Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0388%/8h= +42.5% APRpaid last 24h +0.168%

Price spread now: Lighter against Binance+0.116%7-day average +0.092% · 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−$17as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.462%+$46 on $10k

Price spread, last 7 days−0.044%−$4 · spread now +0.116%, 7d avg +0.092%

Together, before fees+0.418%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Lighter is 0.025% dearer against Binance than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2098	0.0100	pay 0.0050% / 4h	1h 42m	$129.2M	$460.8M	75x
Short	Lighter ENA	0.2100	0.0488	get 0.0061% / 1h	42m 06s	$5.6M	$12.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.116%Rate

Funding earned: $81.48
Price spread: +0.116% → +0.092%: $2.49
Slippage, 4 orders: −$9.13
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $64.84
Costs to cover: 0.191%
Break-even: 1.4 days

Slippage from Binance: live order book, 2 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 Binance live order book, 2 min ago	0.24 bp	8.1 bp −$8	13.1 bp −$131	49.6 bp −$4,956	doesn't fit
Sell Lighter live order book, 6 min ago	0.48 bp	2.0 bp −$2	5.6 bp −$56	136.3 bp −$13.6K	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	−0.0069%	4h	0.2098	+0.012%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0037%	1h	0.2098	+0.026%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	+0.055%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.086%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.218%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	+0.038%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2101	+0.140%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	+0.055%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.060%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	+0.066%	$660K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.121%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.074%	$406K	$582K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2098	long leg	$129.2M	$460.8M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.046%	$87.2M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.012%	$20.3M	$112.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.436%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.102%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.371%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.017%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	−0.012%	$45.0M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.045%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.079%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	−0.003%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.424%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2094	−0.198%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.130%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.088%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.102%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.357%	$895	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.041%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.155%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.088%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.014%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	−0.022%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0225% / S −0.0374%	1h	0.2099	+0.068%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2098	−0.011%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	+0.040%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.047%	$1K	$5K	15x	as long as short
Lighter ENAshort	+0.0488%	1h	0.2100	+0.116%	$5.6M	$12.9M	10x
Hyperliquid ENA	+0.0566%	1h	0.2101	+0.136%	$110.9M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	+0.183%	$803K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1892%	1h	0.2098	−0.014%	$139K	$15K	5x	as long as short