Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h −0.111%

Price spread now: BloFin against Lighter−0.350%60s7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.823%+$82 · spread now −0.350%, 7d avg −0.027%

Together, before fees+0.826%+ Points / potential airdropLighter: Season 3 · farm board+$83 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.323% cheaper against Lighter than usual: you would sell low and buy high (spread −0.350% now, against its 7-day average of −0.027%). If the spread goes back, that is −$32 on $10k: about 24 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.003% in total) that is about years. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2111	0.0296	pay 0.0037% / 1h	28m 11s	$5.7M	$13.2M	10x
Short	BloFin ENA-USDT	0.2104	0.0340	get 0.0170% / 4h	2h 28m	$5.5M	$8.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.350%Rate

Funding earned: $9.24
Price spread: −0.350% → −0.027%: −$32.3
Slippage, 4 orders: −$12.89
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$47.95
Costs to cover: 0.249%
Break-even: 43.3 days

Slippage from Lighter: live order book, 5 min ago; BloFin: 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	0.95 bp	2.6 bp −$3	5.6 bp −$56	97.3 bp −$9,733	doesn't fit
Sell BloFin live order book, 6 min ago	1.43 bp	9.0 bp −$9	18.4 bp −$184	82.7 bp −$8,272	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	−0.0271%	1h	0.2110	−0.057%	$363K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2108	−0.142%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2108	−0.156%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.114%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2108	−0.148%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0030%	4h	0.2109	−0.133%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.573%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.748%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.204%	$60K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.169%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.194%	$661K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	−0.112%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.154%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.117%	$130.0M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.156%	$88.0M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.161%	$20.3M	$114.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.530%	$19K	$430K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.156%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.142%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	−0.076%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.171%	$47.7M	$66.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2109	−0.109%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.589%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.550%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.563%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.535%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2109	−0.104%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.577%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.156%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	−0.062%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.204%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.515%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2108	−0.134%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.186%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.112%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2108	−0.150%	$50K	—	100x	as long as short
Lighter ENAlong	+0.0296%	1h	0.2111	long leg	$5.7M	$13.2M	10x
Hyperliquid ENA	+0.0330%	1h	0.2112	+0.043%	$111.4M	$80.9M	10x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2104	−0.350%	$5.5M	$8.2M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2107	−0.205%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	−0.137%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7705%	1h	0.2107	−0.208%	$139K	$15K	5x	as long as short