Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.124%

Price spread now: BingX against Lighter−0.048%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

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

costs, in and out, $10k−$180.176% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.452%−$45 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.048% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2103	0.0160	pay 0.0020% / 1h	11m 32s	$5.2M	$13.3M	10x
Short	BingX ENA-USDT	0.2102	0.0100	get 0.0050% / 4h	3h 11m	—	$31.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$12.6
Price spread: −0.048% → 0.000%: −$4.76
Slippage, 4 orders: −$7.55
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$34.91
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; BingX: live order book, 12 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	0.71 bp	1.7 bp −$2	5.0 bp −$50	179.8 bp −$18.0K	doesn't fit
Sell BingX live order book, 12 min ago	0.71 bp	7.6 bp −$8	10.7 bp −$107	17.8 bp −$1,779	37.4 bp −$18.7K

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	−0.0125%	4h	0.2099	−0.200%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0073%	1h	0.2100	−0.109%	$358K	$400K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−0.171%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2099	−0.165%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2100	−0.133%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.980%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2100	−0.133%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.083%	$47K	$110	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	−0.067%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	−0.093%	$400K	$513K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2100	−0.135%	$127.2M	$412.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.157%	$84.8M	$174.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	−0.109%	$20.9M	$102.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2101	−0.076%	$22K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	−0.038%	$78K	$276K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2101	−0.071%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	−0.138%	$45.5M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.090%	$24.8M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2101	−0.095%	$47.7M	$57.5M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2102	−0.048%	—	$31.8M	—
Variational Omni ENA	+0.0100%	4h	0.2106	+0.142%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	−0.012%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	+0.010%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	+0.010%	$20K	$650K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2100	−0.152%	$650K	$1.7M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	−0.086%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.620%	$928	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	−0.181%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.114%	$272K	$778K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.133%	$1.7M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2102	−0.034%	$92K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2100	−0.115%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	−0.181%	$73K	$4K	3x	as long as short
Hyperliquid ENA	+0.0112%	1h	0.2102	−0.052%	$114.2M	$74.1M	10x	as long as short
Phoenix ENA	+0.0113%	1h	0.2104	+0.067%	$8K	$274K	10x	as long as short
Lighter ENAlong	+0.0160%	1h	0.2103	long leg	$5.2M	$13.3M	10x
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2101	−0.103%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2099	−0.161%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.024%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.169%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2109	+0.290%	$863K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1104%	1h	0.2100	−0.154%	$139K	$15K	5x	as long as short