Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Pacifica+0.050%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.186%−$19 on $10k

Price spread, last 4 days (all we have)−0.123%−$12 · spread now +0.050%, 7d avg −0.014%

Together, before fees−0.309%+ Points / potential airdropPacifica: Active · farm board−$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.064% dearer against Pacifica than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ADA	0.2468	0.0100	pay 0.0013% / 1h	55m 42s	$158K	$146K	10x
Short	Backpack ADA_USDC_PERP	0.2469	0.0100	get 0.0013% / 1h	55m 42s	$109K	$418K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0
Price spread: +0.050% → −0.014%: $6.39
Slippage, 4 orders: −$10.58
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$22.19
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from Pacifica: live order book, 22 min ago; Backpack: live order book, 23 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 Pacifica live order book, 22 min ago	2.03 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 23 min ago	0.20 bp	5.6 bp −$6	6.8 bp −$68	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	0.2467	−0.043%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2466	−0.088%	$155K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2468	−0.023%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2464	−0.169%	$414K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2469	+0.034%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2469	+0.018%	$42.8M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2469	+0.015%	$1.2M	$925K	75x	as long as short
Pacifica ADAlong	+0.0100%	1h	0.2468	long leg	$158K	$146K	10x
Binance ADAUSDT	+0.0100%	8h	0.2469	+0.015%	$102.6M	$360.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2468	−0.006%	$71.9M	$102.5M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2469	+0.034%	$32.2M	$106.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2466	−0.088%	$97.5M	$59.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2467	−0.047%	$52.6M	$50.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2468	+0.002%	$30.3M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2467	−0.047%	$66.2M	$43.4M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2468	−0.006%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2469	+0.050%	$109K	$418K	15x
Variational Omni ADA	+0.0100%	8h	0.2459	−0.364%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2462	−0.247%	$66K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	−0.351%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2461	−0.290%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2467	−0.055%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2468	−0.006%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2469	+0.032%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	−0.047%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2468	−0.006%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2469	+0.051%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2468	−0.006%	$48.2M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2468	−0.010%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2468	−0.023%	$557K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2469	+0.039%	$6.2M	$11.6M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2465	−0.144%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2466	−0.088%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.115%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2467	−0.045%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0479%	1h	0.2469	+0.046%	$487K	$400K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2467	−0.031%	$122K	—	100x	as long as short