Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.047%

Price spread now: Kalshi against Kraken Futures+0.087%7-day average −0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$430.431% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.253%−$25 on $10k

Price spread, last 4 days (all we have)−0.267%−$27 · spread now +0.087%, 7d avg −0.084%

Together, before fees−0.520%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.171% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of −0.084%): +$17 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 29 days. At the pace of the last 7 days (−0.253% in total) that is about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2468	0.0019	pay 0.0002% / 1h	45m 13s	$6.3M	$13.3M	50x
Short	Kalshi KXADAPERP	0.2470	0	get 0.0000% / 8h	6h 45m	$152K	$7.0M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.087%Rate

Funding earned: −$4.08
Price spread: +0.087% → −0.084%: $17.09
Slippage, 4 orders: −$23.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$30.12
Costs to cover: 0.431%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Kalshi: 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 Kraken Futures live order book, 4 min ago	2.22 bp	12.6 bp −$13	16.3 bp −$163	38.7 bp −$3,873	doesn't fit
Sell Kalshi live order book, 4 min ago	2.02 bp	7.2 bp −$7	17.0 bp −$170	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	0.2470	+0.070%	$203K	$2K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2470	+0.087%	$152K	$7.0M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2469	+0.063%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0019%	1h	0.2468	long leg	$6.3M	$13.3M	50x
Phoenix ADA	+0.0032%	1h	0.2470	+0.083%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.128%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2470	+0.091%	$2.4M	$987K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2472	+0.185%	$44.0M	$16.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2470	+0.078%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2471	+0.137%	$158K	$170K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2469	+0.027%	$104.2M	$393.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2468	+0.006%	$73.3M	$117.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2468	+0.006%	$33.0M	$112.5M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2469	+0.047%	$99.9M	$62.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2471	+0.128%	$59.6M	$62.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2471	+0.124%	$29.7M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2469	+0.047%	$67.2M	$51.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2470	+0.087%	—	$19.9M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2467	−0.031%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2470	+0.086%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2469	+0.048%	$289K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2469	+0.047%	$229K	$760K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2471	+0.120%	$94K	$635K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2468	+0.006%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2468	+0.021%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2469	+0.048%	$8K	$747K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2469	+0.027%	$340	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2472	+0.186%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2468	+0.006%	$48.1M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2472	+0.165%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2467	−0.020%	$537K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2470	+0.087%	$396K	$8.3M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0156%	1h	0.2469	+0.047%	$124K	$457K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2468	+0.006%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2471	+0.128%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0317%	1h	0.2469	+0.055%	$607K	$542K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0624% / S −0.0585%	1h	0.2468	+0.013%	$140K	—	100x	as long as short