Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.031%

Price spread now: Kalshi against Lighter+0.004%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 7 days+0.080%+$8 · spread now +0.004%, 7d avg −0.035%

Together, before fees−0.050%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.039% dearer against Lighter than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.035%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ADA	0.2462	0.0096	pay 0.0012% / 1h	47m 12s	$2.4M	$935K	10x
Short	Kalshi KXADAPERP	0.2462	0	get 0.0000% / 8h	1h 47m	$237K	$7.7M	3.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +0.004%Rate

Funding earned: −$20.16
Price spread: +0.004% → −0.035%: $3.91
Slippage, 4 orders: −$27.6
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$53.85
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Kalshi: live order book, 5 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, 3 min ago	1.83 bp	11.3 bp −$11	22.7 bp −$227	56.0 bp −$5,599	doesn't fit
Sell Kalshi live order book, 5 min ago	6.09 bp	11.7 bp −$12	20.7 bp −$207	doesn't fit	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	0.2460	−0.067%	$206K	$5K	10x	as long as short
Kalshi KXADAPERPshort	0.0000%	8h	0.2462	+0.004%	$237K	$7.7M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2460	−0.070%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0031%	1h	0.2461	−0.039%	$6.3M	$13.2M	50x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.370%	$849	$202K	12x	as long as short
Lighter ADAlong	+0.0096%	1h	0.2462	long leg	$2.4M	$935K	10x
Hyperliquid ADA	+0.0100%	1h	0.2462	+0.018%	$43.9M	$17.4M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2462	−0.014%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2463	+0.046%	$158K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2461	−0.019%	$105.3M	$380.8M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2461	−0.037%	$74.0M	$121.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2462	+0.004%	$32.5M	$107.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2460	−0.077%	$101.3M	$59.8M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2461	−0.037%	$51.2M	$68.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2461	−0.032%	$29.5M	$15.3M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2461	−0.037%	$67.3M	$49.9M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2461	−0.037%	—	$18.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2463	+0.049%	$141K	$449K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2462	−0.001%	$4.1M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2462	+0.018%	$66K	$290K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2462	+0.003%	$288K	$3.6M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2463	+0.045%	$70K	$896K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2460	−0.069%	$118K	$1.3M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2460	−0.077%	$6K	$5K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2464	+0.085%	$8K	$670K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2461	−0.049%	$338	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2463	+0.027%	$1.3M	$6.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2462	+0.004%	$47.5M	$7.5M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2463	+0.043%	$19K	$589	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2460	−0.090%	$543K	$1.7M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0116%	1h	0.2462	−0.012%	$595K	$809K	50x	as long as short
Phoenix ADA	+0.0161%	1h	0.2463	+0.057%	$3K	$104K	10x	as long as short
Coinbase International ADA-PERP-INTX	+0.0176%	1h	0.2465	+0.126%	$403K	$8.0M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2462	+0.004%	$4.6M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0269%	1h	0.2460	−0.085%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0369% / S −0.0295%	1h	0.2460	−0.078%	$87K	—	100x	as long as short