Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0066%/8h= −7.3% APRpaid last 24h −0.006%

Price spread now: Kalshi against dYdX+0.123%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$254as in the Funding arb table

Net, price: spread back to 7d avg − costs−$225as in the Price arb table

costs, in and out, $10k−$2422.416% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now +0.123%, 7d avg −0.039%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.162% dearer against dYdX than usual: you sell high and buy low (spread +0.123% now, against its 7-day average of −0.039%): +$16 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ADA-USD	0.2435	0.0066	pay 0.0008% / 1h	33m 12s	$200K	$2K	10x
Short	Kalshi KXADAPERP	0.2438	0	get 0.0000% / 8h	5h 33m	$200K	$7.6M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now +0.123%Rate

Funding earned: −$13.92
Price spread: +0.123% → −0.039%: $16.17
Slippage, 4 orders: −$221.61
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$239.36
Costs to cover: 2.416%
Break-even: never at this rate

Slippage from dYdX: live order book, 11 min ago; Kalshi: live order book, 6 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 dYdX live order book, 11 min ago	104.36 bp	109.4 bp −$109	127.8 bp −$1,278	154.7 bp −$15.5K	398.5 bp −$199.2K
Sell Kalshi live order book, 6 min ago	6.15 bp	11.2 bp −$11	19.0 bp −$190	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
Kalshi KXADAPERPshort	0.0000%	8h	0.2438	+0.123%	$200K	$7.6M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2439	+0.181%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.478%	$849	$202K	12x	as long as short
dYdX ADA-USDlong	+0.0066%	1h	0.2435	long leg	$200K	$2K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2439	+0.164%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2439	+0.170%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2438	+0.129%	$156K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2442	+0.274%	$102.7M	$409.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2440	+0.205%	$72.3M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2440	+0.205%	$32.5M	$117.9M	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	0.2438	+0.123%	$99.7M	$64.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2441	+0.246%	$52.8M	$64.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2439	+0.180%	$29.5M	$15.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2440	+0.205%	$66.3M	$53.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2438	+0.123%	—	$20.3M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2435	+0.003%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2440	+0.187%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2439	+0.167%	$291K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2441	+0.246%	$81K	$891K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2439	+0.147%	$129K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2436	+0.053%	$39K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2441	+0.246%	$8K	$762K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2440	+0.209%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2439	+0.165%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2440	+0.205%	$47.3M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2439	+0.160%	$512K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0106%	8h	0.2440	+0.216%	$20K	$250	20x	as long as short
Lighter ADA	+0.0112%	1h	0.2442	+0.303%	$2.4M	$1.0M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2439	+0.164%	$381K	$8.5M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0147%	1h	0.2441	+0.234%	$139K	$483K	15x	as long as short
Phoenix ADA	+0.0163%	1h	0.2440	+0.225%	$4K	$111K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0171%	1h	0.2440	+0.222%	$6.3M	$13.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2439	+0.164%	$4.4M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0265%	1h	0.2441	+0.250%	$42.8M	$18.1M	10x	as long as short
Reya ADARUSDPERP	+0.0274%	1h	0.2439	+0.165%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0529%	1h	0.2441	+0.234%	$624K	$617K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0630% / S −0.0728%	1h	0.2435	−0.003%	$163K	—	100x	as long as short