ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0036%/8h= +3.9% APRnext payment +$0.04 per $10,000 · paid last 24h +0.001%

Price spread now: Lighter against Backpack−0.250%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+0.432%+$43 · spread now −0.250%, 7d avg +0.026%

Together, before fees+0.437%+ Points / potential airdropLighter: Season 3 · farm board+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.276% cheaper against Backpack than usual: you would sell low and buy high (spread −0.250% now, against its 7-day average of +0.026%). If the spread goes back, that is −$28 on $10k: about 26 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.005% in total) that is about 12 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ADA_USDC_PERP	0.2481	0.0100	pay 0.0013% / 1h	35m 41s	$128K	$422K	15x
Short	Lighter ADA	0.2475	0.0136	get 0.0017% / 1h	35m 41s	$2.5M	$1.0M	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 −0.250%Rate

Funding earned: $7.56
Price spread: −0.250% → +0.026%: −$27.64
Slippage, 4 orders: −$17.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$48.03
Costs to cover: 0.280%
Break-even: 51.5 days

Slippage from Backpack: live order book, 28 min ago; Lighter: live order book, 11 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, 28 min ago	0.61 bp	8.2 bp −$8	11.0 bp −$110	doesn't fit	doesn't fit
Sell Lighter live order book, 11 min ago	2.24 bp	7.7 bp −$8	19.6 bp −$196	49.5 bp −$4,949	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	−0.272%	$204K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2478	−0.104%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−0.399%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2480	−0.036%	$419K	$7.6M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2474	−0.270%	$43.0M	$14.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2478	−0.126%	$1.2M	$990K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2474	−0.288%	$159K	$161K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2475	−0.254%	$104.3M	$370.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2475	−0.238%	$72.9M	$108.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2476	−0.198%	$32.9M	$106.2M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2475	−0.238%	$99.2M	$59.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2475	−0.238%	$57.8M	$57.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2473	−0.335%	$29.8M	$16.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2475	−0.238%	$66.3M	$48.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2473	−0.318%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERPlong	+0.0100%	1h	0.2481	long leg	$128K	$422K	15x
Variational Omni ADA	+0.0100%	8h	0.2479	−0.076%	$4.3M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	−0.636%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2468	−0.520%	$298K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2466	−0.601%	$228K	$732K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2476	−0.185%	$95K	$675K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2479	−0.077%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2480	−0.025%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2482	+0.044%	$9K	$746K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2480	−0.020%	$341	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2476	−0.182%	$1.3M	$6.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2480	−0.036%	$48.2M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2477	−0.144%	$537K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2469	−0.480%	$164K	$6.3M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2476	−0.184%	$21K	$250	20x	as long as short
Lighter ADAshort	+0.0136%	1h	0.2475	−0.250%	$2.5M	$1.0M	10x
Phoenix ADA	+0.0163%	1h	0.2469	−0.492%	$4K	$90K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2469	−0.480%	$4.5M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0259%	1h	0.2481	−0.005%	$6.4M	$12.4M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2476	−0.198%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0418% / S −0.0202%	1h	0.2477	−0.161%	$96K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0597%	1h	0.2481	0.000%	$565K	$450K	50x	as long as short