Funding you earn now, next payment 05:00 UTC−0.0105%/8h= −11.5% APRnext payment −$0.13 per $10,000 · paid last 24h 0.000%
Price spread now: Injective against Backpack+0.158%48s7-day average −0.285% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.081%+$8 on $10k
+Price spread, last 4 days (all we have)−0.869%−$87 · spread now +0.158%, 7d avg −0.285%
=The price spread pays, funding is against you. Injective is 0.443% dearer against Backpack than usual: you sell high and buy low (spread +0.158% now, against its 7-day average of −0.285%): +$44 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 14 days. Mind the row above: over the last 7 days funding on this pair paid +0.081%, so the current rate has only just turned against you. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ADA_USDC_PERP | 0.2467 | 0.0138 | pay 0.0017% / 1h | 9m 13s | $124K | $470K | 15x |
| Short | Injective ADA/USDC PERP | 0.2471 | 0.0033 | get 0.0004% / 1h | 9m 13s | $849 | $202K | 12x |
Backpack ADA_USDC_PERP
Injective ADA/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$22.02
- Price spread: +0.158% → −0.285%
- $44.28
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $12.25
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Backpack: live order book, 45 min ago; Injective: no order-book sample. Net counts fees only.
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, 45 min ago | 2.19 bp | 7.2 bp −$7 | 8.3 bp −$83 | doesn't fit | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 0.2468 | +0.018% | $203K | $2K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2461 | −0.247% | $140K | $6.9M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2459 | −0.321% | $84K | — | 150x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0026% | 1h | 0.2458 | −0.375% | $6.3M | $13.2M | 50x | as long as short |
| Injective ADA/USDC PERPshort | +0.0033% | 1h | 0.2471 | +0.158% | $849 | $202K | 12x | |
| Deribit ADA_USDC-PERPETUAL | +0.0035% | 1h | 0.2459 | −0.328% | $605K | $533K | 50x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0080% | 1h | 0.2462 | −0.207% | $396K | $8.2M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2460 | −0.276% | $2.4M | $1.1M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2461 | −0.229% | $1.2M | $1.0M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2468 | +0.053% | $158K | $170K | 10x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Kraken Futures PF_ADAUSD
Deribit ADA_USDC-PERPETUAL
Coinbase International ADA-PERP-INTX
Lighter ADA
Aster ADAUSDT
Pacifica ADAShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance ADAUSDT | +0.0100% | 8h | 0.2461 | −0.229% | $103.9M | $391.0M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2460 | −0.288% | $73.7M | $115.9M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2461 | −0.247% | $32.8M | $111.2M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2459 | −0.328% | $99.8M | $62.8M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2461 | −0.247% | $59.0M | $62.8M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2460 | −0.272% | $29.6M | $15.3M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2461 | −0.247% | $67.0M | $51.5M | 75x | as long as short |
| BingX ADA-USDC | +0.0100% | 8h | 0.2461 | −0.247% | — | $6.6M | — | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2466 | −0.043% | $4.3M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2471 | +0.175% | $66K | $284K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2472 | +0.199% | $290K | $4.0M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2472 | +0.199% | $228K | $756K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2464 | −0.142% | $92K | $630K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2458 | −0.369% | $6K | $6K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2459 | −0.322% | $40K | $2K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2468 | +0.034% | $8K | $747K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2459 | −0.340% | $338 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2460 | −0.289% | $1.3M | $6.7M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2461 | −0.247% | $48.0M | $7.0M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0101% | 8h | 0.2470 | +0.102% | $21K | $250 | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2458 | −0.375% | $534K | $1.8M | 50x | as long as short |
| Backpack ADA_USDC_PERPlong | +0.0138% | 1h | 0.2467 | long leg | $124K | $470K | 15x | |
| Phoenix ADA | +0.0161% | 1h | 0.2465 | −0.081% | $4K | $95K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2460 | −0.288% | $4.6M | $5.8M | 75x | as long as short |
| Hyperliquid ADA | +0.0273% | 1h | 0.2465 | −0.093% | $43.8M | $16.3M | 10x | as long as short |
| Reya ADARUSDPERP | +0.0277% | 1h | 0.2461 | −0.228% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0623% / S −0.0585% | 1h | 0.2460 | −0.305% | $140K | — | 100x | as long as short |
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAP
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDC
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Paradex ADA-USD-PERP
Extended ADA-USD
Phoenix ADA
BloFin ADA-USDT
Hyperliquid ADA
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]