Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0237%/8h= −25.9% APRpaid last 24h −0.003%

Price spread now: Orderly against Kraken Futures+0.052%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.052% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.052% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2450	0.0337	pay 0.0042% / 1h	1m 59s	$6.2M	$11.4M	50x
Short	Orderly PERP_ADA_USDC	0.2451	0.0100	get 0.0100% / 8h	2h 01m	$6K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.052%Rate

Funding earned: −$49.75
Price spread: +0.052% → 0.000%: $5.19
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$60.55
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 2 min ago; Orderly: 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 Kraken Futures live order book, 2 min ago	2.04 bp	11.1 bp −$11	16.2 bp −$162	54.0 bp −$5,399	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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	0.2450	+0.006%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2452	+0.093%	$153K	$5.9M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2451	+0.048%	$476K	$353K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2450	+0.003%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2454	+0.174%	$407K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2451	+0.060%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2450	+0.023%	$42.5M	$14.6M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2450	+0.019%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2450	+0.028%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2450	−0.009%	$101.5M	$355.8M	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	0.2450	+0.011%	$70.5M	$99.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2449	−0.030%	$31.8M	$105.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	−0.071%	$96.5M	$58.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2449	−0.030%	$52.6M	$56.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2450	−0.005%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2450	+0.011%	$65.6M	$42.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2450	+0.011%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	+0.023%	$101K	$413K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2444	−0.218%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2445	−0.175%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2445	−0.209%	$295K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2444	−0.234%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2450	+0.027%	$96K	$624K	10x	as long as short
Orderly PERP_ADA_USDCshort	+0.0100%	8h	0.2451	+0.052%	$6K	$36K	20x
Derive ADA-PERP	+0.0100%	1h	0.2451	+0.062%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2451	+0.050%	$9K	$758K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.001%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2451	+0.033%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2450	+0.011%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2451	+0.050%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2449	−0.019%	$556K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2446	−0.136%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2449	−0.030%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2450	+0.022%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0337%	1h	0.2450	long leg	$6.2M	$11.4M	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0504% / S −0.0263%	1h	0.2450	+0.017%	$110K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2445	−0.193%	$840	$168K	12x	as long as short