Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.036%

Price spread now: Backpack against BloFin−0.085%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.360%−$36 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now −0.085%, 7d avg −0.043%

Together, before fees−0.387%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Backpack is 0.042% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ADA-USDT	0.2467	0.0220	pay 0.0220% / 8h	7h 20m	$4.4M	$5.5M	75x
Short	Backpack ADA_USDC_PERP	0.2465	0.0100	get 0.0013% / 1h	20m 47s	$128K	$415K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$25.2
Price spread: −0.085% → −0.043%: −$4.19
Slippage, 4 orders: −$13.3
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$64.68
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Backpack: live order book, 53 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 BloFin live order book, 3 min ago	4.05 bp	10.0 bp −$10	11.0 bp −$110	22.1 bp −$2,210	48.5 bp −$24.3K
Sell Backpack live order book, 53 min ago	0.41 bp	7.1 bp −$7	9.1 bp −$91	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	0.2465	−0.095%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2467	0.000%	$191K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2465	−0.062%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.162%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2467	0.000%	$413K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0047%	1h	0.2466	−0.039%	$6.2M	$11.7M	50x	as long as short
Phoenix ADA	+0.0098%	1h	0.2473	+0.259%	$4K	$84K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2465	−0.071%	$1.2M	$950K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2466	−0.036%	$161K	$148K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2467	+0.003%	$102.8M	$365.8M	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	0.2466	−0.041%	$72.6M	$104.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2467	0.000%	$32.6M	$107.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2466	−0.041%	$98.5M	$59.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2466	−0.041%	$53.2M	$51.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2467	−0.020%	$30.3M	$17.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2466	−0.041%	$66.2M	$44.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2467	0.000%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2465	−0.085%	$128K	$415K	15x
Variational Omni ADA	+0.0100%	8h	0.2465	−0.077%	$4.2M	$967K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2470	+0.126%	$66K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2471	+0.170%	$293K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2469	+0.081%	$56K	$584K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2464	−0.109%	$94K	$648K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2465	−0.081%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2467	−0.016%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	−0.001%	$9K	$766K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2466	−0.036%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2465	−0.101%	$1.3M	$5.5M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2464	−0.122%	$48.1M	$5.7M	50x	as long as short
Paradex ADA-USD-PERP	+0.0103%	8h	0.2466	−0.046%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2468	+0.038%	$537K	$1.8M	50x	as long as short
Lighter ADA	+0.0184%	1h	0.2468	+0.041%	$2.5M	$1.1M	10x	as long as short
Hyperliquid ADA	+0.0209%	1h	0.2467	+0.020%	$43.1M	$14.2M	10x	as long as short
BloFin ADA-USDTlong	+0.0220%	8h	0.2467	long leg	$4.4M	$5.5M	75x
Reya ADARUSDPERP	+0.0282%	1h	0.2465	−0.080%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0318%	1h	0.2467	−0.012%	$496K	$434K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0626% / S −0.0393%	1h	0.2465	−0.081%	$142K	—	100x	as long as short