The emergence of large reasoning models demonstrates that scaling inference-time compute significantly enhances performance on complex tasks. However, it often falls into another trap: overthinking simple problems, where repetitive rationales yield minimal accuracy gains at a disproportionately high cost. This motivates adaptive reasoning: dynamically aligning reasoning depth with instance difficulty. In this paper, we study adaptive reasoning from an optimality perspective, formalizing it as a utility maximization problem where tokens are allocated until the marginal accuracy gain falls below the incremental cost. Based on this, we propose CODA (Compute Allocation by Difficulty Awareness), a method that operationalizes this principle by allocating tokens via a policy-internal difficulty signal. Specifically, CODA estimates difficulty via group-based rollouts and maps it to two non-negative gates that modulate a length-dependent shaping term on top of the binary base reward. The easy-side gate penalizes verbosity on simple instances, whereas the hard-side gate encourages more deliberative rollouts on challenging ones. Across model scales and benchmarks, CODA achieves adaptive reasoning without external annotations or user-provided budgets: on easy tasks, CODA reduces token costs by over 60% while maintaining strong accuracy, whereas on hard tasks it incentivizes more deliberative rollouts to maximize performance.