ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.001%

Price spread now: Lighter against Backpack+0.089%54s7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as 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−$260.260% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.089%, 7d avg +0.025%

Together, before fees−0.015%+ Points / potential airdropLighter: Season 3 · farm board−$2 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: Lighter is 0.064% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.025%. The two prices were read 54 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	Backpack ADA_USDC_PERP	0.2460	0.0100	pay 0.0013% / 1h	15m 15s	$102K	$415K	15x
Short	Lighter ADA	0.2462	0.0096	get 0.0012% / 1h	15m 15s	$2.4M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$0.84
Price spread: +0.089% → +0.025%: $6.45
Slippage, 4 orders: −$15.99
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$20.38
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Lighter: live order book, 7 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 Backpack live order book, 3 min ago	0.20 bp	7.4 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	1.42 bp	4.2 bp −$4	12.9 bp −$129	46.4 bp −$4,638	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	0.2460	−0.018%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2461	+0.037%	$154K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2459	−0.065%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2460	−0.004%	$411K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2460	+0.014%	$6.2M	$11.6M	50x	as long as short
Lighter ADAshort	+0.0096%	1h	0.2462	+0.089%	$2.4M	$1.3M	10x
Hyperliquid ADA	+0.0100%	1h	0.2461	+0.049%	$42.6M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2460	−0.022%	$1.2M	$921K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2460	+0.001%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2461	+0.036%	$102.1M	$360.6M	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	0.2460	−0.004%	$71.5M	$102.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2461	+0.037%	$31.9M	$106.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2458	−0.085%	$97.1M	$59.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2458	−0.085%	$53.5M	$50.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2460	−0.016%	$30.2M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2459	−0.045%	$65.9M	$43.2M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2459	−0.045%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2460	long leg	$102K	$415K	15x
Variational Omni ADA	+0.0100%	8h	0.2458	−0.078%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2459	−0.050%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	−0.078%	$292K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2460	−0.004%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	0.000%	$96K	$625K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2458	−0.085%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2460	−0.023%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2461	+0.039%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2460	+0.016%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2460	+0.012%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2460	−0.004%	$48.0M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2461	+0.022%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2457	−0.106%	$554K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2459	−0.065%	$4K	$74K	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0197%	1h	0.2460	−0.016%	$480K	$351K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2462	+0.077%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2460	−0.001%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.443%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0566% / S −0.0313%	1h	0.2458	−0.077%	$122K	—	100x	as long as short