Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0412%/8h= −45.1% APRpaid last 24h −0.179%

Price spread now: Bitget against Lighter−0.172%7-day average −0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.440%−$44 on $10k

Price spread, last 7 days+0.076%+$8 · spread now −0.172%, 7d avg −0.153%

Together, before fees−0.364%+ Points / potential airdropLighter: Season 3 · farm board−$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.153%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2094	0.0512	pay 0.0064% / 1h	23m 19s	$5.6M	$12.9M	10x
Short	Bitget ENAUSDT	0.2090	0.0100	get 0.0050% / 4h	1h 23m	$47.3M	$64.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$86.52
Price spread: −0.172% → −0.153%: −$1.93
Slippage, 4 orders: −$12.85
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$113.3
Costs to cover: 0.249%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bitget: live order book, 6 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, 5 min ago	0.48 bp	2.1 bp −$2	5.5 bp −$55	147.8 bp −$14.8K	doesn't fit
Sell Bitget live order book, 6 min ago	0.48 bp	11.7 bp −$12	19.9 bp −$199	41.1 bp −$4,115	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_PERP	−0.0072%	1h	0.2094	+0.024%	$361K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0054%	4h	0.2091	−0.134%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	−0.091%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	−0.099%	$100K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.419%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2093	−0.030%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.081%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2090	−0.161%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.122%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2092	−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	0.2092	−0.096%	$405K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−0.076%	$129.0M	$456.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−0.148%	$87.0M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.105%	$20.1M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.048%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	−0.033%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.248%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.081%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.076%	$45.7M	$46.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	−0.019%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2090	−0.172%	$47.3M	$64.9M	75x
BingX ENA-USDT	+0.0100%	4h	0.2091	−0.129%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.211%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.054%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	+0.014%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	+0.014%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.081%	$181K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2042	−2.484%	$835	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.081%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.067%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2091	−0.129%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	−0.106%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	−0.110%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2093	−0.019%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0236% / S −0.0402%	1h	0.2091	−0.142%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2091	−0.143%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2092	−0.105%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.113%	$1K	$5K	15x	as long as short
Lighter ENAlong	+0.0512%	1h	0.2094	long leg	$5.6M	$12.9M	10x
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.181%	$806K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0578%	1h	0.2095	+0.067%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1957%	1h	0.2091	−0.124%	$138K	$15K	5x	as long as short