Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Backpack against Gate−0.012%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now −0.012%, 7d avg +0.035%

Together, before fees−0.131%−$13 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 0.047% cheaper against Gate than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ADA_USDT	0.2450	0.0100	pay 0.0100% / 8h	6h 52m	$98.4M	$58.3M	75x
Short	Backpack ADA_USDC_PERP	0.2450	0.0100	get 0.0013% / 1h	52m 48s	$129K	$424K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.012%Rate

Funding earned: $0
Price spread: −0.012% → +0.035%: −$4.74
Slippage, 4 orders: −$14.02
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$43.76
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Backpack: live order book, 16 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 Gate live order book, 1 min ago	2.05 bp	16.0 bp −$16	21.5 bp −$215	98.5 bp −$9,852	doesn't fit
Sell Backpack live order book, 16 min ago	0.81 bp	6.6 bp −$7	9.6 bp −$96	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
ApeX Omni ADAUSDT	−0.0012%	1h	0.2452	+0.082%	$56K	$587K	50x	as long as short
dYdX ADA-USD	0.0000%	1h	0.2442	−0.342%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2445	−0.204%	$208K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2447	−0.110%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.857%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2448	−0.082%	$422K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2449	−0.045%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2449	−0.053%	$1.2M	$968K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2442	−0.318%	$157K	$156K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2452	+0.082%	$102.1M	$374.4M	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	0.2451	+0.041%	$72.0M	$107.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2452	+0.082%	$32.5M	$108.2M	50x	as long as short
Gate ADA_USDTlong	+0.0100%	8h	0.2450	long leg	$98.4M	$58.3M	75x
MEXC ADA_USDT	+0.0100%	8h	0.2452	+0.082%	$50.1M	$50.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2450	−0.004%	$30.0M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2451	+0.041%	$65.6M	$46.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2451	+0.041%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2450	−0.012%	$129K	$424K	15x
Variational Omni ADA	+0.0100%	8h	0.2434	−0.648%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2450	+0.020%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2436	−0.571%	$285K	$3.7M	10x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2445	−0.184%	$92K	$654K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2448	−0.082%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2449	−0.036%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2449	−0.040%	$9K	$773K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2448	−0.090%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2448	−0.064%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	−0.041%	$47.7M	$6.4M	50x	as long as short
Lighter ADA	+0.0104%	1h	0.2449	−0.037%	$2.4M	$1.0M	10x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2450	+0.016%	$533K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2441	−0.347%	$20K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2441	−0.367%	$4K	$87K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2448	−0.082%	$4.5M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0282%	1h	0.2447	−0.121%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0355%	1h	0.2447	−0.129%	$6.2M	$12.0M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0526%	1h	0.2449	−0.024%	$490K	$462K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0621% / S −0.0389%	1h	0.2446	−0.144%	$140K	—	100x	as long as short