Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.011%

Price spread now: Derive against Hyperliquid−0.130%52s7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Derive

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—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.130% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 52 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	Hyperliquid ADA	0.2457	0.0100	pay 0.0013% / 1h	12m 25s	$42.5M	$14.3M	10x
Short	Derive ADA-PERP	0.2453	0.0100	get 0.0013% / 1h	12m 25s	$40K	$3K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Hyperliquid. 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 HyperliquidbpFee DerivebpOrdersPrice spread, now −0.130%Rate

Funding earned: $0
Price spread: −0.130% → 0.000%: −$12.96
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$27.96
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Derive: 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 Hyperliquid live order book, 11 min ago	1.02 bp	6.5 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	0.2456	−0.042%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2456	−0.024%	$154K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	−0.044%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2459	+0.098%	$411K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2454	−0.102%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2457	+0.024%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADAlong	+0.0100%	1h	0.2457	long leg	$42.5M	$14.3M	10x
Aster ADAUSDT	+0.0100%	8h	0.2456	−0.033%	$1.2M	$922K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	−0.020%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	−0.024%	$102.0M	$360.3M	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	0.2456	−0.024%	$71.5M	$102.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2456	−0.024%	$31.9M	$105.9M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2454	−0.106%	$97.0M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2456	−0.024%	$52.8M	$51.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2456	−0.041%	$30.2M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	−0.065%	$65.8M	$43.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2455	−0.065%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	−0.069%	$101K	$415K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2458	+0.065%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2459	+0.092%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	+0.065%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2460	+0.138%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2456	−0.041%	$96K	$625K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2456	−0.024%	$6K	$36K	20x	as long as short
Derive ADA-PERPshort	+0.0100%	1h	0.2453	−0.130%	$40K	$3K	5x
SunX ADA-USDT	+0.0100%	8h	0.2454	−0.103%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	−0.114%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2453	−0.130%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2454	−0.106%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2456	−0.021%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2455	−0.065%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2455	−0.057%	$4K	$74K	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0158%	1h	0.2454	−0.110%	$479K	$351K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2454	−0.106%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2456	−0.021%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.586%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0566% / S −0.0313%	1h	0.2455	−0.053%	$122K	—	100x	as long as short