Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.021%

Price spread now: Coinbase International against Kalshi+0.123%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 3 days (all we have)−0.077%−$8 · spread now +0.123%, 7d avg +0.064%

Together, before fees+0.063%+$6 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 Coinbase International is 0.058% dearer against Kalshi than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2447	0	get 0.0000% / 8h	3h 50m	$195K	$6.1M	3.2x
Short	Coinbase International ADA-PERP-INTX	0.2450	0.0040	get 0.0005% / 1h	50m 07s	$411K	$7.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Kalshi. 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 KalshibpFee Coinbase InternationalbpOrdersPrice spread, now +0.123%Rate

Funding earned: $8.4
Price spread: +0.123% → +0.064%: $5.84
Slippage, 4 orders: −$20.56
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$26.32
Costs to cover: 0.406%
Break-even: 28.9 days

Slippage from Kalshi: live order book, 4 min ago; Coinbase International: live order book, 4 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 Kalshi live order book, 4 min ago	2.04 bp	11.1 bp −$11	20.9 bp −$209	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	4.08 bp	9.5 bp −$9	17.3 bp −$173	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	−0.070%	$201K	$4K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2447	long leg	$195K	$6.1M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2446	−0.059%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.981%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTXshort	+0.0040%	1h	0.2450	+0.123%	$411K	$7.2M	50x
Kraken Futures PF_ADAUSD	+0.0048%	1h	0.2445	−0.100%	$6.1M	$11.7M	50x	as long as short
Gate ADA_USDT	+0.0080%	8h	0.2444	−0.123%	$97.4M	$58.0M	75x	as long as short
Lighter ADA	+0.0096%	1h	0.2446	−0.045%	$2.4M	$1.0M	10x	as long as short
Phoenix ADA	+0.0098%	1h	0.2453	+0.241%	$4K	$84K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2447	+0.009%	$42.5M	$14.3M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ADAUSDT	+0.0100%	8h	0.2447	0.000%	$1.2M	$939K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2446	−0.029%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2446	−0.059%	$101.3M	$364.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2444	−0.123%	$71.3M	$103.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2446	−0.041%	$32.3M	$106.8M	50x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2445	−0.082%	$52.4M	$50.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2444	−0.110%	$29.9M	$17.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2445	−0.082%	$65.7M	$43.7M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2445	−0.082%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2446	−0.057%	$107K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2447	+0.005%	$4.2M	$967K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	+0.219%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	+0.233%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	+0.245%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2446	−0.033%	$93K	$643K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2444	−0.123%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2444	−0.115%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2447	−0.001%	$9K	$766K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2445	−0.102%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2447	−0.008%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2445	−0.082%	$47.8M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2446	−0.029%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2443	−0.164%	$550K	$1.8M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0200%	1h	0.2444	−0.114%	$490K	$428K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2451	+0.163%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2447	−0.019%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0393%	1h	0.2446	−0.042%	$141K	—	100x	as long as short