Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.177%

Price spread now: Lighter against BingX+0.110%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs+$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.422%+$42 on $10k

Price spread, last 7 days−0.040%−$4 · spread now +0.110%, 7d avg +0.112%

Together, before fees+0.382%+ Points / potential airdropLighter: Season 3 · farm board+$38 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2095	0.0100	pay 0.0050% / 4h	2h 46m	—	$6.5M	—
Short	Lighter ENA	0.2097	0.0096	get 0.0012% / 1h	46m 41s	$5.7M	$13.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.110%Rate

Funding earned: −$0.84
Price spread: +0.110% → +0.112%: −$0.26
Slippage, 4 orders: −$19.29
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$30.39
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Lighter: live order book, 7 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 BingX live order book, 4 min ago	0.48 bp	12.1 bp −$12	25.4 bp −$254	69.8 bp −$6,979	482.2 bp −$241.1K
Sell Lighter live order book, 7 min ago	1.19 bp	2.5 bp −$2	14.7 bp −$147	425.8 bp −$42.6K	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
Backpack ENA_USDC_PERP	−0.0411%	1h	0.2095	+0.029%	$361K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0094%	4h	0.2094	−0.019%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2095	+0.038%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0036%	4h	0.2094	−0.010%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.038%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.041%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.370%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2096	+0.067%	$5K	$394K	10x	as long as short
ApeX Omni ENAUSDT	+0.0086%	1h	0.2097	+0.110%	$32K	$711K	50x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2097	+0.110%	$5.7M	$13.1M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.033%	$59K	$542K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.008%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.010%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+0.036%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.029%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.008%	$129.3M	$470.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.043%	$87.7M	$194.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	−0.014%	$20.1M	$114.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.057%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.062%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.253%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.005%	$45.0M	$48.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.043%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	−0.038%	$47.4M	$66.9M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2095	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2095	+0.003%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	+0.112%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	+0.109%	$357K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.076%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.358%	$961	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	−0.033%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.286%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.033%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.003%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.018%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2097	+0.102%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2095	+0.028%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0234%	1h	0.2098	+0.164%	$111.5M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.005%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.014%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.291%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8497%	1h	0.2095	+0.031%	$138K	$12K	5x	as long as short