Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Backpack−0.057%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.057%, 7d avg −0.010%

Together, before fees+0.232%+$23 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: Bybit is 0.047% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2466	0.0100	pay 0.0013% / 1h	6m 10s	$130K	$445K	15x
Short	Bybit ADAUSDT	0.2465	0.0100	get 0.0100% / 8h	4h 06m	$71.9M	$108.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.057%Rate

Funding earned: $0
Price spread: −0.057% → −0.010%: −$4.71
Slippage, 4 orders: −$8.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.37
Costs to cover: 0.297%
Break-even: never at this rate

Slippage from Backpack: live order book, 53 min ago; Bybit: live order book, 3 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, 53 min ago	0.81 bp	8.5 bp −$8	12.3 bp −$123	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.02 bp	7.5 bp −$8	11.2 bp −$112	35.9 bp −$3,593	148.1 bp −$74.1K

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	0.2465	−0.068%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2467	+0.024%	$160K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2465	−0.043%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.187%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2464	−0.097%	$423K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0092%	1h	0.2466	−0.009%	$6.3M	$12.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2468	+0.057%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2466	−0.028%	$1.2M	$988K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2466	−0.015%	$160K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2466	−0.016%	$104.5M	$370.2M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDTshort	+0.0100%	8h	0.2465	−0.057%	$71.9M	$108.5M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2467	+0.024%	$33.0M	$105.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2464	−0.097%	$98.3M	$59.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2466	−0.016%	$61.7M	$61.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2466	−0.032%	$29.8M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2466	−0.016%	$66.4M	$49.5M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2465	−0.057%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2466	long leg	$130K	$445K	15x
Variational Omni ADA	+0.0100%	8h	0.2465	−0.054%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2476	+0.374%	$66K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2476	+0.404%	$299K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2476	+0.389%	$228K	$747K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2466	−0.008%	$94K	$689K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2465	−0.057%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2467	+0.030%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	+0.022%	$9K	$729K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2466	−0.004%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2467	+0.041%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2467	+0.024%	$48.1M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2466	−0.024%	$536K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2466	−0.032%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0195%	1h	0.2472	+0.215%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2469	+0.105%	$4.5M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0220%	1h	0.2469	+0.085%	$43.6M	$15.1M	10x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2466	−0.016%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0480%	1h	0.2467	+0.041%	$598K	$488K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0595% / S −0.0547%	1h	0.2465	−0.058%	$133K	—	100x	as long as short