Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.003%

Price spread now: Deribit against Phemex+0.045%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.045%, 7d avg +0.027%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.027%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.017% in total (about -0.9% 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	Phemex ADAUSDT	0.2466	0.0100	pay 0.0100% / 8h	7h 31m	$48.2M	$5.8M	50x
Short	Deribit ADA_USDC-PERPETUAL	0.2467	0.0440	get 0.0055% / 1h	31m 41s	$496K	$434K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.045%Rate

Funding earned: $71.4
Price spread: +0.045% → +0.027%: $1.72
Slippage, 4 orders: −$17.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $36.43
Costs to cover: 0.367%
Break-even: 3.4 days

Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 42 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 Phemex live order book, 2 min ago	4.06 bp	10.1 bp −$10	15.6 bp −$156	60.2 bp −$6,023	doesn't fit
Sell Deribit live order book, 42 min ago	2.46 bp	6.6 bp −$7	12.9 bp −$129	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	0.2469	+0.107%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2464	−0.081%	$190K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2464	−0.099%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.203%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2465	−0.041%	$421K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0047%	1h	0.2466	+0.012%	$6.2M	$11.7M	50x	as long as short
Phoenix ADA	+0.0098%	1h	0.2467	+0.024%	$4K	$84K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2470	+0.173%	$1.2M	$947K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2462	−0.142%	$158K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2470	+0.162%	$102.4M	$365.3M	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	0.2470	+0.162%	$72.5M	$104.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2473	+0.284%	$32.6M	$107.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2468	+0.081%	$98.1M	$58.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2469	+0.122%	$52.9M	$51.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2470	+0.146%	$30.3M	$17.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2470	+0.162%	$66.3M	$44.0M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2469	+0.122%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2469	+0.109%	$119K	$408K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	−0.238%	$4.2M	$942K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2461	−0.198%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2462	−0.166%	$288K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2456	−0.406%	$56K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2462	−0.170%	$93K	$645K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2465	−0.041%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2466	+0.003%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	+0.040%	$9K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2467	+0.020%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2466	+0.008%	$1.3M	$5.5M	75x	as long as short
Phemex ADAUSDTlong	+0.0100%	8h	0.2466	long leg	$48.2M	$5.8M	50x
Paradex ADA-USD-PERP	+0.0102%	8h	0.2462	−0.169%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2469	+0.142%	$554K	$1.8M	50x	as long as short
Lighter ADA	+0.0112%	1h	0.2472	+0.227%	$2.5M	$1.1M	10x	as long as short
Hyperliquid ADA	+0.0149%	1h	0.2472	+0.251%	$43.2M	$14.4M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2465	−0.041%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2463	−0.120%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUALshort	+0.0440%	1h	0.2467	+0.045%	$496K	$434K	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0626% / S −0.0393%	1h	0.2464	−0.085%	$142K	—	100x	as long as short