Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.030%

Price spread now: Kalshi against Injective−0.971%7-day average +0.200% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.203%−$20 on $10k

Price spread, last 4 days (all we have)+2.023%+$202 · spread now −0.971%, 7d avg +0.200%

Together, before fees+1.820%+$182 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kalshi is 1.172% cheaper against Injective than usual: you would sell low and buy high (−$117 if the spread goes back to its 7-day average of +0.200%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ADA/USDC PERP	0.2471	0.0033	pay 0.0004% / 1h	2m 36s	$849	$202K	12x
Short	Kalshi KXADAPERP	0.2447	0	get 0.0000% / 8h	6h 02m	$187K	$7.6M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now −0.971%Rate

Funding earned: −$7
Price spread: −0.971% → +0.200%: −$117.15
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$134.17
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Kalshi: live order book, 1 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	4.09 bp	9.1 bp −$9	20.4 bp −$204	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 KXADAPERPshort	0.0000%	8h	0.2447	−0.971%	$187K	$7.6M	3.2x
dYdX ADA-USD	+0.0001%	1h	0.2448	−0.940%	$201K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2447	−0.963%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2449	−0.877%	$6.3M	$13.8M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2454	−0.680%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERPlong	+0.0033%	1h	0.2471	long leg	$849	$202K	12x
Lighter ADA	+0.0096%	1h	0.2450	−0.838%	$2.4M	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2448	−0.931%	$6K	$6K	20x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2450	−0.842%	$43.0M	$18.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2449	−0.890%	$1.2M	$1.1M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ADA	+0.0100%	1h	0.2449	−0.889%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2449	−0.890%	$103.1M	$410.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2449	−0.890%	$72.4M	$124.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2450	−0.850%	$32.5M	$118.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2448	−0.931%	$100.0M	$65.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2448	−0.931%	$52.1M	$65.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	−0.911%	$29.4M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2448	−0.931%	$66.6M	$53.6M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2448	−0.931%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2450	−0.838%	$137K	$485K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2452	−0.766%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	−0.771%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2450	−0.850%	$288K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2452	−0.769%	$83K	$889K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2447	−0.971%	$128K	$1.1M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2450	−0.859%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2450	−0.854%	$8K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.870%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2447	−0.955%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	−0.890%	$47.5M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2449	−0.900%	$524K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2449	−0.890%	$379K	$8.6M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2448	−0.913%	$21K	$250	20x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2452	−0.769%	$4.4M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2448	−0.933%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0526%	1h	0.2450	−0.850%	$623K	$613K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0630% / S −0.0728%	1h	0.2446	−0.994%	$164K	—	100x	as long as short