Funding you earn now, next payment 10:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%
Price spread now: Kalshi against Backpack−0.036%7-day average −0.045% · you buy dearer than you sell
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$36as in the Price arb table
costs, in and out, $10k−$370.371% of the position
Funding, last 7 days−0.145%−$15 on $10k
+Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.036%, 7d avg −0.045%
=The price spread sits at its 7-day average of −0.045%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ADA_USDC_PERP | 0.2478 | 0.0100 | pay 0.0013% / 1h | 0m 47s | $140K | $456K | 15x |
| Short | Kalshi KXADAPERP | 0.2477 | 0 | get 0.0000% / 8h | 2h 00m | $236K | $7.8M | 3.2x |
Backpack ADA_USDC_PERP
Kalshi KXADAPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$21
- Price spread: −0.036% → −0.045%
- $0.88
- Slippage, 4 orders
- −$17.09
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$57.21
- Costs to cover
- 0.371%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 51 min ago; Kalshi: 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, 51 min ago | 1.41 bp | 6.4 bp −$6 | 9.8 bp −$98 | doesn't fit | doesn't fit |
| Sell Kalshi live order book, 1 min ago | 6.05 bp | 11.4 bp −$11 | 18.4 bp −$184 | doesn't fit | doesn't fit |
ADA on 36 exchanges
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 | 0.2477 | −0.019% | $207K | $5K | 10x | as long as short |
| Kalshi KXADAPERPshort | 0.0000% | 8h | 0.2477 | −0.036% | $236K | $7.8M | 3.2x | |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2476 | −0.069% | $85K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | −0.278% | $849 | $202K | 12x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2480 | +0.065% | $2.4M | $961K | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2478 | +0.020% | $1.2M | $1.2M | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2478 | −0.007% | $159K | $157K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2479 | +0.044% | $106.3M | $385.3M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2481 | +0.125% | $74.7M | $122.4M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2479 | +0.044% | $32.9M | $109.2M | 50x | as long as short |
dYdX ADA-USD
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Lighter ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAPShow all 36 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ADA_USDT | +0.0100% | 8h | 0.2477 | −0.036% | $102.1M | $61.6M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2478 | +0.004% | $49.4M | $71.9M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2478 | +0.016% | $29.7M | $15.5M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2478 | +0.004% | $67.8M | $50.7M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2478 | +0.004% | — | $18.5M | — | as long as short |
| Backpack ADA_USDC_PERPlong | +0.0100% | 1h | 0.2478 | long leg | $140K | $456K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2477 | −0.040% | $4.2M | $1.1M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2479 | +0.061% | $66K | $290K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2478 | +0.006% | $294K | $3.7M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2483 | +0.206% | $71K | $897K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2476 | −0.081% | $119K | $1.3M | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2476 | −0.077% | $6K | $4K | 20x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2478 | +0.003% | $8K | $680K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2477 | −0.016% | $341 | $6K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2477 | −0.041% | $1.3M | $6.9M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2478 | +0.004% | $47.8M | $7.5M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0101% | 8h | 0.2478 | −0.009% | $20K | $589 | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2478 | +0.011% | $545K | $1.7M | 50x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0144% | 1h | 0.2478 | +0.004% | $404K | $8.1M | 50x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0147% | 1h | 0.2477 | −0.032% | $6.3M | $13.4M | 50x | as long as short |
| Phoenix ADA | +0.0192% | 1h | 0.2482 | +0.174% | $3K | $107K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2480 | +0.085% | $4.6M | $5.6M | 75x | as long as short |
| Reya ADARUSDPERP | +0.0270% | 1h | 0.2476 | −0.064% | $1K | — | 15x | as long as short |
| Hyperliquid ADA | +0.0327% | 1h | 0.2481 | +0.117% | $44.2M | $17.6M | 10x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0370% / S −0.0295% | 1h | 0.2476 | −0.081% | $88K | — | 100x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0437% | 1h | 0.2478 | −0.012% | $617K | $792K | 50x | as long as short |
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Paradex ADA-USD-PERP
Extended ADA-USD
Coinbase International ADA-PERP-INTX
Kraken Futures PF_ADAUSD
Phoenix ADA
BloFin ADA-USDT
Reya ADARUSDPERP
Hyperliquid ADA
GMX ADA/USD [WBTC.b-USDC]
Deribit ADA_USDC-PERPETUAL