Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h −0.017%

Price spread now: OKX against Kraken Futures−0.009%45s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$410.410% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$5 on $10k

Price spread, last 4 days (all we have)−0.137%−$14 · spread now −0.009%, 7d avg +0.004%

Together, before fees−0.182%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 45 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	Kraken Futures PF_ADAUSD	0.2442	0.0020	pay 0.0002% / 1h	36m 30s	$6.2M	$13.3M	50x
Short	OKX ADA-USDT-SWAP	0.2442	0.0100	get 0.0100% / 8h	2h 36m	$32.6M	$112.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.009%Rate

Funding earned: $16.88
Price spread: −0.009% → +0.004%: −$1.29
Slippage, 4 orders: −$20.99
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$25.4
Costs to cover: 0.410%
Break-even: 17.5 days

Slippage from Kraken Futures: live order book, 2 min ago; OKX: live order book, 2 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	0.20 bp	9.1 bp −$9	12.8 bp −$128	52.3 bp −$5,235	doesn't fit
Sell OKX live order book, 2 min ago	2.05 bp	9.5 bp −$10	14.9 bp −$149	51.4 bp −$5,140	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	0.2441	−0.047%	$201K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2442	−0.009%	$157K	$7.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2442	+0.009%	$83K	—	150x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0020%	1h	0.2442	long leg	$6.2M	$13.3M	50x
Phoenix ADA	+0.0032%	1h	0.2444	+0.077%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.178%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2445	+0.109%	$2.4M	$989K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2442	−0.030%	$42.2M	$17.0M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2442	+0.003%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2443	+0.029%	$156K	$170K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2443	+0.034%	$103.1M	$396.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2441	−0.050%	$71.2M	$119.5M	75x	as long as short
OKX ADA-USDT-SWAPshort	+0.0100%	8h	0.2442	−0.009%	$32.6M	$112.5M	50x
Gate ADA_USDT	+0.0100%	8h	0.2441	−0.050%	$98.7M	$63.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2442	−0.009%	$57.9M	$63.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2442	+0.003%	$29.3M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2441	−0.050%	$66.3M	$52.1M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2442	−0.009%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2443	+0.028%	$115K	$469K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2456	+0.568%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2443	+0.034%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2440	−0.074%	$291K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2440	−0.091%	$226K	$761K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2442	−0.026%	$113K	$788K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2443	+0.032%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2443	+0.026%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2443	+0.032%	$8K	$751K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2442	+0.011%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2440	−0.077%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2443	+0.032%	$47.6M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2443	+0.048%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2442	+0.006%	$531K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2442	−0.009%	$380K	$8.2M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2446	+0.155%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2440	−0.090%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0405%	1h	0.2445	+0.093%	$601K	$550K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0620% / S −0.0585%	1h	0.2442	−0.019%	$138K	—	100x	as long as short