Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.036%

Price spread now: BloFin against Backpack+0.081%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

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

costs, in and out, $10k−$340.339% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.339%+$34 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.081%, 7d avg +0.038%

Together, before fees+0.370%+$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BloFin is 0.043% dearer against Backpack than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2461	0.0166	pay 0.0021% / 1h	8m 33s	$136K	$484K	15x
Short	BloFin ADA-USDT	0.2463	0.0220	get 0.0220% / 8h	1h 08m	$4.5M	$5.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.081%Rate

Funding earned: $11.27
Price spread: +0.081% → +0.038%: $4.3
Slippage, 4 orders: −$11.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$18.31
Costs to cover: 0.339%
Break-even: 18.4 days

Slippage from Backpack: live order book, 35 min ago; BloFin: live order book, 5 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, 35 min ago	0.62 bp	5.6 bp −$6	7.9 bp −$79	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	4.06 bp	10.1 bp −$10	13.3 bp −$133	26.2 bp −$2,623	54.2 bp −$27.1K

ADA on 36 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
Kalshi KXADAPERP	0.0000%	8h	0.2460	−0.041%	$175K	$7.6M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2460	−0.029%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.406%	$849	$202K	12x	as long as short
dYdX ADA-USD	+0.0034%	1h	0.2456	−0.186%	$202K	$2K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2461	0.000%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	−0.125%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2458	−0.112%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2458	−0.122%	$103.6M	$407.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2457	−0.163%	$73.1M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2457	−0.163%	$32.7M	$118.3M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2457	−0.163%	$100.6M	$65.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2457	−0.163%	$51.8M	$65.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2458	−0.126%	$29.4M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2458	−0.122%	$66.9M	$53.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2458	−0.122%	—	$20.2M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	−0.039%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2462	+0.045%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2461	−0.003%	$294K	$3.9M	10x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2458	−0.138%	$128K	$1.3M	10x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2461	+0.001%	$8K	$757K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2461	−0.004%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2461	+0.019%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2460	−0.041%	$47.7M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2457	−0.170%	$516K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0106%	8h	0.2459	−0.101%	$21K	$250	20x	as long as short
ApeX Omni ADAUSDT	+0.0120%	1h	0.2461	0.000%	$79K	$893K	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2461	0.000%	$371K	$8.5M	50x	as long as short
Lighter ADA	+0.0128%	1h	0.2460	−0.057%	$2.4M	$1.0M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2464	+0.102%	$4K	$111K	10x	as long as short
Backpack ADA_USDC_PERPlong	+0.0166%	1h	0.2461	long leg	$136K	$484K	15x
Kraken Futures PF_ADAUSD	+0.0169%	1h	0.2461	−0.009%	$6.3M	$13.9M	50x	as long as short
BloFin ADA-USDTshort	+0.0220%	8h	0.2463	+0.081%	$4.5M	$5.9M	75x
Reya ADARUSDPERP	+0.0274%	1h	0.2458	−0.102%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0302%	1h	0.2459	−0.073%	$43.2M	$18.1M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0522%	1h	0.2462	+0.057%	$628K	$617K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0603% / S −0.0679%	1h	0.2460	−0.028%	$156K	—	100x	as long as short