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: Hyperliquid against Kalshi+0.004%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

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

Long on Kalshi Short on Hyperliquid

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

Funding pays, the price is against you. Hyperliquid is 0.045% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.049%). If the spread goes back, that is −$5 on $10k: about 36 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2454	0	get 0.0000% / 8h	3h 42m	$195K	$6.1M	3.2x
Short	Hyperliquid ADA	0.2454	0.0100	get 0.0013% / 1h	42m 40s	$42.6M	$14.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.004%Rate

Funding earned: $21
Price spread: +0.004% → +0.049%: −$4.52
Slippage, 4 orders: −$24.27
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$26.79
Costs to cover: 0.433%
Break-even: 15.9 days

Slippage from Kalshi: live order book, 1 min ago; Hyperliquid: live order book, 11 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, 1 min ago	2.04 bp	22.9 bp −$23	29.0 bp −$290	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.81 bp	6.0 bp −$6	10.0 bp −$100	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	−0.097%	$202K	$4K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2454	long leg	$195K	$6.1M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.060%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.693%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2450	−0.163%	$413K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0047%	1h	0.2453	−0.033%	$6.2M	$11.7M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2454	+0.012%	$2.4M	$1.1M	10x	as long as short
Phoenix ADA	+0.0098%	1h	0.2445	−0.363%	$4K	$84K	10x	as long as short
Hyperliquid ADAshort	+0.0100%	1h	0.2454	+0.004%	$42.6M	$14.4M	10x
Aster ADAUSDT	+0.0100%	8h	0.2453	−0.031%	$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	−0.047%	$158K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2453	−0.031%	$101.5M	$364.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2453	−0.041%	$71.6M	$103.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2453	−0.041%	$32.4M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	−0.041%	$97.9M	$58.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2452	−0.081%	$52.6M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2453	−0.029%	$30.1M	$17.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	−0.041%	$65.9M	$43.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2454	0.000%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2454	+0.008%	$108K	$412K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2442	−0.484%	$4.2M	$944K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2446	−0.338%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2447	−0.285%	$295K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2446	−0.326%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2451	−0.130%	$93K	$644K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	−0.041%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.001%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2451	−0.123%	$9K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	−0.020%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	−0.010%	$1.3M	$5.5M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2453	−0.041%	$47.9M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2454	−0.020%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	−0.001%	$552K	$1.8M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2450	−0.163%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2452	−0.101%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0361%	1h	0.2455	+0.024%	$495K	$431K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0393%	1h	0.2453	−0.060%	$141K	—	100x	as long as short