Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0169%/8h= −18.5% APRpaid last 24h −0.089%

Price spread now: Kalshi against Reya+0.349%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Kalshi is 0.349% dearer against Reya than usual: you sell high and buy low (spread +0.349% now, against zero (this spread has no 7-day history yet)): +$35 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ADARUSDPERP	0.2428	0.0281	pay 0.0035% / 1h	40m 00s	$1K	—	15x
Short	Kalshi KXADAPERP	0.2436	0.0113	get 0.0113% / 8h	2h 40m	$197K	$6.2M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Reya. 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 ReyabpFee KalshibpOrdersPrice spread, now +0.349%Rate

Funding earned: −$35.42
Price spread: +0.349% → 0.000%: $34.86
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$16.56
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Kalshi: live order book, 4 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	6.11 bp	11.1 bp −$11	19.0 bp −$190	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2431	+0.123%	$200K	$4K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2428	+0.038%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.790%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2432	+0.184%	$412K	$7.4M	50x	as long as short
Gate ADA_USDT	+0.0078%	8h	0.2433	+0.225%	$97.3M	$59.1M	75x	as long as short
Lighter ADA	+0.0096%	1h	0.2437	+0.394%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2435	+0.295%	$42.4M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2434	+0.277%	$1.2M	$972K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2430	+0.121%	$157K	$158K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2434	+0.260%	$101.7M	$377.1M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2434	+0.266%	$71.3M	$108.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2435	+0.307%	$32.3M	$107.9M	50x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2435	+0.307%	$49.0M	$51.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2433	+0.233%	$29.7M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2434	+0.266%	$65.0M	$46.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2434	+0.266%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2434	+0.266%	$126K	$423K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2439	+0.477%	$4.2M	$992K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2457	+1.199%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	+1.047%	$290K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2455	+1.131%	$56K	$588K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2428	+0.019%	$90K	$662K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2430	+0.101%	$6K	$28K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2432	+0.196%	$39K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2433	+0.225%	$9K	$774K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2433	+0.225%	$335	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2434	+0.282%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2435	+0.307%	$47.4M	$6.4M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2432	+0.201%	$530K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2432	+0.202%	$20K	$250	20x	as long as short
Kalshi KXADAPERPshort	+0.0113%	8h	0.2436	+0.349%	$197K	$6.2M	3.2x
Phoenix ADA	+0.0163%	1h	0.2453	+1.037%	$4K	$87K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2459	+1.296%	$4.4M	$5.6M	75x	as long as short
Reya ADARUSDPERPlong	+0.0281%	1h	0.2428	long leg	$1K	—	15x
Kraken Futures PF_ADAUSD	+0.0357%	1h	0.2435	+0.319%	$6.1M	$12.1M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0414% / S −0.0202%	1h	0.2428	+0.012%	$94K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0490%	1h	0.2433	+0.242%	$497K	$473K	50x	as long as short