Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against MEXC+0.020%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on MEXC 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)−0.063%−$6 · spread now +0.020%, 7d avg +0.009%

Together, before fees−0.164%−$16 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ADA_USDT	0.2464	0.0100	pay 0.0100% / 8h	4h 05m	$61.6M	$61.2M	300x
Short	Backpack ADA_USDC_PERP	0.2465	0.0100	get 0.0013% / 1h	5m 03s	$130K	$445K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.020%Rate

Funding earned: $0
Price spread: +0.020% → +0.009%: $1.17
Slippage, 4 orders: −$8.66
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.49
Costs to cover: 0.187%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Backpack: live order book, 54 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 MEXC live order book, 4 min ago	2.02 bp	2.0 bp −$2	2.7 bp −$27	14.7 bp −$1,468	35.3 bp −$17.7K
Sell Backpack live order book, 54 min ago	0.81 bp	6.2 bp −$6	7.7 bp −$77	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	0.2465	+0.030%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2466	+0.081%	$160K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2464	+0.013%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.284%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2464	0.000%	$423K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0092%	1h	0.2465	+0.021%	$6.3M	$12.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2466	+0.093%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2465	+0.033%	$1.2M	$988K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2466	+0.089%	$160K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2465	+0.041%	$104.4M	$370.2M	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	0.2464	0.000%	$71.9M	$108.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2465	+0.041%	$33.0M	$105.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2464	0.000%	$98.6M	$59.9M	75x	as long as short
MEXC ADA_USDTlong	+0.0100%	8h	0.2464	long leg	$61.6M	$61.2M	300x
KuCoin ADAUSDTM	+0.0100%	8h	0.2465	+0.045%	$29.8M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2466	+0.081%	$66.4M	$49.2M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2464	0.000%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2465	+0.020%	$130K	$445K	15x
Variational Omni ADA	+0.0100%	8h	0.2465	+0.043%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2470	+0.230%	$66K	$284K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2468	+0.162%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2468	+0.162%	$227K	$747K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2465	+0.041%	$94K	$689K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2464	0.000%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2465	+0.043%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2466	+0.079%	$9K	$729K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2465	+0.045%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2465	+0.021%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2466	+0.081%	$48.1M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2464	+0.012%	$536K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2466	+0.091%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0195%	1h	0.2472	+0.317%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2467	+0.122%	$4.5M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0224%	1h	0.2466	+0.097%	$43.5M	$15.1M	10x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2465	+0.041%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0481%	1h	0.2466	+0.065%	$598K	$488K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0594% / S −0.0547%	1h	0.2463	−0.024%	$133K	—	100x	as long as short