Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h +0.007%

Price spread now: dYdX against Kalshi+0.131%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$225as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$2372.374% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)−0.437%−$44 · spread now +0.131%, 7d avg +0.038%

Together, before fees−0.315%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.093% dearer against Kalshi than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.038%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.122%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2450	0.0107	pay 0.0107% / 8h	4h 40m	$179K	$7.6M	3.2x
Short	dYdX ADA-USD	0.2453	0	get 0.0000% / 1h	40m 02s	$202K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$22.39
Price spread: +0.131% → +0.038%: $9.26
Slippage, 4 orders: −$217.41
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$250.54
Costs to cover: 2.374%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; dYdX: live order book, 64 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, 4 min ago	4.07 bp	9.6 bp −$10	20.1 bp −$201	doesn't fit	doesn't fit
Sell dYdX live order book, 64 min ago	104.36 bp	109.4 bp −$109	182.8 bp −$1,828	194.0 bp −$19.4K	209.5 bp −$104.7K

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-USDshort	0.0000%	1h	0.2453	+0.131%	$202K	$2K	10x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2450	+0.015%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.857%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2451	+0.029%	$2.4M	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2451	+0.041%	$6K	$5K	20x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2450	+0.016%	$43.1M	$18.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2450	−0.016%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2454	+0.159%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2449	−0.027%	$103.1M	$407.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2448	−0.082%	$72.9M	$125.3M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2449	−0.041%	$32.5M	$118.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	−0.082%	$100.4M	$64.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2447	−0.122%	$52.2M	$65.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	−0.029%	$29.5M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2448	−0.082%	$66.6M	$53.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2449	−0.041%	—	$20.1M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	−0.037%	$139K	$486K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2455	+0.205%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2456	+0.253%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2455	+0.201%	$299K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2457	+0.286%	$78K	$894K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2451	+0.045%	$122K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2451	+0.042%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2451	+0.040%	$8K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.020%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2451	+0.056%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	−0.041%	$47.4M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2447	−0.129%	$514K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2454	+0.144%	$21K	$250	20x	as long as short
Kalshi KXADAPERPlong	+0.0107%	8h	0.2450	long leg	$179K	$7.6M	3.2x
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2451	+0.041%	$370K	$8.4M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2456	+0.245%	$4.5M	$5.9M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2459	+0.355%	$4K	$112K	10x	as long as short
Reya ADARUSDPERP	+0.0273%	1h	0.2448	−0.082%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0280%	1h	0.2449	−0.048%	$6.3M	$14.0M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0602% / S −0.0679%	1h	0.2450	+0.003%	$156K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.1505%	1h	0.2455	+0.196%	$625K	$614K	50x	as long as short