Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0375%/8h= +41.1% APRpaid last 24h +0.105%

Price spread now: Deribit against OKX+0.125%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now +0.125%, 7d avg +0.019%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.106% dearer against OKX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.019%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.093% in total (about 4.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ADA-USDT-SWAP	0.2480	0.0100	pay 0.0100% / 8h	6h 18m	$32.9M	$111.8M	50x
Short	Deribit ADA_USDC-PERPETUAL	0.2483	0.0475	get 0.0059% / 1h	18m 11s	$620K	$757K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.125%Rate

Funding earned: $78.75
Price spread: +0.125% → +0.019%: $10.58
Slippage, 4 orders: −$13.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $59.06
Costs to cover: 0.303%
Break-even: 1.8 days

Slippage from OKX: live order book, 4 min ago; Deribit: live order book, 33 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 OKX live order book, 4 min ago	2.01 bp	7.0 bp −$7	11.8 bp −$118	32.0 bp −$3,203	doesn't fit
Sell Deribit live order book, 33 min ago	3.43 bp	6.9 bp −$7	13.4 bp −$134	doesn't fit	doesn't fit

ADA on 36 exchanges

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	0.2479	−0.025%	$207K	$5K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2481	+0.040%	$210K	$7.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2478	−0.069%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.363%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2482	+0.073%	$2.4M	$959K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2481	+0.045%	$1.2M	$1.3M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2480	−0.010%	$159K	$157K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2482	+0.081%	$106.5M	$393.5M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2480	0.000%	$74.3M	$124.3M	75x	as long as short
OKX ADA-USDT-SWAPlong	+0.0100%	8h	0.2480	long leg	$32.9M	$111.8M	50x

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2480	0.000%	$102.2M	$61.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2481	+0.040%	$49.6M	$71.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2481	+0.056%	$29.8M	$15.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2481	+0.040%	$67.9M	$51.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2482	+0.081%	—	$18.9M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2482	+0.069%	$140K	$460K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2482	+0.080%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2486	+0.240%	$66K	$290K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2485	+0.218%	$297K	$3.6M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2486	+0.242%	$72K	$899K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2482	+0.065%	$119K	$1.3M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2482	+0.081%	$6K	$4K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2483	+0.120%	$8K	$700K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2482	+0.101%	$341	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2482	+0.080%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2481	+0.040%	$47.9M	$7.6M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2480	−0.010%	$20K	$589	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2481	+0.051%	$547K	$1.7M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2483	+0.121%	$411K	$8.5M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0147%	1h	0.2482	+0.089%	$6.3M	$13.6M	50x	as long as short
Phoenix ADA	+0.0192%	1h	0.2485	+0.202%	$3K	$107K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2481	+0.040%	$4.6M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0270%	1h	0.2481	+0.056%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0318%	1h	0.2483	+0.125%	$44.3M	$17.8M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0370% / S −0.0295%	1h	0.2479	−0.046%	$88K	—	100x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0475%	1h	0.2483	+0.125%	$620K	$757K	50x