Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Backpack−0.143%54s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.352% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 4 days (all we have)+0.392%+$39 · spread now −0.143%, 7d avg −0.052%

Together, before fees+0.272%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.091% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.052%). Swap the legs. The two prices were read 54 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	0.2450	0.0100	pay 0.0013% / 1h	30m 15s	$110K	$415K	15x
Short	Kalshi KXADAPERP	0.2446	0	get 0.0000% / 8h	4h 30m	$186K	$6.1M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.143%Rate

Funding earned: −$21
Price spread: −0.143% → −0.052%: −$9.05
Slippage, 4 orders: −$15.2
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$65.25
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Backpack: live order book, 48 min ago; Kalshi: live order book, 4 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, 48 min ago	0.20 bp	7.4 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	6.11 bp	11.1 bp −$11	18.9 bp −$189	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	0.2444	−0.207%	$201K	$4K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2446	−0.143%	$186K	$6.1M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2444	−0.242%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2444	−0.225%	$403K	$7.3M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0077%	1h	0.2444	−0.216%	$491K	$430K	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2443	−0.261%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2444	−0.216%	$42.3M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	−0.230%	$1.2M	$928K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2445	−0.202%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2442	−0.306%	$101.5M	$362.7M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2441	−0.347%	$70.9M	$103.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2442	−0.306%	$32.2M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2442	−0.306%	$97.0M	$59.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2443	−0.265%	$52.6M	$50.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2443	−0.253%	$30.0M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2444	−0.225%	$65.5M	$43.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2444	−0.225%	—	$18.1M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2450	long leg	$110K	$415K	15x
Variational Omni ADA	+0.0100%	8h	0.2449	−0.011%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	+0.136%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2454	+0.181%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	+0.184%	$56K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2443	−0.253%	$90K	$632K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2443	−0.265%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2444	−0.231%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2444	−0.227%	$9K	$763K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2444	−0.245%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2444	−0.230%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2443	−0.265%	$47.7M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2443	−0.245%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2443	−0.263%	$554K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0114%	1h	0.2443	−0.276%	$6.1M	$11.7M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2452	+0.118%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2448	−0.061%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.878%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2443	−0.261%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0564% / S −0.0313%	1h	0.2443	−0.256%	$121K	—	100x	as long as short