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: Kalshi against Kraken Futures−0.066%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

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

Long on Kraken Futures Short on Kalshi

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)−0.162%−$16 · spread now −0.066%, 7d avg −0.090%

Together, before fees−0.422%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.024% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.066% now, against its 7-day average of −0.090%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2470	0.0092	pay 0.0011% / 1h	21m 11s	$6.3M	$12.7M	50x
Short	Kalshi KXADAPERP	0.2468	0	get 0.0000% / 8h	21m 11s	$154K	$6.2M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.066%Rate

Funding earned: −$19.24
Price spread: −0.066% → −0.090%: $2.4
Slippage, 4 orders: −$31.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$68.53
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Kalshi: 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 Kraken Futures live order book, 3 min ago	2.83 bp	12.7 bp −$13	14.9 bp −$149	53.8 bp −$5,376	doesn't fit
Sell Kalshi live order book, 3 min ago	2.02 bp	19.2 bp −$19	28.6 bp −$286	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	0.2471	+0.037%	$203K	$2K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2468	−0.066%	$154K	$6.2M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2468	−0.052%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.056%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2470	+0.015%	$427K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0092%	1h	0.2470	long leg	$6.3M	$12.7M	50x
Lighter ADA	+0.0096%	1h	0.2471	+0.072%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2470	+0.011%	$1.2M	$985K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2470	+0.035%	$160K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2470	+0.009%	$104.6M	$370.1M	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	−0.025%	$72.0M	$108.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2471	+0.056%	$33.0M	$105.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2468	−0.066%	$98.5M	$59.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2469	−0.025%	$61.5M	$60.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2470	+0.003%	$29.9M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2470	+0.015%	$66.5M	$49.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2470	+0.015%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2470	−0.005%	$125K	$443K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2470	+0.017%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2471	+0.045%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2470	+0.015%	$300K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2473	+0.137%	$228K	$745K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2470	−0.001%	$95K	$688K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2469	−0.025%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2470	−0.002%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2470	+0.015%	$9K	$728K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2470	−0.005%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2469	−0.021%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2469	−0.025%	$48.2M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2468	−0.052%	$537K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0110%	8h	0.2470	+0.011%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0188%	1h	0.2472	+0.084%	$42.9M	$14.7M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2475	+0.197%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2472	+0.096%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2469	−0.006%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0560%	1h	0.2470	+0.027%	$599K	$488K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0595% / S −0.0547%	1h	0.2468	−0.074%	$133K	—	100x	as long as short