Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.031%

Price spread now: Lighter against Kalshi−0.040%7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 7 days−0.087%−$9 · spread now −0.040%, 7d avg +0.034%

Together, before fees+0.040%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.074% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.034%). If the spread goes back, that is −$7 on $10k: about 2.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2486	0	get 0.0000% / 8h	2h 21m	$206K	$7.9M	3.2x
Short	Lighter ADA	0.2485	0.0096	get 0.0012% / 1h	21m 04s	$2.4M	$959K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kalshi. 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 KalshibpFee LighterbpOrdersPrice spread, now −0.040%Rate

Funding earned: $20.16
Price spread: −0.040% → +0.034%: −$7.41
Slippage, 4 orders: −$22.05
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$19.29
Costs to cover: 0.320%
Break-even: 13.7 days

Slippage from Kalshi: live order book, 1 min ago; Lighter: live order book, 4 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 Kalshi live order book, 1 min ago	6.03 bp	11.6 bp −$12	21.9 bp −$219	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	2.41 bp	4.2 bp −$4	13.4 bp −$134	45.9 bp −$4,592	doesn't fit

ADA on 36 exchanges

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	0.2486	+0.010%	$208K	$5K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2486	long leg	$206K	$7.9M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2483	−0.109%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.603%	$849	$202K	12x	as long as short
Lighter ADAshort	+0.0096%	1h	0.2485	−0.040%	$2.4M	$959K	10x
Aster ADAUSDT	+0.0100%	8h	0.2485	−0.032%	$1.2M	$1.3M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2487	+0.028%	$159K	$164K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2485	−0.049%	$106.6M	$394.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2483	−0.121%	$74.4M	$125.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2483	−0.121%	$33.0M	$112.5M	50x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2483	−0.121%	$102.3M	$61.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2483	−0.121%	$49.8M	$70.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2484	−0.080%	$29.8M	$15.6M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2484	−0.080%	$68.0M	$51.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2484	−0.080%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2484	−0.080%	$140K	$459K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2483	−0.121%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2487	+0.032%	$66K	$289K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2485	−0.024%	$297K	$3.6M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2488	+0.080%	$72K	$899K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2485	−0.044%	$119K	$1.3M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2484	−0.080%	$6K	$4K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2487	+0.040%	$8K	$702K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2483	−0.101%	$342	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2484	−0.076%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2484	−0.080%	$48.0M	$7.7M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2486	−0.013%	$20K	$589	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2483	−0.131%	$547K	$1.7M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2484	−0.080%	$412K	$8.5M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0147%	1h	0.2484	−0.090%	$6.4M	$13.7M	50x	as long as short
Phoenix ADA	+0.0192%	1h	0.2483	−0.105%	$3K	$107K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2485	−0.040%	$4.6M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0270%	1h	0.2488	+0.076%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0314%	1h	0.2485	−0.056%	$621K	$757K	50x	as long as short
Hyperliquid ADA	+0.0314%	1h	0.2486	+0.016%	$44.4M	$17.8M	10x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0370% / S −0.0295%	1h	0.2483	−0.128%	$88K	—	100x	as long as short