Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.007%

Price spread now: Bybit against Kraken Futures−0.060%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now −0.060%, 7d avg −0.023%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bybit is 0.037% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2464	0.0113	pay 0.0014% / 1h	57m 43s	$6.2M	$11.6M	50x
Short	Bybit ADAUSDT	0.2463	0.0100	get 0.0100% / 8h	57m 43s	$71.7M	$102.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$2.69
Price spread: −0.060% → −0.023%: −$3.72
Slippage, 4 orders: −$21.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.54
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	3.25 bp	15.7 bp −$16	17.8 bp −$178	46.5 bp −$4,645	doesn't fit
Sell Bybit live order book, 1 min ago	2.03 bp	7.5 bp −$8	10.4 bp −$104	29.4 bp −$2,942	137.0 bp −$68.5K

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	0.2465	+0.010%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2466	+0.062%	$155K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2465	+0.004%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2465	+0.021%	$414K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2465	+0.001%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2464	−0.036%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2464	0.000%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2465	+0.039%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2464	−0.019%	$102.4M	$360.7M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2463	−0.060%	$71.7M	$102.5M	75x

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	0.2464	−0.019%	$32.1M	$106.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2463	−0.060%	$97.3M	$59.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2464	−0.019%	$53.2M	$50.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2465	+0.001%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2463	−0.060%	$66.1M	$43.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2464	−0.019%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2465	+0.037%	$109K	$418K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2459	−0.215%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2461	−0.144%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	−0.202%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2460	−0.182%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2466	+0.054%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2464	−0.019%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2465	+0.031%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	+0.102%	$9K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2465	+0.001%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2467	+0.091%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2464	−0.019%	$48.1M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2466	+0.068%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2465	+0.001%	$557K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0113%	1h	0.2464	long leg	$6.2M	$11.6M	50x
Phoenix ADA	+0.0131%	1h	0.2462	−0.101%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2461	−0.141%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.265%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2466	+0.064%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0318%	1h	0.2466	+0.062%	$481K	$395K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2464	−0.020%	$122K	—	100x	as long as short