Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0160%/8h= +17.6% APRpaid last 24h +0.013%

Price spread now: Kraken Futures against Bybit−0.313%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$400.405% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 4 days (all we have)+0.682%+$68 · spread now −0.313%, 7d avg +0.024%

Together, before fees+0.697%+$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.337% cheaper against Bybit than usual: you would sell low and buy high (spread −0.313% now, against its 7-day average of +0.024%). If the spread goes back, that is −$34 on $10k: about 7.0 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.015% in total) that is about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ADAUSDT	0.2474	0.0100	pay 0.0100% / 8h	5h 40m	$73.0M	$108.4M	75x
Short	Kraken Futures PF_ADAUSD	0.2466	0.0260	get 0.0033% / 1h	40m 46s	$6.3M	$12.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.313%Rate

Funding earned: $33.67
Price spread: −0.313% → +0.024%: −$33.73
Slippage, 4 orders: −$19.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$40.51
Costs to cover: 0.405%
Break-even: 15.4 days

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 3 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	9.6 bp −$10	12.3 bp −$123	32.3 bp −$3,227	150.6 bp −$75.3K
Sell Kraken Futures live order book, 3 min ago	2.44 bp	13.6 bp −$14	17.7 bp −$177	53.3 bp −$5,334	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	0.2469	−0.214%	$203K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2467	−0.269%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.121%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2466	−0.323%	$418K	$7.5M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2470	−0.158%	$42.9M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2471	−0.130%	$1.2M	$987K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	−0.153%	$159K	$159K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2471	−0.133%	$103.7M	$368.3M	75x	as long as short
Bybit ADAUSDTlong	+0.0100%	8h	0.2474	long leg	$73.0M	$108.4M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2476	+0.081%	$32.9M	$106.1M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2474	0.000%	$99.1M	$58.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2474	0.000%	$51.8M	$56.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2469	−0.194%	$29.9M	$16.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2475	+0.040%	$66.3M	$48.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2475	+0.040%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2468	−0.238%	$122K	$419K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2468	−0.242%	$4.3M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2463	−0.428%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2464	−0.413%	$299K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2463	−0.445%	$227K	$730K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2468	−0.251%	$95K	$674K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2466	−0.323%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2469	−0.219%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	−0.284%	$9K	$746K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2467	−0.303%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2468	−0.226%	$1.3M	$6.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2467	−0.283%	$48.0M	$6.3M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2464	−0.404%	$159K	$6.2M	3.2x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2475	+0.032%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0110%	8h	0.2476	+0.079%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2469	−0.214%	$4K	$90K	10x	as long as short
Lighter ADA	+0.0176%	1h	0.2472	−0.093%	$2.5M	$1.0M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2466	−0.323%	$4.5M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSDshort	+0.0260%	1h	0.2466	−0.313%	$6.3M	$12.4M	50x
Reya ADARUSDPERP	+0.0280%	1h	0.2467	−0.264%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0417% / S −0.0202%	1h	0.2468	−0.253%	$96K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0440%	1h	0.2466	−0.307%	$543K	$457K	50x	as long as short