Funding arb · Price arb /

ADA

all ADA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h −0.009%

Price spread now: Bybit against Kraken Futures−0.107%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now −0.107%, 7d avg −0.024%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bybit is 0.082% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.024%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2437	0.0114	pay 0.0014% / 1h	25m 33s	$6.1M	$11.7M	50x
Short	Bybit ADAUSDT	0.2434	0.0100	get 0.0100% / 8h	25m 33s	$70.6M	$103.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.107%Rate

Funding earned: −$2.96
Price spread: −0.107% → −0.024%: −$8.23
Slippage, 4 orders: −$20.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$52.86
Costs to cover: 0.417%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bybit: live order book, 3 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 Kraken Futures live order book, 3 min ago	2.66 bp	11.6 bp −$12	14.8 bp −$148	60.6 bp −$6,056	doesn't fit
Sell Bybit live order book, 3 min ago	2.05 bp	8.9 bp −$9	12.4 bp −$124	34.0 bp −$3,402	136.1 bp −$68.0K

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	0.2436	−0.042%	$200K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2439	+0.098%	$186K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2438	+0.040%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2437	+0.016%	$402K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2437	+0.004%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2437	+0.024%	$42.2M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2435	−0.046%	$1.2M	$929K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2436	−0.043%	$156K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2435	−0.066%	$101.0M	$364.2M	75x	as long as short
Bybit ADAUSDTshort	+0.0100%	8h	0.2434	−0.107%	$70.6M	$103.5M	75x

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2434	−0.107%	$32.2M	$106.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2433	−0.148%	$96.5M	$59.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2435	−0.066%	$51.8M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2435	−0.066%	$29.8M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2434	−0.107%	$65.4M	$43.5M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2435	−0.066%	—	$21.3M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2437	+0.016%	$108K	$417K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2437	+0.025%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2442	+0.223%	$65K	$280K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2439	+0.082%	$291K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2442	+0.222%	$55K	$582K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2437	+0.020%	$92K	$637K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2436	−0.025%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2437	+0.016%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2437	+0.015%	$9K	$765K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2437	0.000%	$335	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2438	+0.056%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2437	+0.016%	$47.6M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2435	−0.052%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2433	−0.145%	$551K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0114%	1h	0.2437	long leg	$6.1M	$11.7M	50x
Phoenix ADA	+0.0130%	1h	0.2442	+0.242%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2442	+0.222%	$4.4M	$5.5M	75x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+1.412%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2437	+0.021%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0563% / S −0.0313%	1h	0.2437	+0.012%	$121K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+2.4742%	1h	0.2498	+2.508%	$502K	$430K	50x	as long as short