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 edgeX+0.123%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.198%−$20 on $10k

Price spread, last 3 days (all we have)−0.229%−$23 · spread now +0.123%, 7d avg +0.003%

Together, before fees−0.428%+ Points / potential airdropedgeX: Active · farm board−$43 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.120% dearer against edgeX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ADAUSDC	0.2472	0.0100	pay 0.0050% / 4h	1h 39m	$66K	$279K	20x
Short	Backpack ADA_USDC_PERP	0.2475	0.0100	get 0.0013% / 1h	39m 18s	$103K	$418K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.123%Rate

Funding earned: $0
Price spread: +0.123% → +0.003%: $12
Slippage, 4 orders: −$16.15
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.15
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from edgeX: live order book, 43 min ago; Backpack: live order book, 44 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 edgeX live order book, 43 min ago	6.10 bp	10.6 bp −$11	26.8 bp −$268	doesn't fit	doesn't fit
Sell Backpack live order book, 44 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	−0.021%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2472	−0.006%	$160K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2471	−0.061%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2470	−0.087%	$419K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0094%	1h	0.2471	−0.053%	$6.2M	$11.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2473	+0.026%	$2.5M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2472	−0.002%	$42.8M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2473	+0.015%	$1.2M	$919K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2472	−0.001%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2471	−0.028%	$102.6M	$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 ADAUSDT	+0.0100%	8h	0.2471	−0.047%	$71.8M	$100.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2472	−0.006%	$32.0M	$105.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2470	−0.087%	$97.5M	$58.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2471	−0.047%	$53.5M	$50.4M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2472	−0.027%	$30.5M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2471	−0.047%	$66.2M	$42.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2472	−0.006%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2475	+0.123%	$103K	$418K	15x
Variational Omni ADA	+0.0100%	8h	0.2473	+0.043%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDClong	+0.0100%	4h	0.2472	long leg	$66K	$279K	20x
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2472	−0.006%	$298K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2473	+0.034%	$56K	$580K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2472	−0.018%	$97K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2471	−0.047%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2471	−0.034%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2472	−0.006%	$9K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2472	−0.027%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2471	−0.054%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2470	−0.087%	$48.2M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2472	−0.022%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2471	−0.064%	$559K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2472	−0.027%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2474	+0.075%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2472	−0.021%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2445	−1.099%	$840	$168K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2470	−0.073%	$123K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0600%	1h	0.2473	+0.038%	$480K	$349K	50x	as long as short