Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.036%

Price spread now: BloFin against Backpack−0.056%54s7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.310% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.353%+$35 on $10k

Price spread, last 4 days (all we have)+0.565%+$57 · spread now −0.056%, 7d avg +0.038%

Together, before fees+0.918%+$92 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.094% cheaper against Backpack than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of +0.038%). If the spread goes back, that is −$9 on $10k: about 2.6 days of funding at the current rate (+$4 a day). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2502	0.0100	pay 0.0013% / 1h	3m 20s	$146K	$467K	15x
Short	BloFin ADA-USDT	0.2501	0.0220	get 0.0220% / 8h	7h 03m	$4.6M	$5.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.056%Rate

Funding earned: $25.2
Price spread: −0.056% → +0.038%: −$9.41
Slippage, 4 orders: −$8.99
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$15.2
Costs to cover: 0.310%
Break-even: 11.2 days

Slippage from Backpack: live order book, 30 min ago; BloFin: live order book, 5 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 Backpack live order book, 30 min ago	0.20 bp	7.6 bp −$8	11.1 bp −$111	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	2.01 bp	8.0 bp −$8	8.0 bp −$80	13.9 bp −$1,389	51.4 bp −$25.7K

ADA on 36 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
Kalshi KXADAPERP	0.0000%	8h	0.2503	+0.024%	$217K	$7.7M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2502	0.000%	$86K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−1.255%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2504	+0.060%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2505	+0.104%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2504	+0.065%	$160K	$180K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2504	+0.064%	$106.5M	$397.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2502	−0.016%	$75.3M	$125.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2502	−0.016%	$33.3M	$116.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2502	−0.016%	$103.0M	$63.7M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ADA_USDT	+0.0100%	8h	0.2504	+0.064%	$58.7M	$69.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2503	+0.016%	$30.1M	$15.7M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2504	+0.064%	$68.3M	$52.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2503	+0.024%	—	$19.8M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2502	long leg	$146K	$467K	15x
Variational Omni ADA	+0.0100%	8h	0.2496	−0.252%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2497	−0.226%	$66K	$289K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2497	−0.200%	$295K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2496	−0.256%	$75K	$897K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2504	+0.056%	$119K	$1.3M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2503	+0.024%	$6K	$5K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2504	+0.071%	$8K	$720K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2504	+0.044%	$344	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2503	+0.032%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2504	+0.064%	$48.3M	$7.7M	50x	as long as short
Paradex ADA-USD-PERP	+0.0103%	8h	0.2505	+0.104%	$21K	—	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2502	−0.022%	$548K	$1.8M	50x	as long as short
Hyperliquid ADA	+0.0123%	1h	0.2505	+0.116%	$44.2M	$18.5M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2502	−0.016%	$376K	$8.5M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2497	−0.208%	$3K	$113K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0195%	1h	0.2504	+0.061%	$6.4M	$13.9M	50x	as long as short
BloFin ADA-USDTshort	+0.0220%	8h	0.2501	−0.056%	$4.6M	$5.7M	75x
Reya ADARUSDPERP	+0.0271%	1h	0.2503	+0.024%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0371% / S −0.0295%	1h	0.2502	−0.014%	$89K	—	100x	as long as short
dYdX ADA-USD	+0.0484%	1h	0.2502	−0.027%	$209K	$5K	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0629%	1h	0.2505	+0.096%	$640K	$731K	50x	as long as short