ADA

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0064%/8h= +7.0% APRnext payment +$0.08 per $10,000 · paid last 24h −0.002%

Price spread now: Lighter against Phoenix+0.078%7-day average −0.031% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 4 days (all we have)−0.201%−$20 · spread now +0.078%, 7d avg −0.031%

Together, before fees−0.105%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.109% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ADA	0.2444	0.0032	pay 0.0004% / 1h	35m 17s	$4K	$105K	10x
Short	Lighter ADA	0.2446	0.0096	get 0.0012% / 1h	35m 17s	$2.4M	$989K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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 PhoenixbpFee LighterbpOrdersPrice spread, now +0.078%Rate

Funding earned: $13.35
Price spread: +0.078% → −0.031%: $10.86
Slippage, 4 orders: −$29.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$12.69
Costs to cover: 0.369%
Break-even: 13.7 days

Slippage from Phoenix: live order book, 18 min ago; Lighter: live order book, 2 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 Phoenix live order book, 18 min ago	0.81 bp	13.0 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	2.66 bp	3.1 bp −$3	15.7 bp −$157	51.3 bp −$5,128	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	0.2445	+0.019%	$201K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2445	+0.037%	$157K	$7.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2444	+0.014%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2444	−0.002%	$6.2M	$13.4M	50x	as long as short
Phoenix ADAlong	+0.0032%	1h	0.2444	long leg	$4K	$105K	10x
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.101%	$849	$202K	12x	as long as short
Lighter ADAshort	+0.0096%	1h	0.2446	+0.078%	$2.4M	$989K	10x
Hyperliquid ADA	+0.0100%	1h	0.2445	+0.053%	$42.2M	$17.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2444	−0.009%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2446	+0.074%	$157K	$170K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2445	+0.035%	$103.2M	$396.4M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2442	−0.086%	$71.3M	$119.5M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2442	−0.086%	$32.7M	$112.6M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2444	−0.004%	$98.8M	$63.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2445	+0.037%	$58.0M	$63.3M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2445	+0.033%	$29.3M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2445	+0.037%	$66.4M	$52.2M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2444	−0.004%	—	$20.0M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2443	−0.045%	$115K	$469K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2440	−0.163%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2443	−0.056%	$65K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2442	−0.094%	$291K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2442	−0.086%	$198K	$780K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2445	+0.016%	$113K	$790K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2445	+0.037%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2445	+0.034%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2445	+0.036%	$8K	$751K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2445	+0.016%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2443	−0.031%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2444	−0.004%	$47.6M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2446	+0.077%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2444	+0.010%	$531K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2442	−0.086%	$380K	$8.2M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2445	+0.037%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2445	+0.038%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0568%	1h	0.2446	+0.078%	$601K	$550K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0620% / S −0.0585%	1h	0.2444	−0.016%	$138K	—	100x	as long as short