Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.023%

Price spread now: Coinbase International against Kalshi+0.280%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now +0.280%, 7d avg +0.054%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.226% dearer against Kalshi than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2499	0	get 0.0000% / 8h	7h 31m	$149K	$6.8M	3.2x
Short	Coinbase International ADA-PERP-INTX	0.2506	0.0080	get 0.0010% / 1h	31m 05s	$388K	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Kalshi. 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 KalshibpFee Coinbase InternationalbpOrdersPrice spread, now +0.280%Rate

Funding earned: $16.8
Price spread: +0.280% → +0.054%: $22.59
Slippage, 4 orders: −$21.78
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$2.39
Costs to cover: 0.418%
Break-even: 8.0 days

Slippage from Kalshi: live order book, 3 min ago; Coinbase International: live order book, 3 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 Kalshi live order book, 3 min ago	4.00 bp	9.4 bp −$9	22.6 bp −$226	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	4.00 bp	12.8 bp −$13	18.2 bp −$182	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	+0.069%	$206K	$2K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2499	long leg	$149K	$6.8M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2505	+0.251%	$86K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0025%	1h	0.2506	+0.288%	$6.4M	$13.0M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−1.120%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTXshort	+0.0080%	1h	0.2506	+0.280%	$388K	$8.3M	50x
Lighter ADA	+0.0096%	1h	0.2508	+0.360%	$2.5M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2506	+0.272%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2502	+0.124%	$161K	$170K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2506	+0.280%	$106.9M	$383.1M	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	0.2504	+0.200%	$75.1M	$112.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2507	+0.320%	$33.6M	$111.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2504	+0.200%	$102.4M	$61.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2506	+0.280%	$61.2M	$61.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2506	+0.292%	$30.1M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2506	+0.280%	$68.2M	$51.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2506	+0.280%	—	$20.2M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2504	+0.203%	$4.4M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2501	+0.079%	$67K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2501	+0.065%	$302K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2500	+0.040%	$230K	$753K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2507	+0.312%	$96K	$617K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2506	+0.280%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2507	+0.317%	$41K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2508	+0.358%	$9K	$738K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2506	+0.300%	$345	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2502	+0.114%	$1.4M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2505	+0.240%	$48.8M	$6.9M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2506	+0.291%	$542K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0113%	8h	0.2500	+0.059%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0161%	1h	0.2502	+0.104%	$4K	$95K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2508	+0.360%	$4.7M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0277%	1h	0.2506	+0.299%	$1K	—	15x	as long as short
Backpack ADA_USDC_PERP	+0.0310%	1h	0.2507	+0.304%	$139K	$461K	15x	as long as short
Hyperliquid ADA	+0.0474%	1h	0.2508	+0.368%	$44.9M	$16.0M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0617% / S −0.0569%	1h	0.2505	+0.243%	$139K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0708%	1h	0.2508	+0.372%	$622K	$523K	50x	as long as short