Funding arb · Price arb /

ADA

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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: SunX against Backpack+0.139%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$660.660% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.198%+$20 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now +0.139%, 7d avg +0.033%

Together, before fees+0.147%+$15 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: SunX is 0.106% dearer against Backpack than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2459	0.0100	pay 0.0013% / 1h	34m 03s	$102K	$418K	15x
Short	SunX ADA-USDT	0.2462	0.0100	get 0.0100% / 8h	1h 34m	$9K	$757K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.139%Rate

Funding earned: $0
Price spread: +0.139% → +0.033%: $10.6
Slippage, 4 orders: −$48
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$55.4
Costs to cover: 0.660%
Break-even: never at this rate

Slippage from Backpack: live order book, 50 min ago; SunX: live order book, 38 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, 50 min ago	0.20 bp	8.8 bp −$9	11.3 bp −$113	doesn't fit	doesn't fit
Sell SunX live order book, 38 min ago	20.81 bp	27.2 bp −$27	34.5 bp −$345	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	0.2460	+0.058%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2457	−0.065%	$171K	$5.9M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	−0.120%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2455	−0.146%	$412K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2459	+0.005%	$6.2M	$11.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2460	+0.049%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2459	+0.033%	$42.6M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2456	−0.124%	$1.2M	$920K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2460	+0.070%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2458	−0.026%	$101.9M	$357.4M	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	0.2458	−0.024%	$71.4M	$100.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2459	+0.016%	$31.8M	$105.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2457	−0.065%	$97.1M	$58.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2458	−0.024%	$53.4M	$50.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2457	−0.061%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2458	−0.024%	$65.9M	$43.1M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2458	−0.024%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2459	long leg	$102K	$418K	15x
Variational Omni ADA	+0.0100%	8h	0.2463	+0.188%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2468	+0.402%	$66K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2467	+0.343%	$298K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2474	+0.626%	$56K	$580K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2454	−0.191%	$97K	$623K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2457	−0.065%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2458	−0.041%	$40K	$3K	5x	as long as short
SunX ADA-USDTshort	+0.0100%	8h	0.2462	+0.139%	$9K	$757K	30x
SoDEX ADA-USD	+0.0100%	1h	0.2459	−0.004%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	−0.123%	$1.3M	$5.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2458	−0.024%	$48.0M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2460	+0.038%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2458	−0.022%	$556K	$1.8M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0116%	1h	0.2457	−0.045%	$477K	$351K	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2464	+0.220%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2463	+0.179%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2453	−0.223%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.504%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0565% / S −0.0313%	1h	0.2455	−0.133%	$122K	—	100x	as long as short