Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Backpack−0.029%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Backpack Short on Bybit

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)+0.103%+$10 · spread now −0.029%, 7d avg −0.005%

Together, before fees+0.203%+$20 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: Bybit is 0.024% cheaper against Backpack than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2422	0.0100	pay 0.0013% / 1h	23m 12s	$125K	$478K	15x
Short	Bybit ADAUSDT	0.2421	0.0100	get 0.0100% / 8h	2h 23m	$71.0M	$122.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.029%Rate

Funding earned: $0
Price spread: −0.029% → −0.005%: −$2.43
Slippage, 4 orders: −$8.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.15
Costs to cover: 0.297%
Break-even: never at this rate

Slippage from Backpack: live order book, 26 min ago; Bybit: live order book, 1 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, 26 min ago	0.61 bp	6.9 bp −$7	9.1 bp −$91	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.07 bp	8.4 bp −$8	12.3 bp −$123	37.6 bp −$3,758	134.7 bp −$67.4K

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
Kalshi KXADAPERP	0.0000%	8h	0.2420	−0.070%	$201K	$7.4M	3.2x	as long as short
dYdX ADA-USD	+0.0002%	1h	0.2420	−0.080%	$199K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2418	−0.137%	$83K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2419	−0.100%	$6.2M	$13.7M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2415	−0.268%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+2.036%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2421	−0.021%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2422	+0.033%	$41.7M	$17.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2420	−0.083%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2420	−0.052%	$155K	$176K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2424	+0.099%	$101.9M	$407.1M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2421	−0.029%	$71.0M	$122.9M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2423	+0.054%	$32.1M	$116.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2420	−0.070%	$98.4M	$64.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2422	+0.012%	$52.5M	$64.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2420	−0.074%	$29.0M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2421	−0.029%	$65.8M	$53.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2421	−0.029%	—	$20.1M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2422	long leg	$125K	$478K	15x
Variational Omni ADA	+0.0100%	8h	0.2414	−0.314%	$4.1M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2410	−0.468%	$64K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2419	−0.119%	$284K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2408	−0.566%	$84K	$882K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2418	−0.153%	$114K	$917K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2420	−0.070%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2419	−0.098%	$39K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2420	−0.072%	$8K	$764K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2420	−0.058%	$333	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2422	−0.004%	$1.3M	$6.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2420	−0.070%	$47.0M	$7.4M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2421	−0.023%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2419	−0.098%	$519K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2421	−0.029%	$377K	$8.4M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2419	−0.111%	$4.4M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2418	−0.152%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0536%	1h	0.2421	−0.041%	$603K	$597K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0628% / S −0.0701%	1h	0.2417	−0.192%	$157K	—	100x	as long as short