Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h −0.036%

Price spread now: Backpack against BloFin+0.164%66s7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as 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−$390.387% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.348%−$35 on $10k

Price spread, last 4 days (all we have)−0.432%−$43 · spread now +0.164%, 7d avg −0.039%

Together, before fees−0.780%−$78 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.203% dearer against BloFin than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.039%. Mind the row above: over the last 7 days funding on this pair cost −0.348%, so the current rate has only just turned in your favour. The two prices were read 66 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	BloFin ADA-USDT	0.2496	0.0220	pay 0.0220% / 8h	3h 53m	$4.6M	$5.8M	75x
Short	Backpack ADA_USDC_PERP	0.2500	0.0268	get 0.0033% / 1h	53m 44s	$132K	$446K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.164%Rate

Funding earned: $10.03
Price spread: +0.164% → −0.039%: $20.34
Slippage, 4 orders: −$16.71
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$8.34
Costs to cover: 0.387%
Break-even: 12.8 days

Slippage from BloFin: live order book, 5 min ago; Backpack: live order book, 65 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 BloFin live order book, 5 min ago	6.05 bp	12.0 bp −$12	16.5 bp −$165	23.7 bp −$2,375	51.6 bp −$25.8K
Sell Backpack live order book, 65 min ago	0.81 bp	6.2 bp −$6	7.7 bp −$77	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	0.2506	+0.384%	$206K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2500	+0.160%	$294K	$6.5M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2494	−0.065%	$88K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0026%	1h	0.2494	−0.071%	$6.4M	$12.6M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−1.002%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2494	−0.080%	$416K	$8.0M	50x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2506	+0.401%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2502	+0.236%	$162K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2507	+0.430%	$105.6M	$376.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2505	+0.361%	$73.5M	$109.8M	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	0.2508	+0.481%	$33.7M	$108.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2503	+0.280%	$100.2M	$59.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2504	+0.321%	$62.3M	$60.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2504	+0.304%	$30.3M	$15.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2505	+0.361%	$67.7M	$50.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2507	+0.441%	—	$6.6M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2489	−0.278%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2486	−0.382%	$66K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2488	−0.321%	$292K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2489	−0.280%	$229K	$748K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2499	+0.112%	$97K	$693K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2494	−0.080%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2496	−0.005%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2496	−0.002%	$8K	$732K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2495	−0.060%	$343	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2499	+0.101%	$1.4M	$6.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2495	−0.040%	$48.7M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2504	+0.312%	$542K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0115%	8h	0.2504	+0.315%	$21K	$250	20x	as long as short
Lighter ADA	+0.0160%	1h	0.2507	+0.457%	$2.5M	$1.1M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2478	−0.717%	$4K	$95K	10x	as long as short
BloFin ADA-USDTlong	+0.0220%	8h	0.2496	long leg	$4.6M	$5.8M	75x
Backpack ADA_USDC_PERPshort	+0.0268%	1h	0.2500	+0.164%	$132K	$446K	15x
Reya ADARUSDPERP	+0.0278%	1h	0.2495	−0.040%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0512%	1h	0.2496	−0.008%	$613K	$496K	50x	as long as short
Hyperliquid ADA	+0.0568%	1h	0.2508	+0.485%	$44.1M	$15.3M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0599% / S −0.0547%	1h	0.2494	−0.065%	$135K	—	100x	as long as short