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: Binance against Lighter−0.130%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.462%−$46 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.130%, 7d avg −0.092%

Together, before fees−0.395%+ Points / potential airdropLighter: Season 3 · farm board−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Binance is 0.038% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.092%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2162	0.0704	pay 0.0088% / 1h	16m 06s	$5.7M	$12.7M	10x
Short	Binance ENAUSDT	0.2159	0.0100	get 0.0050% / 4h	3h 16m	$134.6M	$442.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.130%Rate

Funding earned: −$126.84
Price spread: −0.130% → −0.092%: −$3.85
Slippage, 4 orders: −$8.61
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$149.29
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Binance: live order book, 13 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, 7 min ago	0.93 bp	2.0 bp −$2	4.8 bp −$48	116.7 bp −$11.7K	doesn't fit
Sell Binance live order book, 13 min ago	0.23 bp	7.5 bp −$8	14.6 bp −$146	54.0 bp −$5,404	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	0.2158	−0.162%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2157	−0.227%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2157	−0.241%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.781%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0069%	1h	0.2157	−0.221%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2158	−0.180%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2159	−0.146%	$715K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2158	−0.173%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2159	−0.137%	$425K	$553K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2159	−0.130%	$134.6M	$442.6M	75x

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	−0.148%	$89.1M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2159	−0.143%	$21.2M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.287%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2160	−0.088%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.546%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2159	−0.120%	$11.0M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2159	−0.130%	$46.2M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2160	−0.088%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2157	−0.217%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2159	−0.120%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2160	−0.083%	$384K	$405K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2157	−0.217%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.810%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.797%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.735%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2158	−0.194%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2107	−2.516%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2158	−0.180%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2160	−0.093%	$280K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2160	−0.088%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2159	−0.146%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2158	−0.195%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2153	−0.426%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0184%	1h	0.2158	−0.167%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2160	−0.101%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2159	−0.142%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2157	−0.237%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2156	−0.268%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2157	−0.237%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2159	−0.125%	$855K	$1.8M	50x	as long as short
Lighter ENAlong	+0.0704%	1h	0.2162	long leg	$5.7M	$12.7M	10x
Hyperliquid ENA	+0.0767%	1h	0.2162	+0.005%	$117.5M	$74.6M	10x	as long as short