Funding you earn now, next payment 05:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h 0.000%
Price spread now: Backpack against GRVT−0.110%85s7-day average −0.003% · you buy dearer than you sell
Net, funding: paid 7d − costs−$68as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$510.506% of the position
Funding, last 7 days−0.169%−$17 on $10k
+Price spread, last 4 days (all we have)+0.370%+$37 · spread now −0.110%, 7d avg −0.003%
=Together, before fees+0.201%+ Points / potential airdropGRVT: Active · farm board+$20 on $10k · with fees, hour by hour
Funding pays, the price is against you. Backpack is 0.107% cheaper against GRVT than usual: you would sell low and buy high (spread −0.110% now, against its 7-day average of −0.003%). If the spread goes back, that is −$11 on $10k: about 37 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.169%, so the current rate has only just turned in your favour. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GRVT ADA_USDT_Perp | 0.2503 | 0.0100 | pay 0.0100% / 8h | 3h 33m | $293K | $3.9M | 10x |
| Short | Backpack ADA_USDC_PERP | 0.2500 | 0.0328 | get 0.0041% / 1h | 33m 59s | $139K | $461K | 15x |
GRVT ADA_USDT_Perp
Backpack ADA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against GRVT. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $47.9
- Price spread: −0.110% → −0.003%
- −$10.69
- Slippage, 4 orders
- −$31.64
- Fee GRVT: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$13.42
- Costs to cover
- 0.506%
- Break-even
- 9.0 days
Slippage from GRVT: live order book, 5 min ago; Backpack: live order book, 20 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 GRVT live order book, 5 min ago | 3.99 bp | 19.9 bp −$20 | 40.9 bp −$409 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 20 min ago | 2.19 bp | 7.2 bp −$7 | 8.8 bp −$88 | 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 | 0.2501 | −0.074% | $206K | $2K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2503 | +0.014% | $159K | $6.8M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2499 | −0.136% | $85K | — | 150x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0025% | 1h | 0.2500 | −0.116% | $6.4M | $13.0M | 50x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | −1.265% | $849 | $202K | 12x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0080% | 1h | 0.2502 | −0.026% | $402K | $8.2M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2502 | −0.034% | $2.5M | $1.1M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2501 | −0.072% | $1.2M | $1.0M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2502 | −0.018% | $161K | $170K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2500 | −0.097% | $106.5M | $382.7M | 75x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Kraken Futures PF_ADAUSD
Injective ADA/USDC PERP
Coinbase International ADA-PERP-INTX
Lighter ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDTShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ADAUSDT | +0.0100% | 8h | 0.2499 | −0.146% | $74.9M | $112.6M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2500 | −0.106% | $33.5M | $110.8M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2499 | −0.146% | $102.2M | $60.8M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2500 | −0.106% | $61.3M | $61.7M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2500 | −0.118% | $30.0M | $15.3M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2499 | −0.146% | $68.0M | $51.2M | 75x | as long as short |
| BingX ADA-USDC | +0.0100% | 8h | 0.2500 | −0.106% | — | $6.6M | — | as long as short |
| Variational Omni ADA | +0.0100% | 8h | 0.2508 | +0.216% | $4.4M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2508 | +0.206% | $67K | $285K | 20x | as long as short |
| GRVT ADA_USDT_Perplong | +0.0100% | 8h | 0.2503 | long leg | $293K | $3.9M | 10x | |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2507 | +0.174% | $231K | $753K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2500 | −0.090% | $95K | $616K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2500 | −0.106% | $6K | $6K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2500 | −0.094% | $41K | $2K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2502 | −0.028% | $9K | $738K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2500 | −0.102% | $344 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2500 | −0.092% | $1.4M | $6.6M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2499 | −0.146% | $48.7M | $6.7M | 50x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2499 | −0.135% | $542K | $1.8M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0113% | 8h | 0.2501 | −0.047% | $21K | $250 | 20x | as long as short |
| Phoenix ADA | +0.0161% | 1h | 0.2508 | +0.206% | $4K | $95K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2507 | +0.174% | $4.6M | $5.9M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0277% | 1h | 0.2499 | −0.146% | $1K | — | 15x | as long as short |
| Backpack ADA_USDC_PERPshort | +0.0328% | 1h | 0.2500 | −0.110% | $139K | $461K | 15x | |
| Deribit ADA_USDC-PERPETUAL | +0.0430% | 1h | 0.2501 | −0.074% | $620K | $523K | 50x | as long as short |
| Hyperliquid ADA | +0.0481% | 1h | 0.2502 | −0.022% | $44.8M | $16.0M | 10x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0616% / S −0.0569% | 1h | 0.2499 | −0.152% | $139K | — | 100x | as long as short |
Bybit ADAUSDT
OKX ADA-USDT-SWAP
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDC
Variational Omni ADA
edgeX ADAUSDC
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Extended ADA-USD
Paradex ADA-USD-PERP
Phoenix ADA
BloFin ADA-USDT
Reya ADARUSDPERP
Deribit ADA_USDC-PERPETUAL
Hyperliquid ADA
GMX ADA/USD [WBTC.b-USDC]