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: Backpack against Lighter−0.040%7-day average −0.026% · you buy dearer than you sell
Net, funding: paid 7d − costs−$28as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$280.280% of the position
Funding, last 7 days−0.005%−$1 on $10k
+Price spread, last 4 days (all we have)−0.142%−$14 · spread now −0.040%, 7d avg −0.026%
=Together, before fees−0.147%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter ADA | 0.2482 | 0.0136 | pay 0.0017% / 1h | 35m 54s | $2.5M | $1.0M | 10x |
| Short | Backpack ADA_USDC_PERP | 0.2481 | 0.0100 | get 0.0013% / 1h | 35m 54s | $128K | $422K | 15x |
Lighter ADA
Backpack ADA_USDC_PERPFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$7.56
- Price spread: −0.040% → −0.026%
- −$1.38
- Slippage, 4 orders
- −$17.95
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$36.9
- Costs to cover
- 0.280%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 11 min ago; Backpack: live order book, 28 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 | 2.24 bp | 6.1 bp −$6 | 14.1 bp −$141 | 49.0 bp −$4,905 | doesn't fit |
| Sell Backpack live order book, 28 min ago | 0.61 bp | 6.0 bp −$6 | 9.2 bp −$92 | 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 | −0.338% | $203K | $3K | 10x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2478 | −0.144% | $85K | — | 150x | as long as short |
| Injective ADA/USDC PERP | +0.0033% | 1h | 0.2471 | −0.439% | $849 | $202K | 12x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0056% | 1h | 0.2480 | −0.077% | $419K | $7.6M | 50x | as long as short |
| Hyperliquid ADA | +0.0100% | 1h | 0.2481 | −0.048% | $43.1M | $14.4M | 10x | as long as short |
| Aster ADAUSDT | +0.0100% | 8h | 0.2478 | −0.153% | $1.2M | $990K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2476 | −0.249% | $159K | $161K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2476 | −0.255% | $104.3M | $370.0M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2473 | −0.359% | $72.9M | $108.9M | 75x | as long as short |
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2474 | −0.318% | $33.0M | $106.2M | 50x | as long as short |
dYdX ADA-USD
gTrade (Gains Network) ADA/USD
Injective ADA/USDC PERP
Coinbase International ADA-PERP-INTX
Hyperliquid ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDT
OKX ADA-USDT-SWAPShow 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 | −0.278% | $99.2M | $59.2M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2478 | −0.157% | $57.9M | $57.3M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2478 | −0.169% | $29.9M | $16.4M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2478 | −0.157% | $66.4M | $48.2M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2473 | −0.359% | — | $20.2M | — | as long as short |
| Backpack ADA_USDC_PERPshort | +0.0100% | 1h | 0.2481 | −0.040% | $128K | $422K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2479 | −0.116% | $4.3M | $1.0M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2465 | −0.676% | $65K | $282K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2468 | −0.560% | $298K | $3.7M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2466 | −0.641% | $228K | $732K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2476 | −0.226% | $95K | $675K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2479 | −0.117% | $6K | $6K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2480 | −0.065% | $40K | $2K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2482 | +0.003% | $9K | $746K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2480 | −0.060% | $341 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2476 | −0.222% | $1.3M | $6.1M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2480 | −0.077% | $48.2M | $6.3M | 50x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2477 | −0.185% | $537K | $1.8M | 50x | as long as short |
| Kalshi KXADAPERP | +0.0104% | 8h | 0.2469 | −0.520% | $164K | $6.3M | 3.2x | as long as short |
| Paradex ADA-USD-PERP | +0.0109% | 8h | 0.2476 | −0.218% | $21K | $250 | 20x | as long as short |
| Lighter ADAlong | +0.0136% | 1h | 0.2482 | long leg | $2.5M | $1.0M | 10x | |
| Phoenix ADA | +0.0163% | 1h | 0.2469 | −0.532% | $4K | $90K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2469 | −0.520% | $4.5M | $5.8M | 75x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0259% | 1h | 0.2481 | −0.045% | $6.4M | $12.4M | 50x | as long as short |
| Reya ADARUSDPERP | +0.0280% | 1h | 0.2476 | −0.239% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0418% / S −0.0202% | 1h | 0.2477 | −0.201% | $96K | — | 100x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +0.0597% | 1h | 0.2481 | −0.040% | $565K | $450K | 50x | as long as short |
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Extended ADA-USD
Kalshi KXADAPERP
Paradex ADA-USD-PERP
Phoenix ADA
BloFin ADA-USDT
Kraken Futures PF_ADAUSD
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]
Deribit ADA_USDC-PERPETUAL