Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Pacifica against Backpack+0.131%7-day average +0.018% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$310.305% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.131%, 7d avg +0.018%

Together, before fees+0.144%+ Points / potential airdropPacifica: Active · farm board+$14 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: Pacifica is 0.113% dearer against Backpack than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2444	0.0100	pay 0.0013% / 1h	37m 37s	$101K	$412K	15x
Short	Pacifica ADA	0.2448	0.0100	get 0.0013% / 1h	37m 37s	$157K	$147K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.131%Rate

Funding earned: $0
Price spread: +0.131% → +0.018%: $11.29
Slippage, 4 orders: −$12.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$19.25
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Backpack: live order book, 51 min ago; Pacifica: live order book, 50 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, 51 min ago	1.62 bp	6.6 bp −$7	7.9 bp −$79	doesn't fit	doesn't fit
Sell Pacifica live order book, 50 min ago	3.44 bp	7.5 bp −$8	doesn't fit	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	0.2446	+0.077%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2441	−0.139%	$152K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2442	−0.107%	$87K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2440	−0.180%	$406K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2449	+0.192%	$2.4M	$1.3M	10x	as long as short
Gate ADA_USDT	+0.0098%	8h	0.2446	+0.065%	$96.8M	$57.4M	75x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2447	+0.110%	$42.4M	$14.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2446	+0.068%	$1.2M	$998K	75x	as long as short
Pacifica ADAshort	+0.0100%	1h	0.2448	+0.131%	$157K	$147K	10x
Binance ADAUSDT	+0.0100%	8h	0.2448	+0.147%	$100.9M	$355.2M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2448	+0.147%	$70.4M	$99.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2447	+0.106%	$31.8M	$105.0M	50x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2447	+0.106%	$52.3M	$56.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2448	+0.139%	$30.4M	$18.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2448	+0.147%	$65.5M	$42.7M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2448	+0.147%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2444	long leg	$101K	$412K	15x
Variational Omni ADA	+0.0100%	8h	0.2448	+0.127%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2449	+0.172%	$65K	$278K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2448	+0.145%	$286K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2448	+0.147%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2441	−0.143%	$96K	$641K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2443	−0.057%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2443	−0.058%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2444	−0.017%	$9K	$757K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2442	−0.078%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2442	−0.087%	$1.3M	$4.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2442	−0.098%	$47.7M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2450	+0.210%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	+0.157%	$554K	$1.8M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0118%	1h	0.2444	−0.025%	$475K	$354K	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2447	+0.102%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2438	−0.262%	$4.3M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0287%	1h	0.2441	−0.125%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0338%	1h	0.2442	−0.078%	$6.1M	$11.5M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0520% / S −0.0277%	1h	0.2442	−0.090%	$113K	—	100x	as long as short
Injective ADA/USDC PERP	+0.0533%	1h	0.2457	+0.515%	$844	$95K	12x	as long as short