Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.016%

Price spread now: Kalshi against Extended+0.101%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

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

costs, in and out, $10k−$310.313% of the position

Long on Extended Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.239%−$24 · spread now +0.101%, 7d avg −0.023%

Together, before fees−0.446%+ Points / potential airdropExtended: Active · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.124% dearer against Extended than usual: you sell high and buy low (spread +0.101% now, against its 7-day average of −0.023%): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ADA-USD	0.2459	0.0104	pay 0.0013% / 1h	4m 48s	$554K	$1.8M	50x
Short	Kalshi KXADAPERP	0.2461	0	get 0.0000% / 8h	5h 04m	$171K	$6.0M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Extended. 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 ExtendedbpFee KalshibpOrdersPrice spread, now +0.101%Rate

Funding earned: −$21.84
Price spread: +0.101% → −0.023%: $12.41
Slippage, 4 orders: −$16.31
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$40.75
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from Extended: live order book, 4 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 Extended live order book, 4 min ago	2.04 bp	4.5 bp −$5	7.4 bp −$74	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	6.12 bp	11.1 bp −$11	18.9 bp −$189	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	+0.067%	$202K	$4K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2461	+0.101%	$171K	$6.0M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2459	+0.001%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2453	−0.225%	$411K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2459	+0.028%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2463	+0.178%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2462	+0.129%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2461	+0.100%	$1.2M	$924K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2461	+0.089%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2461	+0.101%	$102.2M	$360.5M	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	0.2459	+0.019%	$71.6M	$102.0M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2460	+0.060%	$31.9M	$106.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2460	+0.060%	$97.3M	$59.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2460	+0.060%	$53.0M	$51.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2459	+0.027%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2461	+0.101%	$66.0M	$43.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2461	+0.101%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2460	+0.052%	$107K	$417K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2457	−0.055%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2454	−0.201%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2456	−0.107%	$295K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2453	−0.225%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	+0.040%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2460	+0.060%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2460	+0.058%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2460	+0.060%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2460	+0.040%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2459	+0.006%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2459	+0.019%	$47.9M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2460	+0.061%	$21K	$250	20x	as long as short
Extended ADA-USDlong	+0.0104%	1h	0.2459	long leg	$554K	$1.8M	50x
Phoenix ADA	+0.0131%	1h	0.2458	−0.009%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	+0.019%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2460	+0.043%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.507%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2459	+0.009%	$122K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.8656%	1h	0.2479	+0.825%	$485K	$377K	50x	as long as short