ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0023%/8h= +2.6% APRnext payment +$0.03 per $10,000 · paid last 24h +0.007%

Price spread now: Hyperliquid against Backpack+0.150%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now +0.150%, 7d avg +0.010%

Together, before fees+0.050%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.140% dearer against Backpack than usual: you sell high and buy low: +$14 more if the spread 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	0.2459	0.0100	pay 0.0013% / 1h	58m 40s	$126K	$448K	15x
Short	Hyperliquid ADA	0.2462	0.0123	get 0.0015% / 1h	58m 40s	$42.8M	$14.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.150%Rate

Funding earned: $4.9
Price spread: +0.150% → +0.010%: $14.02
Slippage, 4 orders: −$8.91
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9
Costs to cover: 0.279%
Break-even: 19.9 days

Slippage from Backpack: live order book, 65 min ago; Hyperliquid: 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, 65 min ago	0.61 bp	8.2 bp −$8	11.0 bp −$110	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.81 bp	7.0 bp −$7	9.7 bp −$97	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	0.2459	+0.002%	$202K	$3K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2457	−0.061%	$140K	$6.3M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2455	−0.155%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.508%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2457	−0.061%	$409K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0092%	1h	0.2459	+0.003%	$6.3M	$12.8M	50x	as long as short
Polymarket Perps ADA-USD	+0.0092%	1h	0.2454	−0.183%	$91K	$683K	10x	as long as short
Lighter ADA	+0.0096%	1h	0.2462	+0.142%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2460	+0.058%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2461	+0.086%	$160K	$161K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2460	+0.063%	$104.0M	$373.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2459	+0.020%	$71.8M	$111.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2459	+0.020%	$32.7M	$106.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2458	−0.020%	$98.6M	$58.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2459	+0.020%	$61.3M	$59.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2460	+0.061%	$29.7M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2458	−0.020%	$66.0M	$50.2M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2457	−0.061%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2459	long leg	$126K	$448K	15x
Variational Omni ADA	+0.0100%	8h	0.2454	−0.183%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2455	−0.138%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2456	−0.107%	$293K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2456	−0.102%	$226K	$739K	50x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2457	−0.061%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2458	−0.014%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2458	−0.020%	$8K	$743K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2457	−0.045%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2457	−0.074%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2459	+0.020%	$47.9M	$6.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2458	−0.003%	$531K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0107%	8h	0.2460	+0.060%	$21K	$250	20x	as long as short
Hyperliquid ADAshort	+0.0123%	1h	0.2462	+0.150%	$42.8M	$14.9M	10x
Phoenix ADA	+0.0163%	1h	0.2456	−0.102%	$4K	$89K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2455	−0.142%	$4.5M	$5.7M	75x	as long as short
Reya ADARUSDPERP	+0.0279%	1h	0.2454	−0.184%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0415% / S −0.0214%	1h	0.2455	−0.154%	$93K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0646%	1h	0.2459	+0.016%	$587K	$485K	50x	as long as short