Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Pacifica+0.100%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.180%−$18 on $10k

Price spread, last 4 days (all we have)−0.194%−$19 · spread now +0.100%, 7d avg −0.013%

Together, before fees−0.375%+ Points / potential airdropPacifica: Active · farm board−$37 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 0.113% dearer against Pacifica than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ADA	0.2453	0.0100	pay 0.0013% / 1h	51m 52s	$158K	$156K	10x
Short	Backpack ADA_USDC_PERP	0.2455	0.0100	get 0.0013% / 1h	51m 52s	$129K	$422K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now +0.100%Rate

Funding earned: $0
Price spread: +0.100% → −0.013%: $11.27
Slippage, 4 orders: −$11.2
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.92
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Pacifica: live order book, 16 min ago; Backpack: live order book, 17 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 Pacifica live order book, 16 min ago	2.62 bp	7.5 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	0.81 bp	6.6 bp −$7	9.6 bp −$96	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
ApeX Omni ADAUSDT	−0.0012%	1h	0.2452	−0.031%	$56K	$587K	50x	as long as short
dYdX ADA-USD	0.0000%	1h	0.2452	−0.047%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2453	+0.010%	$205K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2452	−0.031%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.744%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2455	+0.092%	$410K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2451	−0.071%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2454	+0.051%	$1.2M	$968K	75x	as long as short
Pacifica ADAlong	+0.0100%	1h	0.2453	long leg	$158K	$156K	10x
Binance ADAUSDT	+0.0100%	8h	0.2453	+0.010%	$102.1M	$374.6M	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	0.2451	−0.071%	$72.1M	$107.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2451	−0.071%	$32.5M	$108.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2452	−0.031%	$98.4M	$58.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2452	−0.031%	$50.2M	$50.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	+0.055%	$30.0M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2449	−0.153%	$65.6M	$46.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2452	−0.031%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2455	+0.100%	$129K	$422K	15x
Variational Omni ADA	+0.0100%	8h	0.2434	−0.759%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2450	−0.092%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2436	−0.683%	$285K	$3.7M	10x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	+0.088%	$92K	$655K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2452	−0.031%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2453	+0.020%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2454	+0.052%	$9K	$773K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2453	+0.014%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	+0.148%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2454	+0.051%	$47.8M	$6.4M	50x	as long as short
Lighter ADA	+0.0104%	1h	0.2450	−0.133%	$2.4M	$1.0M	10x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	+0.005%	$533K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2455	+0.112%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2441	−0.479%	$4K	$87K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2448	−0.194%	$4.5M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0282%	1h	0.2454	+0.052%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2453	−0.002%	$6.2M	$12.0M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0362%	1h	0.2454	+0.031%	$499K	$470K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0622% / S −0.0389%	1h	0.2452	−0.048%	$140K	—	100x	as long as short