Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.083%

Price spread now: Lighter against Aster+0.133%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.335%+$34 on $10k

Price spread, last 7 days−0.122%−$12 · spread now +0.133%, 7d avg +0.043%

Together, before fees+0.214%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.090% dearer against Aster than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2111	0.0100	pay 0.0050% / 4h	2h 42m	$1.4M	$3.2M	50x
Short	Lighter ENA	0.2114	0.0200	get 0.0025% / 1h	42m 29s	$5.2M	$13.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.133%Rate

Funding earned: $21
Price spread: +0.133% → +0.043%: $9.03
Slippage, 4 orders: −$19.34
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $2.7
Costs to cover: 0.273%
Break-even: 6.1 days

Slippage from Aster: live order book, 1 min ago; Lighter: live order book, 6 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 Aster live order book, 1 min ago	1.89 bp	7.7 bp −$8	14.9 bp −$149	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.95 bp	1.6 bp −$2	4.3 bp −$43	106.8 bp −$10.7K	doesn't fit

ENA on 42 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
Orderly PERP_ENA_USDC	−0.0140%	4h	0.2110	−0.052%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0022%	4h	0.2109	−0.104%	$11.0M	$23.4M	50x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2111	−0.004%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	−0.009%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	−0.030%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.578%	$522	$57K	5.5x	as long as short
ApeX Omni ENAUSDT	+0.0048%	1h	0.2112	+0.038%	$20K	$647K	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.056%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.119%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.059%	$654K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2116	+0.214%	$114.7M	$74.4M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2111	long leg	$1.4M	$3.2M	50x
Pacifica ENA	+0.0100%	1h	0.2111	−0.025%	$397K	$522K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	−0.043%	$127.9M	$416.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.075%	$85.4M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	−0.018%	$21.1M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.014%	$22K	$322K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.056%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.038%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.099%	$45.5M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	+0.218%	$25.0M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.108%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2109	−0.089%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.147%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.241%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	−0.056%	$349K	$4.9M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.042%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.472%	$1K	$868K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	+0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	+0.015%	$275K	$777K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	−0.009%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.114%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.023%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2109	−0.113%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2112	+0.052%	$2.6M	$4.3M	50x	as long as short
Lighter ENAshort	+0.0200%	1h	0.2114	+0.133%	$5.2M	$13.0M	10x
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2110	−0.037%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.066%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0385%	1h	0.2112	+0.055%	$140K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.061%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0584%	1h	0.2112	+0.062%	$358K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2100	−0.530%	$860K	$1.7M	50x	as long as short