K	$732K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2495	−0.161%	$343	$13K	10x	as long as short
HTX ADA-USDTlong	+0.0100%	8h	0.2499	long leg	$1.4M	$6.4M	75x
Phemex ADAUSDT	+0.0100%	8h	0.2495	−0.141%	$48.7M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2494	−0.189%	$541K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0115%	8h	0.2504	+0.214%	$21K	$250	20x	as long as short
Lighter ADA	+0.0160%	1h	0.2496	−0.109%	$2.5M	$1.0M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2478	−0.818%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2496	−0.101%	$4.6M	$5.8M	75x	as long as short
Backpack ADA_USDC_PERP	+0.0249%	1h	0.2498	−0.013%	$135K	$443K	15x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2495	−0.141%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0512%	1h	0.2496	−0.109%	$613K	$496K	50x
Hyperliquid ADA	+0.0586%	1h	0.2498	−0.021%	$44.1M	$15.2M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0599% / S −0.0547%	1h	0.2494	−0.166%	$135K	—	100x	as long as short