Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Polymarket Perps against Kalshi+0.020%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Kalshi Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now +0.020%, 7d avg +0.067%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.046% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.067%). If the spread goes back, that is −$5 on $10k: about 37 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.040% in total) that is about 8.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2458	0	get 0.0000% / 8h	3h 41m	$190K	$7.8M	3.2x
Short	Polymarket Perps ADA-USD	0.2459	0.0100	get 0.0013% / 1h	41m 39s	$117K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.020%Rate

Funding earned: $21
Price spread: +0.020% → +0.067%: −$4.63
Slippage, 4 orders: −$20.71
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$22.34
Costs to cover: 0.387%
Break-even: 14.4 days

Slippage from Kalshi: live order book, 2 min ago; Polymarket Perps: live order book, 22 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, 2 min ago	2.03 bp	7.0 bp −$7	9.4 bp −$94	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 22 min ago	0.20 bp	4.2 bp −$4	5.4 bp −$54	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 KXADAPERPlong	0.0000%	8h	0.2458	long leg	$190K	$7.8M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2456	−0.064%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.529%	$849	$202K	12x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2455	−0.107%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2455	−0.110%	$157K	$181K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2456	−0.096%	$103.8M	$407.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2455	−0.122%	$73.2M	$127.2M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2454	−0.163%	$32.7M	$118.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2455	−0.122%	$100.7M	$61.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2455	−0.122%	$58.9M	$67.6M	300x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ADAUSDTM	+0.0100%	8h	0.2455	−0.130%	$29.5M	$15.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2455	−0.122%	$66.7M	$54.1M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2455	−0.122%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2455	−0.102%	$140K	$486K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	+0.085%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2461	+0.130%	$66K	$289K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2461	+0.122%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2462	+0.163%	$75K	$896K	50x	as long as short
Polymarket Perps ADA-USDshort	+0.0100%	1h	0.2459	+0.020%	$117K	$1.4M	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2457	−0.041%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2459	+0.037%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2457	−0.025%	$8K	$753K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2457	−0.061%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2457	−0.031%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2457	−0.041%	$47.5M	$7.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2454	−0.168%	$507K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2455	−0.103%	$21K	—	20x	as long as short
Hyperliquid ADA	+0.0147%	1h	0.2456	−0.077%	$43.1M	$18.5M	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2456	−0.081%	$366K	$8.5M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2462	+0.179%	$3K	$113K	10x	as long as short
Lighter ADA	+0.0176%	1h	0.2457	−0.061%	$2.4M	$998K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0199%	1h	0.2456	−0.064%	$6.3M	$14.0M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	+0.041%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0272%	1h	0.2458	+0.001%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0361%	1h	0.2459	+0.020%	$638K	$739K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0370% / S −0.0295%	1h	0.2457	−0.057%	$87K	—	100x	as long as short
dYdX ADA-USD	+0.0423%	1h	0.2455	−0.139%	$202K	$2K	10x	as long as short