Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.036%

Price spread now: Kalshi against Hyperliquid−0.004%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 7 days+0.024%+$2 · spread now −0.004%, 7d avg −0.049%

Together, before fees−0.084%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.045% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.049%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ADA	0.2454	0.0100	pay 0.0013% / 1h	42m 41s	$42.6M	$14.4M	10x
Short	Kalshi KXADAPERP	0.2454	0	get 0.0000% / 8h	3h 42m	$195K	$6.1M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.004%Rate

Funding earned: −$21
Price spread: −0.004% → −0.049%: $4.52
Slippage, 4 orders: −$24.27
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$59.75
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Kalshi: live order book, 1 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 Hyperliquid live order book, 11 min ago	0.81 bp	7.3 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	2.04 bp	7.0 bp −$7	14.1 bp −$141	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	0.2452	−0.102%	$202K	$4K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2454	−0.004%	$195K	$6.1M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.064%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.689%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2450	−0.167%	$413K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0047%	1h	0.2453	−0.037%	$6.2M	$11.7M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2454	+0.008%	$2.4M	$1.1M	10x	as long as short
Phoenix ADA	+0.0098%	1h	0.2445	−0.367%	$4K	$84K	10x	as long as short
Hyperliquid ADAlong	+0.0100%	1h	0.2454	long leg	$42.6M	$14.4M	10x
Aster ADAUSDT	+0.0100%	8h	0.2453	−0.035%	$1.2M	$939K	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ADA	+0.0100%	1h	0.2453	−0.051%	$158K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2453	−0.035%	$101.5M	$364.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2453	−0.045%	$71.6M	$103.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2453	−0.045%	$32.4M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	−0.045%	$97.9M	$58.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2452	−0.086%	$52.6M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2453	−0.033%	$30.1M	$17.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	−0.045%	$65.9M	$43.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2454	−0.004%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2454	+0.004%	$108K	$412K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2442	−0.488%	$4.2M	$944K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2446	−0.343%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2447	−0.289%	$295K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2446	−0.330%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2451	−0.134%	$93K	$644K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	−0.045%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	−0.003%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2451	−0.127%	$9K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	−0.024%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	−0.014%	$1.3M	$5.5M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2453	−0.045%	$47.9M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2454	−0.024%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	−0.005%	$552K	$1.8M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2450	−0.167%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2452	−0.105%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0361%	1h	0.2455	+0.020%	$495K	$431K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0393%	1h	0.2453	−0.064%	$141K	—	100x	as long as short