Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.030%

Price spread now: Kalshi against Backpack−0.004%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$13 on $10k

Price spread, last 4 days (all we have)+0.356%+$36 · spread now −0.004%, 7d avg −0.051%

Together, before fees+0.231%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Kalshi is 0.047% dearer against Backpack than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.051%. Mind the row above: over the last 7 days funding on this pair cost −0.125%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2451	0.0100	pay 0.0013% / 1h	19m 48s	$126K	$412K	15x
Short	Kalshi KXADAPERP	0.2451	0.0111	get 0.0111% / 8h	2h 19m	$163K	$6.3M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.004%Rate

Funding earned: $2.23
Price spread: −0.004% → −0.051%: $4.68
Slippage, 4 orders: −$23.82
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$36.9
Costs to cover: 0.438%
Break-even: 122.6 days

Slippage from Backpack: live order book, 49 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 Backpack live order book, 49 min ago	0.81 bp	7.0 bp −$7	9.1 bp −$91	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	2.03 bp	23.3 bp −$23	31.9 bp −$319	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	0.2448	−0.112%	$201K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2448	−0.112%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.812%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2462	+0.445%	$406K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	+0.144%	$42.8M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2454	+0.112%	$1.2M	$969K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2450	−0.033%	$159K	$156K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2454	+0.118%	$102.9M	$372.0M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2454	+0.118%	$72.0M	$108.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2453	+0.078%	$32.6M	$107.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2452	+0.037%	$97.8M	$60.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2455	+0.159%	$58.5M	$52.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	+0.131%	$29.9M	$17.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	+0.078%	$65.6M	$47.0M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2453	+0.078%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2451	long leg	$126K	$412K	15x
Variational Omni ADA	+0.0100%	8h	0.2456	+0.202%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2461	+0.387%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2459	+0.331%	$300K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2462	+0.445%	$56K	$588K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2449	−0.090%	$93K	$669K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2449	−0.086%	$6K	$27K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2450	−0.045%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2450	−0.047%	$9K	$762K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2450	−0.065%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2448	−0.142%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	−0.086%	$47.7M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	+0.132%	$532K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0106%	8h	0.2450	−0.049%	$21K	$250	20x	as long as short
Kalshi KXADAPERPshort	+0.0111%	8h	0.2451	−0.004%	$163K	$6.3M	3.2x
Phoenix ADA	+0.0163%	1h	0.2470	+0.751%	$4K	$87K	10x	as long as short
Lighter ADA	+0.0184%	1h	0.2455	+0.171%	$2.4M	$1.0M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0240%	1h	0.2450	−0.045%	$501K	$470K	50x	as long as short
Reya ADARUSDPERP	+0.0281%	1h	0.2449	−0.086%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0355%	1h	0.2449	−0.101%	$6.2M	$12.1M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0415% / S −0.0202%	1h	0.2449	−0.093%	$95K	—	100x	as long as short