Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against SunX−0.010%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now −0.010%, 7d avg −0.032%

Together, before fees−0.339%−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.022% dearer against SunX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ADA-USDT	0.2479	0.0100	pay 0.0100% / 8h	4h 01m	$9K	$729K	30x
Short	Backpack ADA_USDC_PERP	0.2479	0.0100	get 0.0013% / 1h	1m 52s	$131K	$441K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −0.010%Rate

Funding earned: $0
Price spread: −0.010% → −0.032%: $2.22
Slippage, 4 orders: −$49.4
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$65.18
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from SunX: live order book, 20 min ago; Backpack: live order book, 57 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 SunX live order book, 20 min ago	20.78 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	0.81 bp	6.2 bp −$6	7.7 bp −$77	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	0.2474	−0.219%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2478	−0.038%	$167K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2476	−0.104%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.320%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0080%	1h	0.2473	−0.240%	$419K	$7.8M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0091%	1h	0.2478	−0.053%	$6.3M	$12.5M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2479	+0.010%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2478	−0.044%	$1.2M	$990K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2475	−0.144%	$161K	$160K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2481	+0.079%	$105.1M	$370.4M	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	0.2480	+0.043%	$72.4M	$108.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2482	+0.123%	$33.2M	$106.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2479	+0.002%	$99.1M	$59.9M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2476	−0.119%	$61.8M	$61.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2480	+0.043%	$30.0M	$15.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2482	+0.123%	$66.8M	$49.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2480	+0.043%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2479	−0.010%	$131K	$441K	15x
Variational Omni ADA	+0.0100%	8h	0.2465	−0.560%	$4.3M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	−0.543%	$65K	$285K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2468	−0.441%	$298K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2465	−0.562%	$227K	$748K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2478	−0.050%	$95K	$690K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2478	−0.038%	$6K	$5K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2479	−0.004%	$40K	$2K	5x	as long as short
SunX ADA-USDTlong	+0.0100%	8h	0.2479	long leg	$9K	$729K	30x
SoDEX ADA-USD	+0.0100%	1h	0.2478	−0.038%	$341	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2478	−0.054%	$1.3M	$6.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2478	−0.038%	$48.4M	$6.6M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2478	−0.026%	$536K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0110%	8h	0.2477	−0.072%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0195%	1h	0.2472	−0.288%	$4K	$100K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2474	−0.199%	$4.6M	$5.8M	75x	as long as short
Hyperliquid ADA	+0.0247%	1h	0.2483	+0.184%	$43.8M	$15.2M	10x	as long as short
Reya ADARUSDPERP	+0.0278%	1h	0.2478	−0.058%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0596% / S −0.0547%	1h	0.2477	−0.088%	$133K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0719%	1h	0.2479	+0.010%	$601K	$488K	50x	as long as short