Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.006%

Price spread now: Kalshi against dYdX−0.187%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$254as in the Funding arb table

Net, price: spread back to 7d avg − costs−$256as in the Price arb table

costs, in and out, $10k−$2422.416% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)+0.394%+$39 · spread now −0.187%, 7d avg −0.039%

Together, before fees+0.272%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kalshi is 0.148% cheaper against dYdX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ADA-USD	0.2443	0.0054	pay 0.0007% / 1h	27m 28s	$201K	$2K	10x
Short	Kalshi KXADAPERP	0.2438	0	get 0.0000% / 8h	5h 27m	$200K	$7.6M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now −0.187%Rate

Funding earned: −$11.31
Price spread: −0.187% → −0.039%: −$14.76
Slippage, 4 orders: −$221.6
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$267.68
Costs to cover: 2.416%
Break-even: never at this rate

Slippage from dYdX: live order book, 17 min ago; Kalshi: live order book, 1 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 dYdX live order book, 17 min ago	104.36 bp	109.4 bp −$109	127.8 bp −$1,278	154.7 bp −$15.5K	398.5 bp −$199.2K
Sell Kalshi live order book, 1 min ago	6.15 bp	11.2 bp −$11	18.2 bp −$182	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
Kalshi KXADAPERPshort	0.0000%	8h	0.2438	−0.187%	$200K	$7.6M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2438	−0.168%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.164%	$849	$202K	12x	as long as short
dYdX ADA-USDlong	+0.0054%	1h	0.2443	long leg	$201K	$2K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2439	−0.146%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	+0.076%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2445	+0.084%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2446	+0.141%	$102.9M	$408.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2445	+0.100%	$72.5M	$124.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2446	+0.141%	$32.5M	$117.8M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2444	+0.059%	$99.9M	$64.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2444	+0.059%	$52.9M	$64.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2444	+0.071%	$29.5M	$15.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2446	+0.141%	$66.5M	$53.3M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2444	+0.059%	—	$6.5M	—	as long as short
Variational Omni ADA	+0.0100%	8h	0.2438	−0.184%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2441	−0.060%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2439	−0.143%	$291K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2442	−0.023%	$80K	$891K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2445	+0.100%	$131K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2436	−0.256%	$39K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2440	−0.104%	$8K	$761K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2440	−0.084%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2438	−0.197%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2440	−0.105%	$47.3M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2444	+0.055%	$511K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0107%	8h	0.2445	+0.111%	$21K	$250	20x	as long as short
Lighter ADA	+0.0112%	1h	0.2446	+0.145%	$2.4M	$1.0M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2442	−0.023%	$380K	$8.5M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0154%	1h	0.2442	−0.023%	$139K	$483K	15x	as long as short
Phoenix ADA	+0.0163%	1h	0.2441	−0.052%	$4K	$111K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0171%	1h	0.2440	−0.087%	$6.3M	$13.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2439	−0.146%	$4.4M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0274%	1h	0.2438	−0.186%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0289%	1h	0.2448	+0.224%	$43.0M	$18.2M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0529%	1h	0.2441	−0.052%	$624K	$616K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0630% / S −0.0728%	1h	0.2440	−0.112%	$164K	—	100x	as long as short