Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0557%/8h= +61.0% APRpaid last 24h +0.108%

Price spread now: Deribit against Kalshi+0.226%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$350.345% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.300%+$30 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.226%, 7d avg +0.111%

Together, before fees+0.250%+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Deribit is 0.115% dearer against Kalshi than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.111%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.300% in total (about 15.6% 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	Kalshi KXADAPERP	0.2474	0	get 0.0000% / 8h	7h 20m	$145K	$6.9M	3.2x
Short	Deribit ADA_USDC-PERPETUAL	0.2480	0.0557	get 0.0070% / 1h	20m 03s	$610K	$533K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Kalshi. 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 KalshibpFee DeribitbpOrdersPrice spread, now +0.226%Rate

Funding earned: $116.97
Price spread: +0.226% → +0.111%: $11.54
Slippage, 4 orders: −$17.53
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $93.98
Costs to cover: 0.345%
Break-even: 1.4 days

Slippage from Kalshi: live order book, 4 min ago; Deribit: live order book, 34 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 Kalshi live order book, 4 min ago	6.03 bp	11.5 bp −$11	20.0 bp −$200	doesn't fit	doesn't fit
Sell Deribit live order book, 34 min ago	2.19 bp	5.9 bp −$6	17.1 bp −$171	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	0.2475	+0.022%	$204K	$2K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2474	long leg	$145K	$6.9M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2477	+0.135%	$85K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2478	+0.171%	$6.3M	$13.2M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.121%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2475	+0.040%	$390K	$8.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2478	+0.162%	$2.5M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2475	+0.044%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2475	+0.034%	$159K	$169K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2475	+0.025%	$105.3M	$386.9M	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	0.2474	0.000%	$74.6M	$114.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2476	+0.081%	$33.2M	$111.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2474	0.000%	$100.5M	$61.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2474	0.000%	$59.7M	$62.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2478	+0.146%	$29.7M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2474	0.000%	$67.4M	$51.5M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2474	0.000%	—	$6.6M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2477	+0.124%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2486	+0.504%	$66K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2486	+0.485%	$301K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2486	+0.485%	$229K	$755K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2478	+0.146%	$93K	$630K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2478	+0.162%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2479	+0.198%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2479	+0.199%	$8K	$741K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2478	+0.182%	$341	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2477	+0.101%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2479	+0.202%	$48.3M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2478	+0.175%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2478	+0.155%	$538K	$1.8M	50x	as long as short
Phoenix ADA	+0.0161%	1h	0.2492	+0.740%	$4K	$95K	10x	as long as short
Backpack ADA_USDC_PERP	+0.0209%	1h	0.2475	+0.053%	$128K	$469K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2479	+0.202%	$4.6M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0277%	1h	0.2478	+0.142%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0377%	1h	0.2475	+0.061%	$44.1M	$16.2M	10x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0557%	1h	0.2480	+0.226%	$610K	$533K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0620% / S −0.0580%	1h	0.2477	+0.120%	$139K	—	100x	as long as short