Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Backpack−0.037%55s7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.281% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.037%, 7d avg −0.007%

Together, before fees+0.227%+$23 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: Bybit is 0.030% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.007%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2455	0.0100	pay 0.0013% / 1h	12m 15s	$101K	$415K	15x
Short	Bybit ADAUSDT	0.2454	0.0100	get 0.0100% / 8h	1h 12m	$71.4M	$102.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.037%Rate

Funding earned: $0
Price spread: −0.037% → −0.007%: −$2.96
Slippage, 4 orders: −$7.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.02
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Backpack: live order book, 6 min ago; Bybit: live order book, 2 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, 6 min ago	0.20 bp	7.4 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.04 bp	7.5 bp −$8	11.7 bp −$117	33.6 bp −$3,357	141.2 bp −$70.6K

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	0.2456	+0.027%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2456	+0.045%	$154K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	+0.026%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2456	+0.045%	$412K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2456	+0.049%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2458	+0.110%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2457	+0.069%	$42.5M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2456	+0.028%	$1.2M	$922K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2456	+0.049%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	+0.045%	$102.0M	$360.3M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDTshort	+0.0100%	8h	0.2454	−0.037%	$71.4M	$102.3M	75x
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2455	+0.004%	$31.9M	$105.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2454	−0.037%	$97.0M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2455	+0.004%	$52.8M	$51.1M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	+0.020%	$30.2M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2456	+0.045%	$65.9M	$43.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2455	+0.004%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2455	long leg	$101K	$415K	15x
Variational Omni ADA	+0.0100%	8h	0.2458	+0.134%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2459	+0.161%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	+0.134%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2460	+0.208%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2456	+0.029%	$96K	$625K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2456	+0.045%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2457	+0.080%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2457	+0.088%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2456	+0.049%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2457	+0.074%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2455	+0.004%	$47.9M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2456	+0.048%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2455	+0.024%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2455	+0.012%	$4K	$74K	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0198%	1h	0.2457	+0.090%	$480K	$351K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2454	−0.037%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2456	+0.048%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.656%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0566% / S −0.0313%	1h	0.2455	+0.017%	$122K	—	100x	as long as short