Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.183%

Price spread now: Lighter against Gate+0.115%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.474%+$47 on $10k

Price spread, last 7 days−0.059%−$6 · spread now +0.115%, 7d avg +0.103%

Together, before fees+0.414%+ Points / potential airdropLighter: Season 3 · farm board+$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.103%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2088	−0.0018	get 0.0009% / 4h	2h 38m	$10.4M	$21.5M	50x
Short	Lighter ENA	0.2091	0.0224	get 0.0028% / 1h	38m 30s	$5.6M	$13.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.115%Rate

Funding earned: $50.82
Price spread: +0.115% → +0.103%: $1.16
Slippage, 4 orders: −$27.26
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: $9.71
Costs to cover: 0.423%
Break-even: 5.7 days

Slippage from Gate: 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 Gate live order book, 5 min ago	0.24 bp	18.8 bp −$19	33.4 bp −$334	53.5 bp −$5,352	91.0 bp −$45.5K
Sell Lighter live order book, 5 min ago	1.43 bp	2.2 bp −$2	5.8 bp −$58	252.2 bp −$25.2K	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	−0.0351%	1h	0.2089	+0.014%	$359K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2088	−0.005%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2091	+0.115%	$4K	$432	10x	as long as short
Gate ENA_USDTlong	−0.0018%	4h	0.2088	long leg	$10.4M	$21.5M	50x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2089	+0.024%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2088	−0.015%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.681%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.431%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	+0.081%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	+0.048%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2090	+0.081%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2088	−0.011%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	+0.038%	$401K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2091	+0.120%	$128.9M	$468.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	+0.105%	$87.5M	$193.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	+0.172%	$20.1M	$114.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2090	+0.081%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2089	+0.034%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.273%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	+0.053%	$44.6M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2088	−0.034%	$24.1M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2088	−0.010%	$47.3M	$66.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2090	+0.067%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.319%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.341%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.356%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.369%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	+0.148%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2038	−2.418%	$855	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.345%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2088	−0.014%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2089	+0.028%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2089	+0.032%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2090	+0.061%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2088	−0.036%	$50K	—	100x	as long as short
Lighter ENAshort	+0.0224%	1h	0.2091	+0.115%	$5.6M	$13.1M	10x
Hyperliquid ENA	+0.0318%	1h	0.2089	+0.034%	$110.5M	$80.6M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	+0.005%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	+0.059%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.599%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9781%	1h	0.2089	+0.027%	$138K	$12K	5x	as long as short