Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against ApeX Omni−0.843%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 4 days (all we have)+0.796%+$80 · spread now −0.843%, 7d avg −0.018%

Together, before fees+0.635%+$64 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.824% cheaper against ApeX Omni than usual: you would sell low and buy high, −$82 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ADAUSDT	0.2445	0.0100	pay 0.0013% / 1h	32m 25s	$198K	$780K	50x
Short	Backpack ADA_USDC_PERP	0.2424	0.0100	get 0.0013% / 1h	32m 25s	$112K	$471K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now −0.843%Rate

Funding earned: $0
Price spread: −0.843% → −0.018%: −$82.42
Slippage, 4 orders: −$18.33
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$120.76
Costs to cover: 0.383%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 16 min ago; Backpack: live order book, 16 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 ApeX Omni live order book, 16 min ago	4.04 bp	11.8 bp −$12	34.9 bp −$349	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	0.61 bp	6.9 bp −$7	11.5 bp −$115	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	0.2424	−0.839%	$199K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2425	−0.818%	$168K	$7.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2424	−0.843%	$83K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2424	−0.846%	$6.2M	$13.4M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2444	−0.037%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.063%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2428	−0.683%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2425	−0.818%	$41.9M	$17.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2424	−0.843%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2427	−0.745%	$155K	$170K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2425	−0.821%	$102.3M	$402.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2425	−0.818%	$71.3M	$121.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2418	−1.104%	$32.4M	$113.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2423	−0.900%	$98.0M	$63.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2424	−0.859%	$53.7M	$64.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2424	−0.867%	$29.0M	$15.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2425	−0.818%	$66.1M	$52.7M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2425	−0.818%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2424	−0.843%	$112K	$471K	15x
Variational Omni ADA	+0.0100%	8h	0.2440	−0.200%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2445	−0.007%	$65K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2442	−0.131%	$291K	$4.0M	10x	as long as short
ApeX Omni ADAUSDTlong	+0.0100%	1h	0.2445	long leg	$198K	$780K	50x
Polymarket Perps ADA-USD	+0.0100%	1h	0.2425	−0.810%	$126K	$874K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2420	−1.022%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2424	−0.868%	$39K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2425	−0.818%	$8K	$753K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2424	−0.838%	$333	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2423	−0.890%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2425	−0.818%	$47.3M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2428	−0.685%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2426	−0.783%	$527K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2422	−0.941%	$366K	$8.1M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2423	−0.900%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2424	−0.878%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0328%	1h	0.2425	−0.826%	$597K	$551K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0642% / S −0.0618%	1h	0.2424	−0.867%	$143K	—	100x	as long as short