Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Derive against Kalshi−0.246%7-day average — · you buy dearer than you sell

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

Long on Kalshi 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—needs both histories

Funding pays, the price is against you. Derive is 0.246% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.246% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$25 on $10k: about 8.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2460	0	get 0.0000% / 8h	1h 05m	$144K	$6.3M	3.2x
Short	Derive ADA-PERP	0.2454	0.0100	get 0.0013% / 1h	5m 52s	$40K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.246%Rate

Funding earned: $21
Price spread: −0.246% → 0.000%: −$24.55
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$19.55
Costs to cover: 0.160%
Break-even: 13.5 days

Slippage unknown: Kalshi: live order book, 3 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 Kalshi live order book, 3 min ago	2.03 bp	7.0 bp −$7	11.1 bp −$111	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	0.2454	−0.256%	$202K	$3K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2460	long leg	$144K	$6.3M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2452	−0.311%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.447%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2452	−0.325%	$405K	$7.7M	50x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	−0.204%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	−0.220%	$159K	$163K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2453	−0.270%	$103.7M	$372.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2452	−0.325%	$71.5M	$111.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2454	−0.244%	$32.7M	$106.1M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2452	−0.325%	$98.4M	$61.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2453	−0.285%	$61.4M	$61.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	−0.248%	$29.6M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	−0.285%	$65.9M	$50.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2454	−0.244%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	−0.224%	$124K	$447K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2452	−0.324%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2466	+0.244%	$66K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2465	+0.206%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2463	+0.122%	$227K	$738K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2452	−0.321%	$93K	$680K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	−0.285%	$6K	$6K	20x	as long as short
Derive ADA-PERPshort	+0.0100%	1h	0.2454	−0.246%	$40K	$2K	5x
SunX ADA-USDT	+0.0100%	8h	0.2454	−0.243%	$8K	$743K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	−0.264%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2453	−0.273%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2454	−0.244%	$47.8M	$6.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	−0.290%	$533K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0108%	8h	0.2455	−0.207%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0117%	1h	0.2455	−0.183%	$42.7M	$14.8M	10x	as long as short
Lighter ADA	+0.0120%	1h	0.2455	−0.191%	$2.4M	$1.1M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2465	+0.183%	$4K	$90K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2458	−0.081%	$4.5M	$5.7M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0262%	1h	0.2454	−0.251%	$6.2M	$12.7M	50x	as long as short
Reya ADARUSDPERP	+0.0279%	1h	0.2452	−0.306%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0402%	1h	0.2454	−0.248%	$589K	$452K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0415% / S −0.0214%	1h	0.2453	−0.299%	$93K	—	100x	as long as short