Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: GRVT against Backpack+0.097%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now +0.097%, 7d avg +0.002%

Together, before fees+0.213%+ Points / potential airdropGRVT: Active · farm board+$21 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: GRVT is 0.095% dearer against Backpack than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2459	0.0100	pay 0.0013% / 1h	37m 17s	$109K	$413K	15x
Short	GRVT ADA_USDT_Perp	0.2461	0.0100	get 0.0100% / 8h	37m 17s	$290K	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.097%Rate

Funding earned: $0
Price spread: +0.097% → +0.002%: $9.53
Slippage, 4 orders: −$14.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$23.69
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; GRVT: live order book, 2 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, 41 min ago	0.20 bp	7.4 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	2.03 bp	10.2 bp −$10	18.2 bp −$182	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	0.2456	−0.107%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2456	−0.126%	$175K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	−0.143%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2457	−0.085%	$405K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2456	−0.134%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2457	−0.077%	$42.5M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2456	−0.115%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2457	−0.079%	$158K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	−0.167%	$102.0M	$362.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2454	−0.207%	$71.6M	$102.7M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2454	−0.207%	$32.4M	$106.9M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2455	−0.167%	$97.4M	$59.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2456	−0.126%	$53.0M	$50.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2457	−0.102%	$30.1M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2456	−0.126%	$65.9M	$43.2M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2456	−0.126%	—	$18.1M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2459	long leg	$109K	$413K	15x
Variational Omni ADA	+0.0100%	8h	0.2460	+0.044%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2458	−0.028%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perpshort	+0.0100%	8h	0.2461	+0.097%	$290K	$3.8M	10x
ApeX Omni ADAUSDT	+0.0100%	1h	0.2458	−0.045%	$56K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2456	−0.122%	$95K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2455	−0.167%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2456	−0.132%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2456	−0.127%	$9K	$762K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2455	−0.167%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	−0.146%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2455	−0.167%	$47.9M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2457	−0.104%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2455	−0.163%	$557K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2455	−0.180%	$6.2M	$11.6M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0117%	1h	0.2456	−0.122%	$499K	$425K	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2459	−0.012%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2454	−0.207%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.484%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2456	−0.122%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0565% / S −0.0313%	1h	0.2455	−0.170%	$122K	—	100x	as long as short