Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: ApeX Omni against Backpack+0.127%84s7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.389% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 3 days (all we have)−0.089%−$9 · spread now +0.127%, 7d avg +0.019%

Together, before fees+0.079%+$8 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: ApeX Omni is 0.108% dearer against Backpack than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.019%. The two prices were read 84 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2443	0.0100	pay 0.0013% / 1h	46m 17s	$107K	$414K	15x
Short	ApeX Omni ADAUSDT	0.2446	0.0100	get 0.0013% / 1h	46m 17s	$55K	$583K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now +0.127%Rate

Funding earned: $0
Price spread: +0.127% → +0.019%: $10.82
Slippage, 4 orders: −$18.92
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$28.1
Costs to cover: 0.389%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; ApeX Omni: live order book, 26 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 Backpack live order book, 27 min ago	0.41 bp	8.1 bp −$8	9.9 bp −$99	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 26 min ago	4.09 bp	11.2 bp −$11	42.7 bp −$427	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	0.2443	−0.011%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2444	+0.045%	$194K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2442	−0.056%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.150%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2443	+0.004%	$407K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0048%	1h	0.2443	−0.016%	$6.1M	$11.7M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2444	+0.061%	$2.4M	$1.1M	10x	as long as short
Phoenix ADA	+0.0098%	1h	0.2447	+0.180%	$4K	$84K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2444	+0.045%	$42.4M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2442	−0.029%	$1.2M	$939K	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ADA	+0.0100%	1h	0.2444	+0.049%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2443	−0.007%	$101.0M	$365.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	−0.037%	$71.3M	$103.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2444	+0.045%	$32.2M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2441	−0.078%	$97.3M	$58.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2442	−0.037%	$52.3M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2443	−0.012%	$29.9M	$17.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2442	−0.037%	$65.6M	$43.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2443	+0.004%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2443	long leg	$107K	$414K	15x
Variational Omni ADA	+0.0100%	8h	0.2442	−0.032%	$4.2M	$944K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2446	+0.125%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2446	+0.128%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDTshort	+0.0100%	1h	0.2446	+0.127%	$55K	$583K	50x
Polymarket Perps ADA-USD	+0.0100%	1h	0.2441	−0.074%	$93K	$643K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2442	−0.037%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2443	+0.007%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2442	−0.037%	$9K	$766K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2442	−0.016%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2443	0.000%	$1.3M	$5.5M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2442	−0.037%	$47.7M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2444	+0.046%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2442	−0.016%	$550K	$1.8M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2445	+0.086%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2441	−0.076%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0622% / S −0.0393%	1h	0.2441	−0.067%	$141K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.7734%	1h	0.2462	+0.782%	$497K	$431K	50x	as long as short