Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h 0.000%

Price spread now: BingX against Backpack−0.028%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.028%, 7d avg +0.007%

Together, before fees+0.223%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BingX is 0.036% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.154%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2468	0.0116	pay 0.0014% / 1h	55m 00s	$109K	$418K	15x
Short	BingX ADA-USDT	0.2467	0.0100	get 0.0100% / 8h	55m 00s	—	$18.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$3.29
Price spread: −0.028% → +0.007%: −$3.58
Slippage, 4 orders: −$7.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$33.92
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Backpack: live order book, 24 min ago; BingX: live order book, 8 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 Backpack live order book, 24 min ago	0.20 bp	7.4 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	2.03 bp	7.0 bp −$7	7.0 bp −$70	13.4 bp −$1,336	28.4 bp −$14.2K

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	−0.025%	$203K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2467	−0.028%	$155K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2468	−0.005%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2464	−0.150%	$414K	$7.4M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2469	+0.036%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2468	−0.004%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2468	+0.011%	$1.2M	$925K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2468	+0.019%	$158K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2468	+0.029%	$102.7M	$360.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2468	+0.012%	$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	0.2470	+0.093%	$32.2M	$106.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2468	+0.012%	$97.6M	$59.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2467	−0.028%	$52.5M	$50.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2468	−0.004%	$30.3M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2467	−0.028%	$66.2M	$43.4M	75x	as long as short
BingX ADA-USDTshort	+0.0100%	8h	0.2467	−0.028%	—	$18.1M	—
Variational Omni ADA	+0.0100%	8h	0.2464	−0.143%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2464	−0.155%	$66K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2463	−0.191%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2464	−0.150%	$56K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2468	+0.024%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2467	−0.028%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2468	+0.009%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2467	−0.028%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2467	−0.024%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2469	+0.038%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2467	−0.028%	$48.2M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2468	+0.009%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2468	−0.007%	$557K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0113%	1h	0.2467	−0.027%	$6.2M	$11.6M	50x	as long as short
Backpack ADA_USDC_PERPlong	+0.0116%	1h	0.2468	long leg	$109K	$418K	15x
Phoenix ADA	+0.0131%	1h	0.2465	−0.126%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2467	−0.028%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+0.134%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2468	+0.016%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0358%	1h	0.2469	+0.045%	$486K	$400K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2467	−0.029%	$122K	—	100x	as long as short