Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0092%/8h= +10.0% APRpaid last 24h +0.046%

Price spread now: Kraken Futures against Kalshi−0.136%57s7-day average +0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$520.517% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.260%+$26 on $10k

Price spread, last 4 days (all we have)+0.364%+$36 · spread now −0.136%, 7d avg +0.090%

Together, before fees+0.624%+$62 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.226% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.136% now, against its 7-day average of +0.090%). If the spread goes back, that is −$23 on $10k: about 8.2 days of funding at the current rate (+$3 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2473	0	get 0.0000% / 8h	21m 19s	$149K	$6.2M	3.2x
Short	Kraken Futures PF_ADAUSD	0.2470	0.0092	get 0.0011% / 1h	21m 19s	$6.3M	$12.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.136%Rate

Funding earned: $19.24
Price spread: −0.136% → +0.090%: −$22.63
Slippage, 4 orders: −$31.69
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$55.08
Costs to cover: 0.517%
Break-even: 27.0 days

Slippage from Kalshi: live order book, 2 min ago; Kraken Futures: 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, 2 min ago	2.02 bp	7.0 bp −$7	12.5 bp −$125	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	2.83 bp	12.8 bp −$13	16.3 bp −$163	46.8 bp −$4,679	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	0.2471	−0.100%	$203K	$2K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2473	long leg	$149K	$6.2M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2468	−0.188%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.081%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2470	−0.121%	$427K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSDshort	+0.0092%	1h	0.2470	−0.136%	$6.3M	$12.7M	50x
Lighter ADA	+0.0096%	1h	0.2472	−0.061%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2469	−0.173%	$1.2M	$985K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	−0.101%	$160K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2469	−0.161%	$104.6M	$369.9M	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	0.2469	−0.162%	$72.0M	$108.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2470	−0.121%	$33.0M	$105.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2468	−0.202%	$98.5M	$59.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2470	−0.121%	$61.5M	$60.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2468	−0.198%	$29.9M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2469	−0.162%	$66.5M	$49.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2469	−0.162%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2469	−0.162%	$125K	$441K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2470	−0.120%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2471	−0.091%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2470	−0.121%	$300K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2473	0.000%	$228K	$745K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2470	−0.137%	$95K	$688K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2469	−0.162%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2470	−0.138%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2470	−0.122%	$9K	$728K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2470	−0.142%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2471	−0.083%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2470	−0.121%	$48.2M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2468	−0.188%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0110%	8h	0.2470	−0.125%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0188%	1h	0.2471	−0.073%	$42.9M	$14.7M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2475	+0.061%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2471	−0.081%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2469	−0.142%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0560%	1h	0.2470	−0.109%	$599K	$488K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0595% / S −0.0547%	1h	0.2468	−0.210%	$133K	—	100x	as long as short