Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.046%

Price spread now: Kraken Futures against Kalshi−0.151%7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 4 days (all we have)+0.322%+$32 · spread now −0.151%, 7d avg +0.083%

Together, before fees+0.579%+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.234% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.151% now, against its 7-day average of +0.083%). If the spread goes back, that is −$23 on $10k: about 4.6 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2440	0	get 0.0000% / 8h	5h 43m	$200K	$7.6M	3.2x
Short	Kraken Futures PF_ADAUSD	0.2436	0.0171	get 0.0021% / 1h	43m 31s	$6.3M	$13.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Kalshi. 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 KalshibpFee Kraken FuturesbpOrdersPrice spread, now −0.151%Rate

Funding earned: $35.88
Price spread: −0.151% → +0.083%: −$23.38
Slippage, 4 orders: −$28.02
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$35.52
Costs to cover: 0.480%
Break-even: 13.9 days

Slippage from Kalshi: live order book, 5 min ago; Kraken Futures: live order book, 5 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 Kalshi live order book, 5 min ago	4.10 bp	9.7 bp −$10	18.4 bp −$184	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	2.26 bp	11.3 bp −$11	14.9 bp −$149	42.8 bp −$4,275	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 KXADAPERPlong	0.0000%	8h	0.2440	long leg	$200K	$7.6M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2439	−0.061%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.270%	$849	$202K	12x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2439	−0.041%	$6K	$5K	20x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2439	−0.029%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2437	−0.113%	$156K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2441	+0.021%	$102.7M	$411.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2439	−0.041%	$72.2M	$125.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2439	−0.041%	$32.5M	$118.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2439	−0.041%	$99.7M	$64.2M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ADA_USDT	+0.0100%	8h	0.2439	−0.041%	$51.9M	$64.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2439	−0.025%	$29.5M	$15.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2438	−0.082%	$66.2M	$53.6M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2439	−0.041%	—	$20.3M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2437	−0.123%	$139K	$485K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2430	−0.407%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2435	−0.221%	$65K	$288K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2437	−0.140%	$295K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2436	−0.164%	$81K	$890K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2439	−0.061%	$125K	$1.2M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2437	−0.118%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2438	−0.084%	$8K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2437	−0.143%	$335	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2440	−0.014%	$1.3M	$7.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2436	−0.164%	$47.3M	$7.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2440	+0.019%	$512K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2438	−0.068%	$20K	$250	20x	as long as short
dYdX ADA-USD	+0.0108%	1h	0.2436	−0.184%	$200K	$2K	10x	as long as short
Lighter ADA	+0.0120%	1h	0.2437	−0.111%	$2.4M	$1.0M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0120%	1h	0.2437	−0.123%	$383K	$8.6M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2439	−0.025%	$4K	$111K	10x	as long as short
Kraken Futures PF_ADAUSDshort	+0.0171%	1h	0.2436	−0.151%	$6.3M	$13.9M	50x
BloFin ADA-USDT	+0.0220%	8h	0.2436	−0.164%	$4.4M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0275%	1h	0.2438	−0.081%	$1K	—	15x	as long as short
Hyperliquid ADA	+0.0296%	1h	0.2441	+0.025%	$42.9M	$18.2M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0530%	1h	0.2438	−0.082%	$621K	$614K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0630% / S −0.0728%	1h	0.2438	−0.070%	$164K	—	100x	as long as short