Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Backpack−0.033%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

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

costs, in and out, $10k−$190.193% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 4 days (all we have)+0.072%+$7 · spread now −0.033%, 7d avg −0.007%

Together, before fees+0.183%+$18 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: MEXC is 0.025% 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%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2454	0.0100	pay 0.0013% / 1h	57m 15s	$108K	$420K	15x
Short	MEXC ADA_USDT	0.2453	0.0100	get 0.0100% / 8h	7h 57m	$53.5M	$50.7M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0
Price spread: −0.033% → −0.007%: −$2.54
Slippage, 4 orders: −$9.29
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$21.83
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; MEXC: 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, 16 min ago	0.41 bp	8.1 bp −$8	9.9 bp −$99	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	2.04 bp	2.0 bp −$2	4.6 bp −$46	15.8 bp −$1,576	55.3 bp −$27.7K

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	0.2451	−0.134%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2455	+0.049%	$195K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2454	−0.009%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.701%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2447	−0.277%	$406K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0047%	1h	0.2453	−0.036%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2455	+0.029%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2454	0.000%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2454	+0.026%	$1.2M	$934K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2451	−0.115%	$157K	$145K	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	0.2453	−0.027%	$101.5M	$366.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2452	−0.073%	$71.5M	$104.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2452	−0.073%	$32.4M	$107.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	−0.033%	$97.9M	$57.8M	75x	as long as short
MEXC ADA_USDTshort	+0.0100%	8h	0.2453	−0.033%	$53.5M	$50.7M	300x
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	−0.012%	$30.0M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	−0.033%	$65.9M	$43.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2453	−0.033%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2454	long leg	$108K	$420K	15x
Variational Omni ADA	+0.0100%	8h	0.2450	−0.148%	$4.2M	$972K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2451	−0.110%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2452	−0.073%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	−0.033%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2451	−0.102%	$94K	$642K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2453	−0.033%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2454	+0.008%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2451	−0.115%	$9K	$768K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2453	−0.033%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2454	−0.005%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2453	−0.033%	$47.9M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2452	−0.089%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	−0.031%	$553K	$1.8M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2450	−0.143%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2457	+0.130%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2452	−0.071%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0361%	1h	0.2455	+0.029%	$493K	$429K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0565% / S −0.0313%	1h	0.2454	+0.012%	$122K	—	100x	as long as short