Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0269%/8h= +29.5% APRpaid last 24h +0.086%

Price spread now: Reya against Kalshi−0.150%75s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.150% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.150% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 45 hours of funding at the current rate (+$8 a day). The two prices were read 75 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	0.2453	0	get 0.0000% / 8h	1h 28m	$192K	$7.8M	3.2x
Short	Reya ADARUSDPERP	0.2449	0.0269	get 0.0034% / 1h	28m 45s	$1K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.150%Rate

Funding earned: $56.49
Price spread: −0.150% → 0.000%: −$15.01
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $25.48
Costs to cover: 0.160%
Break-even: 3.8 days

Slippage unknown: Kalshi: live order book, 3 min ago; Reya: no order-book sample. 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 Kalshi live order book, 3 min ago	4.09 bp	9.3 bp −$9	20.1 bp −$201	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 36 exchanges

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	0.2450	−0.106%	$206K	$6K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2453	long leg	$192K	$7.8M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2448	−0.194%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0031%	1h	0.2453	−0.007%	$6.2M	$13.0M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.734%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2452	−0.024%	$2.4M	$937K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2453	+0.008%	$43.7M	$17.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2453	−0.010%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	−0.016%	$157K	$151K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2452	−0.041%	$105.0M	$381.6M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2452	−0.041%	$73.6M	$122.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2453	0.000%	$32.3M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2451	−0.082%	$100.9M	$60.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2451	−0.082%	$49.2M	$69.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2452	−0.053%	$29.3M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2452	−0.041%	$67.0M	$49.6M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2452	−0.041%	—	$18.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2452	−0.029%	$136K	$453K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2446	−0.288%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2448	−0.215%	$65K	$291K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2446	−0.283%	$294K	$3.6M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2448	−0.204%	$69K	$897K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2452	−0.045%	$75K	$1.4M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2452	−0.041%	$6K	$5K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2454	+0.043%	$8K	$669K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2452	−0.020%	$337	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2453	−0.006%	$1.3M	$6.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2452	−0.041%	$47.3M	$7.5M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2452	−0.039%	$19K	$589	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2451	−0.074%	$537K	$1.7M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0158%	1h	0.2454	+0.020%	$574K	$835K	50x	as long as short
Phoenix ADA	+0.0161%	1h	0.2450	−0.130%	$2K	$104K	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0176%	1h	0.2453	0.000%	$403K	$7.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2451	−0.082%	$4.6M	$5.5M	75x	as long as short
Reya ADARUSDPERPshort	+0.0269%	1h	0.2449	−0.150%	$1K	—	15x
GMX ADA/USD [WBTC.b-USDC]	L +0.0368% / S −0.0294%	1h	0.2452	−0.043%	$87K	—	100x	as long as short