Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against KuCoin+0.029%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.029%, 7d avg −0.007%

Together, before fees−0.161%−$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.035% dearer against KuCoin than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ADAUSDTM	0.2455	0.0100	pay 0.0100% / 8h	2h 56m	$30.7M	$18.5M	75x
Short	Backpack ADA_USDC_PERP	0.2456	0.0100	get 0.0013% / 1h	56m 06s	$102K	$421K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → −0.007%: $3.53
Slippage, 4 orders: −$16.17
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$34.64
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Backpack: live order book, 32 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 KuCoin live order book, 3 min ago	0.20 bp	17.3 bp −$17	25.3 bp −$253	doesn't fit	doesn't fit
Sell Backpack live order book, 32 min ago	1.62 bp	7.0 bp −$7	10.0 bp −$100	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	0.2454	−0.036%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2453	−0.094%	$153K	$5.8M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.105%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2454	−0.053%	$391K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2457	+0.086%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	+0.016%	$42.5M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	−0.003%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	+0.003%	$157K	$148K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2455	−0.007%	$102.2M	$356.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	−0.012%	$71.1M	$100.0M	75x	as long as short

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	0.2456	+0.029%	$32.3M	$105.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2454	−0.053%	$97.4M	$56.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2455	−0.012%	$52.9M	$56.1M	300x	as long as short
KuCoin ADAUSDTMlong	+0.0100%	8h	0.2455	long leg	$30.7M	$18.5M	75x
Bitget ADAUSDT	+0.0100%	8h	0.2455	−0.012%	$65.6M	$42.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2455	−0.012%	—	$20.7M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2456	+0.029%	$102K	$421K	15x
Variational Omni ADA	+0.0100%	8h	0.2465	+0.376%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	+0.398%	$66K	$278K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2463	+0.330%	$297K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	+0.354%	$55K	$578K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2454	−0.073%	$96K	$700K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2454	−0.053%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2455	−0.017%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2456	+0.027%	$9K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2455	+0.008%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	+0.023%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2455	−0.012%	$47.9M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2455	−0.018%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2455	−0.023%	$564K	$1.8M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2454	−0.073%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2455	−0.012%	$4.4M	$5.4M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0239%	1h	0.2456	+0.045%	$477K	$359K	50x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2453	−0.096%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0336%	1h	0.2456	+0.028%	$6.2M	$11.6M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0521% / S −0.0277%	1h	0.2453	−0.102%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2457	+0.069%	$844	$95K	12x	as long as short