Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against HTX−0.016%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 4 days (all we have)−0.163%−$16 · spread now −0.016%, 7d avg −0.012%

Together, before fees−0.351%−$35 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ADA-USDT	0.2445	0.0100	pay 0.0100% / 8h	4h 48m	$1.3M	$6.3M	75x
Short	Backpack ADA_USDC_PERP	0.2444	0.0100	get 0.0013% / 1h	48m 50s	$124K	$443K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.012%: −$0.37
Slippage, 4 orders: −$14.09
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.47
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; Backpack: live order book, 10 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 HTX live order book, 5 min ago	1.12 bp	10.7 bp −$11	25.7 bp −$257	56.2 bp −$5,617	doesn't fit
Sell Backpack live order book, 10 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	0.2445	+0.033%	$201K	$3K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2448	+0.136%	$153K	$6.3M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2443	−0.055%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.077%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2445	+0.013%	$429K	$7.7M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0093%	1h	0.2445	+0.001%	$6.2M	$12.8M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2446	+0.058%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	−0.032%	$1.2M	$982K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2447	+0.078%	$159K	$162K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2446	+0.048%	$103.3M	$372.6M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2444	−0.028%	$71.3M	$111.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2447	+0.095%	$32.5M	$105.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2444	−0.028%	$97.7M	$58.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2444	−0.028%	$60.9M	$59.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2445	+0.009%	$29.5M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2445	+0.013%	$65.7M	$50.1M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2445	+0.013%	—	$20.1M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2444	−0.016%	$124K	$443K	15x
Variational Omni ADA	+0.0100%	8h	0.2448	+0.139%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2459	+0.566%	$65K	$283K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	+0.529%	$287K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2449	+0.177%	$226K	$741K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2446	+0.038%	$92K	$685K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2444	−0.028%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2444	−0.009%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2446	+0.055%	$9K	$740K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2445	+0.009%	$336	$13K	10x	as long as short
HTX ADA-USDTlong	+0.0100%	8h	0.2445	long leg	$1.3M	$6.3M	75x
Phemex ADAUSDT	+0.0100%	8h	0.2445	+0.013%	$47.6M	$6.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2445	+0.026%	$530K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0106%	8h	0.2448	+0.147%	$21K	$250	20x	as long as short
Hyperliquid ADA	+0.0107%	1h	0.2446	+0.042%	$42.5M	$14.9M	10x	as long as short
Phoenix ADA	+0.0195%	1h	0.2450	+0.218%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2446	+0.054%	$4.5M	$5.7M	75x	as long as short
Reya ADARUSDPERP	+0.0279%	1h	0.2445	−0.007%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0390% / S −0.0214%	1h	0.2444	−0.039%	$92K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0446%	1h	0.2445	+0.017%	$591K	$493K	50x	as long as short