Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Polymarket Perps−0.020%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.020%, 7d avg −0.081%

Together, before fees−0.047%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.060% dearer against Polymarket Perps than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.081%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.0 days. At the pace of the last 7 days (−0.049% in total) that is about 8.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ADA-USD	0.2454	0.0100	pay 0.0013% / 1h	26m 39s	$97K	$633K	10x
Short	Kalshi KXADAPERP	0.2453	0	get 0.0000% / 8h	6h 26m	$153K	$5.8M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now −0.020%Rate

Funding earned: −$21
Price spread: −0.020% → −0.081%: $6.02
Slippage, 4 orders: −$17.51
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$50.48
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 61 min ago; Kalshi: 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 Polymarket Perps live order book, 61 min ago	2.23 bp	6.2 bp −$6	8.5 bp −$85	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	2.04 bp	7.0 bp −$7	15.3 bp −$153	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	0.2455	+0.080%	$202K	$4K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2453	−0.020%	$153K	$5.8M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2453	−0.020%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2450	−0.143%	$408K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2458	+0.175%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2456	+0.086%	$42.6M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2454	+0.023%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	+0.103%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2457	+0.143%	$101.4M	$355.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2454	+0.020%	$70.7M	$99.6M	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	0.2454	+0.020%	$31.9M	$105.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2455	+0.061%	$97.0M	$57.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2456	+0.102%	$52.6M	$56.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	+0.033%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	+0.061%	$65.8M	$42.7M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2454	+0.020%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	+0.041%	$101K	$411K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2448	−0.208%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2448	−0.221%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	−0.224%	$288K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2449	−0.183%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USDlong	+0.0100%	1h	0.2454	long leg	$97K	$633K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2454	+0.020%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.021%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2455	+0.060%	$9K	$758K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2454	0.000%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	+0.016%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2453	−0.020%	$47.9M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2455	+0.067%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	+0.030%	$558K	$1.8M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0158%	1h	0.2455	+0.053%	$477K	$353K	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2449	−0.167%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2454	+0.020%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2454	+0.013%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0336%	1h	0.2454	+0.016%	$6.1M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0437% / S −0.0207%	1h	0.2453	−0.015%	$96K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2440	−0.550%	$838	$131K	12x	as long as short