Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0500%/8h= +54.7% APRpaid last 24h +0.156%

Price spread now: Lighter against edgeX+0.121%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

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

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.435%+$44 on $10k

Price spread, last 7 days−0.023%−$2 · spread now +0.121%, 7d avg +0.112%

Together, before fees+0.413%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.112%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2117	0.0100	pay 0.0050% / 4h	3h 38m	$247K	$7.5M	20x
Short	Lighter ENA	0.2120	0.0600	get 0.0075% / 1h	38m 58s	$5.6M	$12.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.121%Rate

Funding earned: $105
Price spread: +0.121% → +0.112%: $0.88
Slippage, 4 orders: −$20.31
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $76.57
Costs to cover: 0.293%
Break-even: 1.9 days

Slippage from edgeX: live order book, 5 min ago; Lighter: live order book, 5 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 edgeX live order book, 5 min ago	7.08 bp	11.6 bp −$12	13.1 bp −$131	43.9 bp −$4,394	doesn't fit
Sell Lighter live order book, 5 min ago	0.94 bp	3.4 bp −$3	6.6 bp −$66	336.8 bp −$33.7K	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
Backpack ENA_USDC_PERP	−0.0010%	1h	0.2119	+0.060%	$377K	$417K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	+0.027%	$91K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2118	+0.026%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0023%	4h	0.2118	+0.012%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.286%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0038%	1h	0.2117	−0.012%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.016%	$62K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	+0.027%	$672K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.031%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	+0.022%	$410K	$552K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.013%	$131.3M	$446.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.110%	$89.0M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	−0.106%	$20.7M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	+0.055%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.031%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.205%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	−0.044%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.011%	$46.3M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.060%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.035%	$48.0M	$61.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2116	−0.082%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	+0.032%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2117	long leg	$247K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.151%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.016%	$34K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	+0.055%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.292%	$992	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.016%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.263%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	−0.016%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.003%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.017%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.069%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2119	+0.074%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0236%	1h	0.2119	+0.082%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	−0.030%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2116	−0.079%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	+0.060%	$5.6M	$3.8M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	+0.021%	$1K	$5K	15x	as long as short
Lighter ENAshort	+0.0600%	1h	0.2120	+0.121%	$5.6M	$12.5M	10x
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2120	+0.116%	$837K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0686%	1h	0.2121	+0.164%	$114.4M	$75.3M	10x	as long as short