Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.023%

Price spread now: Kalshi against Coinbase International0.000%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$420.415% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now 0.000%, 7d avg −0.054%

Together, before fees−0.253%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.054% dearer against Coinbase International than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.054%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ADA-PERP-INTX	0.2486	0.0080	pay 0.0010% / 1h	56m 55s	$420K	$7.8M	50x
Short	Kalshi KXADAPERP	0.2486	0	get 0.0000% / 8h	7h 56m	$199K	$6.3M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now 0.000%Rate

Funding earned: −$16.8
Price spread: 0.000% → −0.054%: $5.44
Slippage, 4 orders: −$21.55
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$52.91
Costs to cover: 0.415%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Kalshi: live order book, 2 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 Coinbase International live order book, 2 min ago	4.04 bp	9.0 bp −$9	17.1 bp −$171	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	6.05 bp	11.0 bp −$11	18.2 bp −$182	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	0.2484	−0.094%	$204K	$2K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2486	0.000%	$199K	$6.3M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2487	+0.052%	$85K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2489	+0.140%	$6.4M	$12.5M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.603%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTXlong	+0.0080%	1h	0.2486	long leg	$420K	$7.8M	50x
Aster ADAUSDT	+0.0100%	8h	0.2490	+0.156%	$1.2M	$992K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2485	−0.028%	$161K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2488	+0.093%	$105.4M	$372.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2487	+0.040%	$72.6M	$108.7M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2489	+0.121%	$33.3M	$106.7M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2487	+0.040%	$99.2M	$58.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2488	+0.080%	$62.7M	$59.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2489	+0.109%	$30.1M	$15.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2488	+0.080%	$67.0M	$49.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2488	+0.080%	—	$20.1M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2481	−0.198%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2480	−0.251%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2480	−0.240%	$291K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2479	−0.282%	$229K	$748K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2488	+0.088%	$96K	$692K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2488	+0.080%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2489	+0.122%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2490	+0.160%	$9K	$730K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2489	+0.133%	$342	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2489	+0.114%	$1.3M	$6.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2489	+0.121%	$48.6M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2488	+0.093%	$540K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0113%	8h	0.2485	−0.025%	$21K	$250	20x	as long as short
Backpack ADA_USDC_PERP	+0.0133%	1h	0.2490	+0.145%	$134K	$442K	15x	as long as short
Lighter ADA	+0.0168%	1h	0.2491	+0.185%	$2.5M	$1.0M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2478	−0.318%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2488	+0.080%	$4.6M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2489	+0.101%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0597% / S −0.0547%	1h	0.2488	+0.068%	$134K	—	100x	as long as short
Hyperliquid ADA	+0.0631%	1h	0.2491	+0.181%	$44.0M	$15.2M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0634%	1h	0.2490	+0.145%	$611K	$496K	50x	as long as short