ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0608%/8h= −66.6% APRnext payment −$0.76 per $10,000 · paid last 24h −0.198%

Price spread now: Backpack against Lighter−0.071%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.401%−$40 on $10k

Price spread, last 4 days (all we have)−0.124%−$12 · spread now −0.071%, 7d avg −0.083%

Together, before fees−0.525%+ Points / potential airdropLighter: Season 3 · farm board−$53 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.083%, so right now this pair is about funding alone: −$18 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.401% in total (about -20.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.76 per $10,000. 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	Lighter ENA	0.2122	0.0584	pay 0.0073% / 1h	42m 59s	$5.6M	$12.5M	10x
Short	Backpack ENA_USDC_PERP	0.2120	−0.0024	pay 0.0003% / 1h	42m 59s	$377K	$417K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$127.69
Price spread: −0.071% → −0.083%: $1.26
Slippage, 4 orders: −$10.78
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$147.21
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Backpack: live order book, 31 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 Lighter live order book, 6 min ago	0.71 bp	2.9 bp −$3	13.8 bp −$138	268.6 bp −$26.9K	doesn't fit
Sell Backpack live order book, 31 min ago	0.23 bp	6.2 bp −$6	38.8 bp −$388	doesn't fit	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_PERPshort	−0.0024%	1h	0.2120	−0.071%	$377K	$417K	5x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2120	−0.085%	$91K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2121	−0.033%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0021%	4h	0.2119	−0.123%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.071%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0048%	1h	0.2118	−0.163%	$140K	$15K	5x	as long as short
Gate ENA_USDT	+0.0094%	4h	0.2119	−0.146%	$10.8M	$20.7M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.090%	$63K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.087%	$670K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	−0.085%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2119	−0.117%	$411K	$555K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	−0.121%	$131.5M	$446.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.156%	$89.1M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.132%	$20.7M	$109.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	−0.236%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.090%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.419%	$89K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	−0.132%	$46.4M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.009%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.137%	$48.1M	$62.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	−0.141%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.352%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−0.309%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.263%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.231%	$34K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	−0.028%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.380%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	−0.090%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.311%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.090%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	−0.123%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2120	−0.104%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2117	−0.231%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0208%	1h	0.2122	+0.014%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0235%	1h	0.2121	−0.051%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	−0.055%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2119	−0.136%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	+0.019%	$5.6M	$3.8M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2121	−0.065%	$1K	$5K	15x	as long as short
Lighter ENAlong	+0.0584%	1h	0.2122	long leg	$5.6M	$12.5M	10x
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2121	−0.042%	$837K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0657%	1h	0.2123	+0.033%	$114.4M	$76.4M	10x	as long as short