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: Backpack against Lighter+0.069%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Lighter Short on Backpack

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)−0.134%−$13 · spread now +0.069%, 7d avg −0.025%

Together, before fees−0.143%+ Points / potential airdropLighter: Season 3 · farm board−$14 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 0.094% dearer against Lighter than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ADA	0.2463	0.0096	pay 0.0012% / 1h	0m 50s	$2.4M	$1.3M	10x
Short	Backpack ADA_USDC_PERP	0.2465	0.0100	get 0.0013% / 1h	0m 50s	$109K	$418K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0.84
Price spread: +0.069% → −0.025%: $9.4
Slippage, 4 orders: −$11.35
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11.11
Costs to cover: 0.214%
Break-even: 99.6 days

Slippage from Lighter: live order book, 11 min ago; Backpack: live order book, 18 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 Lighter live order book, 11 min ago	2.04 bp	4.9 bp −$5	14.8 bp −$148	47.5 bp −$4,751	doesn't fit
Sell Backpack live order book, 18 min ago	0.20 bp	5.6 bp −$6	6.8 bp −$68	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	0.2460	−0.107%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2461	−0.073%	$164K	$6.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2461	−0.090%	$85K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0064%	1h	0.2459	−0.154%	$414K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0095%	1h	0.2461	−0.068%	$6.2M	$11.6M	50x	as long as short
Lighter ADAlong	+0.0096%	1h	0.2463	long leg	$2.4M	$1.3M	10x
Hyperliquid ADA	+0.0100%	1h	0.2464	+0.045%	$42.7M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2464	+0.049%	$1.2M	$924K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2460	−0.102%	$157K	$146K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2464	+0.055%	$102.4M	$360.8M	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	0.2463	+0.008%	$71.7M	$102.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2464	+0.049%	$32.0M	$106.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2463	+0.008%	$97.5M	$59.4M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2463	+0.008%	$53.0M	$51.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2463	+0.024%	$30.2M	$18.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2464	+0.049%	$66.1M	$43.4M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2463	+0.008%	—	$18.0M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2465	+0.069%	$109K	$418K	15x
Variational Omni ADA	+0.0100%	8h	0.2457	−0.229%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2461	−0.075%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2458	−0.199%	$288K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2460	−0.114%	$55K	$581K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	−0.130%	$96K	$626K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2461	−0.073%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2462	−0.044%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2461	−0.073%	$9K	$760K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2461	−0.073%	$338	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2461	−0.071%	$1.3M	$5.3M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2462	−0.032%	$48.0M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2461	−0.089%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2463	−0.012%	$557K	$1.8M	50x	as long as short
Phoenix ADA	+0.0131%	1h	0.2462	−0.032%	$4K	$74K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2462	−0.032%	$4.4M	$5.4M	75x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0278%	1h	0.2462	−0.037%	$480K	$395K	50x	as long as short
Reya ADARUSDPERP	+0.0285%	1h	0.2460	−0.111%	$1K	—	15x	as long as short
Injective ADA/USDC PERP	+0.0288%	1h	0.2471	+0.333%	$849	$202K	12x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0567% / S −0.0313%	1h	0.2461	−0.092%	$122K	—	100x	as long as short