Funding you earn now, next payment 01:00 UTC+0.0596%/8h= +65.3% APRnext payment +$0.75 per $10,000 · paid last 24h +0.198%
Price spread now: Lighter against Backpack+0.023%7-day average +0.083% · you sell dearer than you buy
Net, funding: paid 7d − costs+$21as in the Funding arb table
Net, price: spread back to 7d avg − costs−$25as in the Price arb table
costs, in and out, $10k−$190.194% of the position
Funding, last 7 days+0.401%+$40 on $10k
+Price spread, last 4 days (all we have)+0.172%+$17 · spread now +0.023%, 7d avg +0.083%
=Together, before fees+0.573%+ Points / potential airdropLighter: Season 3 · farm board+$57 on $10k · with fees, hour by hour
Funding pays, the price is against you. Lighter is 0.060% cheaper against Backpack than usual: you would sell low and buy high (spread +0.023% now, against its 7-day average of +0.083%). If the spread goes back, that is −$6 on $10k: about 8 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.401% in total) that is about 25 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.401% in total (about 20.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.75 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ENA_USDC_PERP | 0.2153 | 0.0100 | pay 0.0013% / 1h | 19m 08s | $383K | $410K | 5x |
| Short | Lighter ENA | 0.2154 | 0.0696 | get 0.0087% / 1h | 19m 08s | $5.7M | $12.6M | 10x |
Backpack ENA_USDC_PERP
Lighter ENAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Backpack. 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
- $125.16
- Price spread: +0.023% → +0.083%
- −$6.01
- Slippage, 4 orders
- −$9.36
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $99.79
- Costs to cover
- 0.194%
- Break-even
- 1.4 days
Slippage from Backpack: live order book, 55 min ago; Lighter: live order book, 4 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 Backpack live order book, 55 min ago | 0.23 bp | 9.4 bp −$9 | 38.7 bp −$387 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 4 min ago | 0.93 bp | 1.7 bp −$2 | 4.2 bp −$42 | 154.3 bp −$15.4K | 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit ENA_USDC-PERPETUAL | 0.0000% | 1h | 0.2156 | +0.130% | $80K | $1.7M | 50x | as long as short |
| gTrade (Gains Network) ENA/USD | L +0.0003% / S −0.0004% | 1h | 0.2157 | +0.176% | $106K | — | 150x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | −1.384% | $522 | $57K | 5.5x | as long as short |
| Orderly PERP_ENA_USDC | +0.0034% | 4h | 0.2155 | +0.102% | $42K | $23K | 10x | as long as short |
| dYdX ENA-USD | +0.0036% | 1h | 0.2151 | −0.119% | $142K | $15K | 5x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2156 | +0.130% | $63K | $518K | 50x | as long as short |
| Nado ENA-PERP | +0.0100% | 1h | 0.2155 | +0.100% | $714K | $1.8M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2156 | +0.118% | $1.6M | $3.3M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2150 | −0.127% | $423K | $553K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2151 | −0.107% | $133.6M | $443.3M | 75x | as long as short |
Deribit ENA_USDC-PERPETUAL
gTrade (Gains Network) ENA/USD
Injective ENA/USDC PERP
Orderly PERP_ENA_USDC
dYdX ENA-USD
Popdex ENAUSDT
Nado ENA-PERP
Aster ENAUSDT
Pacifica ENA
Binance ENAUSDTShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ENAUSDT | +0.0100% | 4h | 0.2150 | −0.130% | $88.7M | $187.3M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2151 | −0.107% | $21.1M | $110.4M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2145 | −0.367% | $16K | $411K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2154 | +0.037% | $107K | $242K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2143 | −0.474% | $90K | −$0 | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2151 | −0.107% | $11.0M | $21.3M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2151 | −0.084% | $45.9M | $44.7M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2152 | −0.065% | $24.8M | $16.5M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2149 | −0.186% | $48.8M | $61.4M | 75x | as long as short |
| BingX ENA-USDT | +0.0100% | 4h | 0.2150 | −0.135% | — | $32.6M | — | as long as short |
| Backpack ENA_USDC_PERPlong | +0.0100% | 1h | 0.2153 | long leg | $383K | $410K | 5x | |
| Variational Omni ENA | +0.0100% | 4h | 0.2144 | −0.404% | $3.9M | $10.1M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2144 | −0.409% | $248K | $7.5M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2145 | −0.396% | $357K | $4.6M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2146 | −0.334% | $33K | $688K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2158 | +0.228% | $180K | $2.4M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2101 | −2.406% | $1K | $832K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2153 | −0.009% | $4K | $10K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2158 | +0.223% | $281K | $1.1M | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2151 | −0.102% | $2.0M | $9.4M | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2152 | −0.066% | $48K | $110 | 10x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2156 | +0.115% | $75K | $4K | 3x | as long as short |
| Phoenix ENA | +0.0150% | 1h | 0.2147 | −0.269% | $8K | $347K | 10x | as long as short |
| 01 Exchange ENAUSD | +0.0192% | 1h | 0.2156 | +0.111% | $4K | $302 | 10x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0232% | 1h | 0.2155 | +0.069% | $2.7M | $5.1M | 50x | as long as short |
| Extended ENA-USD | +0.0320% | 1h | 0.2154 | +0.047% | $1.6M | $4.2M | 50x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0334% / S −0.0430% | 1h | 0.2158 | +0.229% | $81K | — | 100x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2151 | −0.084% | $5.7M | $2.0M | 75x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2157 | +0.180% | $1K | $5K | 15x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0608% | 1h | 0.2162 | +0.390% | $856K | $1.8M | 50x | as long as short |
| Lighter ENAshort | +0.0696% | 1h | 0.2154 | +0.023% | $5.7M | $12.6M | 10x | |
| Hyperliquid ENA | +0.0765% | 1h | 0.2155 | +0.060% | $116.9M | $74.4M | 10x | as long as short |
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDT
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Phemex ENAUSDT
Paradex ENA-USD-PERP
Aevo ENA-PERP
Phoenix ENA
01 Exchange ENAUSD
Kraken Futures PF_ENAUSD
Extended ENA-USD
GMX ENA/USD [ETH-USDC]
BloFin ENA-USDT
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX
Hyperliquid ENA