ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0254%/8h= −27.8% APRnext payment −$0.32 per $10,000 · paid last 24h −0.010%

Price spread now: Backpack against Kraken Futures+0.003%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.389% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 3 days (all we have)−0.130%−$13 · spread now +0.003%, 7d avg −0.009%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2456	0.0354	pay 0.0044% / 1h	32m 01s	$6.2M	$12.1M	50x
Short	Backpack ADA_USDC_PERP	0.2456	0.0100	get 0.0013% / 1h	32m 01s	$125K	$423K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$53.27
Price spread: +0.003% → −0.009%: $1.24
Slippage, 4 orders: −$18.92
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$90.94
Costs to cover: 0.389%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Backpack: live order book, 37 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 Kraken Futures live order book, 2 min ago	3.06 bp	13.1 bp −$13	17.8 bp −$178	65.4 bp −$6,538	doesn't fit
Sell Backpack live order book, 37 min ago	0.81 bp	6.6 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit

ADA on 36 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	0.2459	+0.121%	$202K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	+0.003%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.630%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2458	+0.101%	$400K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	+0.027%	$42.8M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2458	+0.100%	$1.2M	$973K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2458	+0.095%	$159K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	−0.021%	$102.6M	$375.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	−0.021%	$72.1M	$109.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2455	−0.021%	$32.6M	$108.0M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2454	−0.062%	$97.8M	$59.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2453	−0.103%	$49.4M	$51.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	−0.042%	$29.9M	$17.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2454	−0.062%	$65.6M	$46.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2455	−0.021%	—	$20.5M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2456	+0.003%	$125K	$423K	15x
Variational Omni ADA	+0.0100%	8h	0.2452	−0.139%	$4.2M	$991K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2453	−0.088%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	−0.099%	$290K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2454	−0.062%	$56K	$589K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	+0.166%	$92K	$665K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2456	+0.019%	$6K	$27K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2457	+0.068%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2452	−0.146%	$9K	$771K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2457	+0.040%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	+0.030%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2455	−0.021%	$47.8M	$6.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	−0.048%	$532K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2458	+0.108%	$21K	$250	20x	as long as short
Kalshi KXADAPERP	+0.0112%	8h	0.2453	−0.103%	$148K	$6.3M	3.2x	as long as short
Lighter ADA	+0.0160%	1h	0.2456	+0.019%	$2.4M	$1.0M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2457	+0.068%	$4K	$87K	10x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2460	+0.163%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0354%	1h	0.2456	long leg	$6.2M	$12.1M	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0416% / S −0.0202%	1h	0.2456	+0.012%	$95K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4755%	1h	0.2517	+2.499%	$515K	$472K	50x	as long as short