Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Kalshi against Polymarket Perps0.000%7-day average −0.078% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.023%−$2 · spread now 0.000%, 7d avg −0.078%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.078% dearer against Polymarket Perps than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.078%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.049% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ADA-USD	0.2442	0.0100	pay 0.0013% / 1h	18m 12s	$92K	$639K	10x
Short	Kalshi KXADAPERP	0.2442	0	get 0.0000% / 8h	4h 18m	$186K	$6.1M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21
Price spread: 0.000% → −0.078%: $7.78
Slippage, 4 orders: −$19.03
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$50.25
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 59 min ago; Kalshi: live order book, 6 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 Polymarket Perps live order book, 59 min ago	0.20 bp	8.1 bp −$8	8.7 bp −$87	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	6.15 bp	11.2 bp −$11	20.7 bp −$207	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	0.2441	−0.027%	$201K	$4K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2442	0.000%	$186K	$6.1M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2443	+0.023%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2442	0.000%	$415K	$7.3M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2444	+0.061%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2444	+0.070%	$42.3M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	+0.071%	$1.2M	$930K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2442	+0.018%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2443	+0.041%	$101.0M	$365.6M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	0.000%	$70.9M	$104.0M	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	0.2443	+0.041%	$32.3M	$107.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2441	−0.041%	$97.0M	$60.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2442	0.000%	$52.3M	$51.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2443	+0.029%	$29.9M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2443	+0.041%	$65.7M	$43.5M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2443	+0.041%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2442	0.000%	$106K	$421K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2438	−0.157%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2435	−0.278%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2436	−0.238%	$290K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2436	−0.246%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USDlong	+0.0100%	1h	0.2442	long leg	$92K	$639K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2442	0.000%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2442	+0.003%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2443	+0.040%	$9K	$767K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2442	+0.004%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2443	+0.057%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2442	0.000%	$47.7M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2443	+0.028%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2442	+0.001%	$551K	$1.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0114%	1h	0.2442	−0.009%	$6.1M	$11.7M	50x	as long as short
Phoenix ADA	+0.0130%	1h	0.2440	−0.066%	$4K	$78K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2441	−0.041%	$4.4M	$5.5M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0241%	1h	0.2443	+0.053%	$490K	$431K	50x	as long as short
Injective ADA/USDC PERP	+0.0254%	1h	0.2471	+1.188%	$849	$202K	12x	as long as short
Reya ADARUSDPERP	+0.0284%	1h	0.2442	+0.002%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0563% / S −0.0313%	1h	0.2442	−0.014%	$121K	—	100x	as long as short