Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Backpack−0.011%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.011%, 7d avg +0.022%

Together, before fees+0.238%+$24 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: Binance is 0.033% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2461	0.0100	pay 0.0013% / 1h	2m 54s	$109K	$418K	15x
Short	Binance ADAUSDT	0.2461	0.0100	get 0.0100% / 8h	1h 02m	$102.2M	$360.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → +0.022%: −$3.32
Slippage, 4 orders: −$7.06
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$30.38
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Binance: live order book, 11 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, 16 min ago	0.20 bp	7.4 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	2.04 bp	7.0 bp −$7	9.8 bp −$98	25.2 bp −$2,520	73.9 bp −$36.9K

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	0.2460	−0.038%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2462	+0.037%	$154K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2460	−0.063%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2460	−0.045%	$414K	$7.4M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2460	−0.035%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2462	+0.037%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2461	+0.008%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2461	−0.020%	$1.2M	$924K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2462	+0.024%	$157K	$146K	10x	as long as short
Binance ADAUSDTshort	+0.0100%	8h	0.2461	−0.011%	$102.2M	$360.6M	75x

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2460	−0.045%	$71.6M	$102.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2461	−0.004%	$31.9M	$106.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2459	−0.085%	$97.3M	$59.4M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2460	−0.045%	$53.0M	$51.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2461	−0.016%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2460	−0.045%	$66.0M	$43.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2461	−0.004%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2461	long leg	$109K	$418K	15x
Variational Omni ADA	+0.0100%	8h	0.2457	−0.160%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2458	−0.107%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	−0.130%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	−0.329%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2459	−0.081%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2460	−0.045%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2461	+0.004%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2461	−0.004%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2460	−0.033%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2462	+0.023%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2460	−0.045%	$47.9M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2463	+0.074%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2460	−0.044%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2458	−0.114%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2464	+0.118%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2460	−0.062%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.402%	$849	$202K	12x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0400%	1h	0.2461	+0.008%	$480K	$396K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2459	−0.083%	$122K	—	100x	as long as short