Funding you earn now, next payment 02:00 UTC−0.0253%/8h= −27.7% APRnext payment −$0.32 per $10,000 · paid last 24h −0.010%
Price spread now: Backpack against Kraken Futures−0.091%7-day average −0.009% · you buy dearer than you sell
Net, funding: paid 7d − costs−$50as in the Funding arb table
Net, price: spread back to 7d avg − costs−$46as in the Price arb table
costs, in and out, $10k−$380.378% of the position
Funding, last 7 days−0.120%−$12 on $10k
+Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.091%, 7d avg −0.009%
=Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Backpack is 0.081% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.009%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_ADAUSD | 0.2459 | 0.0353 | pay 0.0044% / 1h | 2m 47s | $6.2M | $12.1M | 50x |
| Short | Backpack ADA_USDC_PERP | 0.2457 | 0.0100 | get 0.0013% / 1h | 2m 47s | $132K | $411K | 15x |
Kraken Futures PF_ADAUSD
Backpack ADA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$53.16
- Price spread: −0.091% → −0.009%
- −$8.14
- Slippage, 4 orders
- −$17.83
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$99.13
- Costs to cover
- 0.378%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 6 min ago; Backpack: 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 Kraken Futures live order book, 6 min ago | 2.65 bp | 11.4 bp −$11 | 16.3 bp −$163 | 47.3 bp −$4,735 | doesn't fit |
| Sell Backpack live order book, 1 min ago | 0.61 bp | 6.0 bp −$6 | 9.2 bp −$92 | doesn't fit | doesn't fit |
ADA on 36 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 | 0.2461 | +0.060% | $202K | $3K | 10x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2458 | −0.025% | $84K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | +0.487% | $849 | $202K | 12x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0048% | 1h | 0.2462 | +0.121% | $408K | $7.4M | 50x | as long as short |
| Hyperliquid ADA | +0.0100% | 1h | 0.2458 | −0.054% | $42.8M | $14.3M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2458 | −0.042% | $1.2M | $983K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2463 | +0.157% | $158K | $159K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2457 | −0.085% | $103.1M | $368.5M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2456 | −0.123% | $72.4M | $107.5M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2458 | −0.042% | $32.7M | $106.3M | 50x | as long as short |
dYdX ADA-USD
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Coinbase International ADA-PERP-INTX
Hyperliquid ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAPShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ADA_USDT | +0.0100% | 8h | 0.2455 | −0.164% | $98.5M | $60.6M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2456 | −0.123% | $56.4M | $54.1M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2455 | −0.144% | $29.9M | $17.6M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2456 | −0.123% | $65.8M | $47.5M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2456 | −0.123% | — | $20.3M | — | as long as short |
| Backpack ADA_USDC_PERPshort | +0.0100% | 1h | 0.2457 | −0.091% | $132K | $411K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2459 | +0.001% | $4.2M | $992K | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2455 | −0.171% | $65K | $283K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2458 | −0.046% | $287K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2455 | −0.164% | $56K | $590K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2461 | +0.092% | $94K | $670K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2460 | +0.039% | $6K | $16K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2460 | +0.046% | $40K | $3K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2467 | +0.319% | $8K | $752K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2460 | +0.043% | $338 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2459 | +0.011% | $1.3M | $5.9M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2457 | −0.083% | $47.8M | $6.3M | 50x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2455 | −0.169% | $534K | $1.8M | 50x | as long as short |
| Kalshi KXADAPERP | +0.0106% | 8h | 0.2462 | +0.121% | $139K | $6.2M | 3.2x | as long as short |
| Paradex ADA-USD-PERP | +0.0108% | 8h | 0.2463 | +0.167% | $21K | $250 | 20x | as long as short |
| Phoenix ADA | +0.0163% | 1h | 0.2461 | +0.096% | $4K | $87K | 10x | as long as short |
| Lighter ADA | +0.0208% | 1h | 0.2462 | +0.104% | $2.4M | $1.0M | 10x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0279% | 1h | 0.2460 | +0.039% | $503K | $470K | 50x | as long as short |
| Reya ADARUSDPERP | +0.0281% | 1h | 0.2460 | +0.019% | $1K | — | 15x | as long as short |
| Kraken Futures PF_ADAUSDlong | +0.0353% | 1h | 0.2459 | long leg | $6.2M | $12.1M | 50x | |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0416% / S −0.0202% | 1h | 0.2457 | −0.075% | $95K | — | 100x | 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
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Extended ADA-USD
Kalshi KXADAPERP
Paradex ADA-USD-PERP
Phoenix ADA
Lighter ADA
Deribit ADA_USDC-PERPETUAL
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]