Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Bybit+0.024%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.024%, 7d avg +0.007%

Together, before fees−0.215%−$22 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2471	0.0100	pay 0.0100% / 8h	1h 41m	$71.7M	$100.0M	75x
Short	Backpack ADA_USDC_PERP	0.2472	0.0100	get 0.0013% / 1h	41m 02s	$103K	$418K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.024%Rate

Funding earned: $0
Price spread: +0.024% → +0.007%: $1.73
Slippage, 4 orders: −$8.01
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.28
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 43 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 Bybit live order book, 3 min ago	2.03 bp	7.5 bp −$8	10.3 bp −$103	29.4 bp −$2,936	167.6 bp −$83.8K
Sell Backpack live order book, 43 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	0.2472	+0.034%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2472	+0.040%	$160K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2471	−0.018%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2471	0.000%	$422K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0094%	1h	0.2471	−0.002%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2472	+0.061%	$2.5M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2472	+0.047%	$42.8M	$14.6M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2472	+0.040%	$1.2M	$919K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2473	+0.094%	$158K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2472	+0.040%	$102.2M	$355.8M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDTlong	+0.0100%	8h	0.2471	long leg	$71.7M	$100.0M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2472	+0.040%	$32.1M	$105.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2470	−0.040%	$97.5M	$57.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2471	0.000%	$53.4M	$50.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2472	+0.028%	$30.5M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2471	0.000%	$66.2M	$42.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2472	+0.040%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2472	+0.024%	$103K	$418K	15x
Variational Omni ADA	+0.0100%	8h	0.2458	−0.515%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2466	−0.187%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2462	−0.348%	$297K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	−0.283%	$56K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2471	+0.016%	$97K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2469	−0.081%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2471	−0.014%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2475	+0.161%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2471	+0.004%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2471	−0.007%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2470	−0.040%	$48.2M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2474	+0.136%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2471	−0.020%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2463	−0.332%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2473	+0.081%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2471	+0.008%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−1.052%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2470	−0.046%	$123K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.1695%	1h	0.2524	+2.145%	$490K	$349K	50x	as long as short