Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h +0.062%

Price spread now: Lighter against BloFin+0.146%7-day average +0.043% · 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−$18as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 4 days (all we have)−0.619%−$62 · spread now +0.146%, 7d avg +0.043%

Together, before fees−0.605%+ Points / potential airdropLighter: Season 3 · farm board−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.104% dearer against BloFin than usual: you sell high and buy low (spread +0.146% now, against its 7-day average of +0.043%): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 34 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.015% in total (about 0.8% a year). A funding rate is set anew for every payment. 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	BloFin ENA-USDT	0.2117	0.0340	pay 0.0170% / 4h	26m 31s	$5.5M	$3.0M	75x
Short	Lighter ENA	0.2120	0.0096	get 0.0012% / 1h	26m 31s	$5.2M	$13.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.146%Rate

Funding earned: −$51.24
Price spread: +0.146% → +0.043%: $10.35
Slippage, 4 orders: −$16.78
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$69.67
Costs to cover: 0.288%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 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 BloFin live order book, 7 min ago	2.85 bp	10.0 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	1.66 bp	3.5 bp −$3	8.3 bp −$83	171.2 bp −$17.1K	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	−0.0201%	1h	0.2117	+0.038%	$365K	$396K	5x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2117	+0.014%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2114	−0.113%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.080%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.133%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.317%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2114	−0.113%	$8K	$266K	10x	as long as short
dYdX ENA-USD	+0.0091%	1h	0.2118	+0.049%	$140K	$15K	5x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2120	+0.146%	$5.2M	$13.5M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.014%	$56K	$476K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.013%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.017%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2124	+0.321%	$115.7M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.178%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.089%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.009%	$128.9M	$416.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.038%	$85.4M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.005%	$20.8M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.057%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.014%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−1.120%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	+0.033%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.024%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.109%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.057%	$48.1M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	−0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.218%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.251%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	−0.198%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.345%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.038%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.504%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.080%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.014%	$274K	$791K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.080%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.037%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.082%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	−0.008%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2114	−0.111%	$51K	—	100x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2117	long leg	$5.5M	$3.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.071%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2118	+0.057%	$866K	$1.6M	50x	as long as short