Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.046%

Price spread now: Kalshi against Kraken Futures+0.171%57s7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.482% of the position

Long on Kraken Futures Short on Kalshi

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)−0.342%−$34 · spread now +0.171%, 7d avg −0.083%

Together, before fees−0.599%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.254% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.171% now, against its 7-day average of −0.083%): +$25 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.0 days. At the pace of the last 7 days (−0.257% in total) that is about 6.9 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2444	0.0280	pay 0.0035% / 1h	56m 23s	$6.3M	$13.9M	50x
Short	Kalshi KXADAPERP	0.2448	0	get 0.0000% / 8h	4h 56m	$172K	$7.6M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KalshibpOrdersPrice spread, now +0.171%Rate

Funding earned: −$58.9
Price spread: +0.171% → −0.083%: $25.38
Slippage, 4 orders: −$28.16
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$81.68
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Kalshi: live order book, 2 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	2.45 bp	12.5 bp −$13	15.8 bp −$158	55.2 bp −$5,522	doesn't fit
Sell Kalshi live order book, 2 min ago	2.04 bp	15.2 bp −$15	24.8 bp −$248	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	0.2445	+0.030%	$201K	$2K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2448	+0.171%	$172K	$7.6M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2442	−0.062%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.112%	$849	$202K	12x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2444	+0.008%	$6K	$5K	20x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2445	+0.069%	$43.0M	$18.2M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2443	−0.028%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2446	+0.081%	$157K	$178K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2443	−0.022%	$103.0M	$407.2M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2443	−0.033%	$72.6M	$125.3M	75x	as long as short

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	0.2444	+0.008%	$32.5M	$117.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2442	−0.074%	$100.0M	$64.7M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2442	−0.074%	$53.1M	$65.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2443	−0.037%	$29.3M	$16.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2443	−0.033%	$66.3M	$53.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2443	−0.033%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	+0.204%	$139K	$486K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2448	+0.174%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2450	+0.259%	$65K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2450	+0.253%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2450	+0.253%	$79K	$893K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2443	−0.029%	$125K	$1.2M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2449	+0.212%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2451	+0.293%	$8K	$756K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2444	+0.016%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2449	+0.204%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2450	+0.253%	$47.5M	$7.5M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2443	−0.021%	$514K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2445	+0.042%	$20K	$250	20x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2448	+0.171%	$366K	$8.4M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2450	+0.233%	$4K	$112K	10x	as long as short
Lighter ADA	+0.0200%	1h	0.2449	+0.200%	$2.4M	$1.0M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2448	+0.171%	$4.5M	$5.9M	75x	as long as short
Reya ADARUSDPERP	+0.0274%	1h	0.2442	−0.074%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0280%	1h	0.2444	long leg	$6.3M	$13.9M	50x
Deribit ADA_USDC-PERPETUAL	+0.0364%	1h	0.2445	+0.053%	$623K	$616K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0602% / S −0.0679%	1h	0.2448	+0.170%	$155K	—	100x	as long as short