Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.127%

Price spread now: Bybit against Lighter−0.081%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.518%−$52 on $10k

Price spread, last 7 days−0.005%−$1 · spread now −0.081%, 7d avg −0.126%

Together, before fees−0.523%+ Points / potential airdropLighter: Season 3 · farm board−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.045% dearer against Lighter than usual: you sell high and buy low (spread −0.081% now, against its 7-day average of −0.126%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 7 days (−0.518% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2103	0.0200	pay 0.0025% / 1h	32m 15s	$5.2M	$13.2M	10x
Short	Bybit ENAUSDT	0.2102	0.0100	get 0.0050% / 4h	3h 32m	$85.1M	$174.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$21
Price spread: −0.081% → −0.126%: $4.49
Slippage, 4 orders: −$12.85
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.36
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Bybit: live order book, 2 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	1.9 bp −$2	6.7 bp −$67	251.0 bp −$25.1K	doesn't fit
Sell Bybit live order book, 2 min ago	0.24 bp	10.1 bp −$10	17.8 bp −$178	63.0 bp −$6,296	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	−0.0140%	1h	0.2102	−0.076%	$358K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2101	−0.105%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	−0.057%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.098%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.951%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2100	−0.147%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.209%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.166%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2100	−0.178%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	−0.047%	$1.4M	$3.2M	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	0.2101	−0.105%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	−0.093%	$127.5M	$414.1M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2102	−0.081%	$85.1M	$174.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	−0.090%	$21.0M	$103.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.181%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.162%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.257%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2101	−0.124%	$11.1M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.105%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	−0.048%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.157%	$47.7M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2102	−0.086%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.419%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.361%	$240K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	−0.290%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.067%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	−0.124%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.586%	$983	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.114%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	−0.024%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.067%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.106%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	−0.036%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2095	−0.376%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2103	−0.040%	$2.6M	$4.3M	50x	as long as short
Lighter ENAlong	+0.0200%	1h	0.2103	long leg	$5.2M	$13.2M	10x
Hyperliquid ENA	+0.0262%	1h	0.2102	−0.062%	$114.2M	$74.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2102	−0.083%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.071%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.186%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2103	−0.010%	$859K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1066%	1h	0.2101	−0.108%	$139K	$15K	5x	as long as short