Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against BingX+0.028%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)−0.065%−$6 · spread now +0.028%, 7d avg −0.010%

Together, before fees−0.221%−$22 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: Backpack is 0.038% dearer against BingX than usual: you sell high and buy low, +$4 on $10k if it 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	BingX ADA-USDT	0.2461	0.0100	pay 0.0100% / 8h	2h 18m	—	$20.4M	—
Short	Backpack ADA_USDC_PERP	0.2462	0.0100	get 0.0013% / 1h	18m 50s	$101K	$410K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.028%Rate

Funding earned: $0
Price spread: +0.028% → −0.010%: $3.82
Slippage, 4 orders: −$12.1
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.28
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Backpack: 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 BingX live order book, 5 min ago	4.07 bp	9.1 bp −$9	9.1 bp −$91	16.2 bp −$1,622	33.1 bp −$16.5K
Sell Backpack live order book, 5 min ago	0.20 bp	5.2 bp −$5	8.0 bp −$80	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	0.2463	+0.078%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2464	+0.122%	$154K	$5.8M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2462	+0.061%	$478K	$353K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2462	+0.029%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2462	+0.041%	$408K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2464	+0.106%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2462	+0.041%	$42.7M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2461	+0.013%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2463	+0.072%	$158K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2461	+0.014%	$101.8M	$355.1M	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	0.2461	0.000%	$70.7M	$99.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2461	0.000%	$32.0M	$105.7M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2460	−0.041%	$97.3M	$58.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2460	−0.041%	$52.9M	$56.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2461	+0.008%	$30.4M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2461	0.000%	$65.9M	$42.9M	75x	as long as short
BingX ADA-USDTlong	+0.0100%	8h	0.2461	long leg	—	$20.4M	—
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2462	+0.028%	$101K	$410K	15x
Variational Omni ADA	+0.0100%	8h	0.2460	−0.026%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2461	+0.018%	$66K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2454	−0.279%	$289K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2462	+0.041%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2463	+0.065%	$97K	$624K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2462	+0.041%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2462	+0.052%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2464	+0.122%	$9K	$756K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2462	+0.020%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2463	+0.081%	$1.3M	$5.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2461	0.000%	$48.0M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2464	+0.105%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2461	+0.010%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2464	+0.118%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2462	+0.041%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2463	+0.074%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0335%	1h	0.2462	+0.029%	$6.2M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0505% / S −0.0263%	1h	0.2461	+0.011%	$110K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.853%	$838	$131K	12x	as long as short