Funding you earn now, next payment 23:00 UTC−0.0188%/8h= −20.6% APRnext payment −$0.24 per $10,000 · paid last 24h +0.009%
Price spread now: Backpack against Injective+1.112%48s7-day average +0.344% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.087%−$9 on $10k
+Price spread, last 3 days (all we have)−0.401%−$40 · spread now +1.112%, 7d avg +0.344%
=The price spread pays, funding is against you. Backpack is 0.768% dearer against Injective than usual: you sell high and buy low (spread +1.112% now, against its 7-day average of +0.344%): +$77 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 7 days (−0.087% in total) that is about 2 months. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.087% in total (about -4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective ADA/USDC PERP | 0.2445 | 0.0288 | pay 0.0036% / 1h | 41m 10s | $840 | $168K | 12x |
| Short | Backpack ADA_USDC_PERP | 0.2472 | 0.0100 | get 0.0013% / 1h | 41m 10s | $102K | $417K | 15x |
Injective ADA/USDC PERP
Backpack ADA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- −$39.51
- Price spread: +1.112% → +0.344%
- $76.84
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $27.31
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Injective: no order-book sample; Backpack: live order book, 43 min ago. Net counts fees only.
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 Injective no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 43 min ago | 0.20 bp | 5.2 bp −$5 | 8.0 bp −$80 | doesn't fit | doesn't fit |
Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | +1.098% | $203K | $4K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2472 | +1.104% | $160K | $5.9M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2471 | +1.045% | $85K | — | 150x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0064% | 1h | 0.2471 | +1.063% | $422K | $7.3M | 50x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0094% | 1h | 0.2471 | +1.061% | $6.2M | $11.4M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2472 | +1.125% | $2.5M | $1.3M | 10x | as long as short |
| Hyperliquid ADA | +0.0100% | 1h | 0.2472 | +1.112% | $42.8M | $14.6M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2472 | +1.104% | $1.2M | $919K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2473 | +1.159% | $158K | $147K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2472 | +1.085% | $102.2M | $355.7M | 75x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Coinbase International ADA-PERP-INTX
Kraken Futures PF_ADAUSD
Lighter ADA
Hyperliquid 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 | 0.2471 | +1.063% | $71.7M | $100.0M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2473 | +1.145% | $32.1M | $105.8M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2470 | +1.022% | $97.5M | $57.9M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2471 | +1.063% | $53.4M | $50.2M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2472 | +1.092% | $30.5M | $18.2M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2471 | +1.063% | $66.2M | $42.9M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2471 | +1.063% | — | $20.5M | — | as long as short |
| Backpack ADA_USDC_PERPshort | +0.0100% | 1h | 0.2472 | +1.112% | $102K | $417K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2458 | +0.543% | $4.2M | $1.0M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2466 | +0.875% | $66K | $279K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2462 | +0.712% | $297K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2464 | +0.777% | $56K | $579K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2471 | +1.080% | $97K | $626K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2469 | +0.982% | $6K | $36K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2471 | +1.049% | $40K | $3K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2475 | +1.226% | $9K | $755K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2471 | +1.067% | $340 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2471 | +1.056% | $1.3M | $5.1M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2470 | +1.022% | $48.2M | $5.8M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0100% | 8h | 0.2474 | +1.200% | $21K | $250 | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2471 | +1.043% | $559K | $1.8M | 50x | as long as short |
| Phoenix ADA | +0.0131% | 1h | 0.2463 | +0.728% | $4K | $74K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2473 | +1.145% | $4.4M | $5.5M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0285% | 1h | 0.2471 | +1.071% | $1K | — | 15x | as long as short |
| Injective ADA/USDC PERPlong | +0.0288% | 1h | 0.2445 | long leg | $840 | $168K | 12x | |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0567% / S −0.0313% | 1h | 0.2470 | +1.017% | $123K | — | 100x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +2.1695% | 1h | 0.2524 | +3.231% | $490K | $349K | 50x | as long as short |
Bybit ADAUSDT
OKX ADA-USDT-SWAP
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
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
Paradex ADA-USD-PERP
Extended ADA-USD
Phoenix ADA
BloFin ADA-USDT
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]
Deribit ADA_USDC-PERPETUAL