Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.119%

Price spread now: Lighter against GRVT+0.329%48s7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.287% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.455%+$45 on $10k

Price spread, last 7 days−0.189%−$19 · spread now +0.329%, 7d avg +0.073%

Together, before fees+0.266%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.256% dearer against GRVT than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.073%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2103	0.0100	pay 0.0050% / 4h	2h 38m	$354K	$4.9M	10x
Short	Lighter ENA	0.2110	0.0168	get 0.0021% / 1h	38m 23s	$5.2M	$13.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.329%Rate

Funding earned: $14.28
Price spread: +0.329% → +0.073%: $25.6
Slippage, 4 orders: −$19.67
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $11.21
Costs to cover: 0.287%
Break-even: 1.5 days

Slippage from GRVT: live order book, 6 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 GRVT live order book, 6 min ago	2.37 bp	12.7 bp −$13	115.5 bp −$1,155	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.24 bp	2.0 bp −$2	5.0 bp −$50	120.6 bp −$12.1K	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
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2103	−0.028%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2109	+0.243%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2105	+0.077%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	+0.339%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0004%	4h	0.2107	+0.162%	$11.1M	$23.5M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.952%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	+0.172%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	+0.129%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	+0.305%	$654K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2112	+0.405%	$114.5M	$74.1M	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	0.2110	+0.311%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	+0.212%	$395K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	+0.321%	$127.8M	$416.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	+0.343%	$85.4M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	+0.376%	$21.1M	$104.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	+0.034%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	+0.172%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.410%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.314%	$45.5M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.376%	$24.9M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	+0.324%	$48.0M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	+0.319%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.151%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.255%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2103	long leg	$354K	$4.9M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	+0.172%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.371%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.453%	$918	$868K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	+0.077%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.229%	$266K	$799K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	−0.018%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	+0.125%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	+0.005%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2111	+0.348%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2106	+0.107%	$2.6M	$4.3M	50x	as long as short
Lighter ENAshort	+0.0168%	1h	0.2110	+0.329%	$5.2M	$13.0M	10x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2110	+0.323%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.085%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0376%	1h	0.2108	+0.211%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.326%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0551%	1h	0.2104	+0.020%	$356K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2102	−0.042%	$860K	$1.7M	50x	as long as short