Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0604%/8h= +66.1% APRpaid last 24h +0.156%

Price spread now: Lighter against HTX−0.056%7-day average +0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$700.699% of the position

Long on HTX 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 3 days (all we have)+0.061%+$6 · spread now −0.056%, 7d avg +0.032%

Together, before fees+0.496%+ Points / potential airdropLighter: Season 3 · farm board+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.087% cheaper against HTX than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of +0.032%). If the spread goes back, that is −$9 on $10k: about 12 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.435% in total) that is about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2158	0.0100	pay 0.0050% / 4h	3h 16m	$280K	$1.1M	50x
Short	Lighter ENA	0.2157	0.0704	get 0.0088% / 1h	16m 53s	$5.7M	$12.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.056%Rate

Funding earned: $126.84
Price spread: −0.056% → +0.032%: −$8.74
Slippage, 4 orders: −$57.89
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $48.21
Costs to cover: 0.699%
Break-even: 4.3 days

Slippage from HTX: live order book, 2 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 HTX live order book, 2 min ago	25.95 bp	33.6 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.93 bp	1.7 bp −$2	4.2 bp −$42	154.3 bp −$15.4K	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2154	−0.199%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2154	−0.221%	$103K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2152	−0.278%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.622%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0071%	1h	0.2154	−0.182%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2155	−0.158%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2156	−0.090%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2157	−0.063%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2156	−0.107%	$425K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2158	0.000%	$134.6M	$443.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2159	+0.009%	$89.0M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2158	+0.005%	$21.2M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.125%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2157	−0.065%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.385%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2158	−0.014%	$11.0M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2158	−0.005%	$46.1M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2159	+0.009%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2156	−0.097%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2158	−0.009%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2157	−0.060%	$384K	$409K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2144	−0.644%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.649%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.636%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.574%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2156	−0.111%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2103	−2.581%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2153	−0.250%	$4K	$10K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2158	long leg	$280K	$1.1M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2155	−0.158%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2156	−0.125%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2155	−0.179%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2153	−0.264%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0184%	1h	0.2156	−0.125%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2156	−0.122%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2158	−0.026%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2154	−0.207%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2156	−0.107%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2154	−0.198%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2159	+0.037%	$855K	$1.8M	50x	as long as short
Lighter ENAshort	+0.0704%	1h	0.2157	−0.056%	$5.7M	$12.7M	10x
Hyperliquid ENA	+0.0766%	1h	0.2160	+0.083%	$117.4M	$74.6M	10x	as long as short