Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Backpack−0.048%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.048%, 7d avg −0.004%

Together, before fees+0.189%+$19 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: MEXC is 0.045% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2488	0.0100	pay 0.0013% / 1h	22m 01s	$140K	$459K	15x
Short	MEXC ADA_USDT	0.2487	0.0100	get 0.0100% / 8h	6h 22m	$49.9M	$70.9M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.048%Rate

Funding earned: $0
Price spread: −0.048% → −0.004%: −$4.47
Slippage, 4 orders: −$8.65
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$23.12
Costs to cover: 0.187%
Break-even: never at this rate

Slippage from Backpack: live order book, 29 min ago; MEXC: 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, 29 min ago	1.41 bp	6.4 bp −$6	9.8 bp −$98	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	2.01 bp	2.0 bp −$2	2.8 bp −$28	13.7 bp −$1,365	46.2 bp −$23.1K

ADA on 36 exchanges

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	0.2485	−0.149%	$208K	$5K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2487	−0.048%	$206K	$7.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2487	−0.037%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.691%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2489	+0.016%	$2.4M	$959K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2488	−0.008%	$1.2M	$1.3M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2486	−0.084%	$159K	$164K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2487	−0.033%	$106.7M	$394.9M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2486	−0.088%	$74.5M	$125.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2486	−0.088%	$33.0M	$112.9M	50x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2486	−0.088%	$102.4M	$61.3M	75x	as long as short
MEXC ADA_USDTshort	+0.0100%	8h	0.2487	−0.048%	$49.9M	$70.9M	300x
KuCoin ADAUSDTM	+0.0100%	8h	0.2487	−0.028%	$29.9M	$15.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2488	−0.008%	$68.1M	$52.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2488	−0.008%	—	$19.0M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2488	long leg	$140K	$459K	15x
Variational Omni ADA	+0.0100%	8h	0.2483	−0.209%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2487	−0.056%	$66K	$289K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2487	−0.052%	$297K	$3.6M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2488	−0.008%	$72K	$899K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2488	−0.012%	$119K	$1.3M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2488	−0.008%	$6K	$5K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2490	+0.072%	$8K	$702K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2487	−0.028%	$342	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2488	+0.006%	$1.4M	$7.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2487	−0.048%	$48.0M	$7.7M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2487	−0.061%	$20K	$589	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2487	−0.058%	$547K	$1.7M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2481	−0.289%	$411K	$8.5M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0146%	1h	0.2488	−0.024%	$6.4M	$13.7M	50x	as long as short
Phoenix ADA	+0.0192%	1h	0.2483	−0.193%	$3K	$107K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2487	−0.048%	$4.6M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0270%	1h	0.2488	−0.012%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0314%	1h	0.2490	+0.072%	$44.4M	$17.8M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0371% / S −0.0295%	1h	0.2487	−0.057%	$88K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0474%	1h	0.2489	+0.028%	$622K	$757K	50x	as long as short