ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0560%/8h= −61.3% APRnext payment −$0.70 per $10,000 · paid last 24h −0.201%

Price spread now: Deribit against Lighter−0.061%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.586%−$59 on $10k

Price spread, last 3 days (all we have)+0.303%+$30 · spread now −0.061%, 7d avg −0.073%

Together, before fees−0.283%+ Points / potential airdropLighter: Season 3 · farm board−$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.073%, so right now this pair is about funding alone: −$17 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	0.2116	0.0560	pay 0.0070% / 1h	54m 03s	$5.7M	$12.8M	10x
Short	Deribit ENA_USDC-PERPETUAL	0.2114	0	get 0.0000% / 1h	54m 03s	$92K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$117.6
Price spread: −0.061% → −0.073%: $1.12
Slippage, 4 orders: −$14.33
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$137.81
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Lighter: live order book, 10 min ago; Deribit: live order book, 5 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, 10 min ago	0.71 bp	2.3 bp −$2	5.9 bp −$59	150.4 bp −$15.0K	doesn't fit
Sell Deribit live order book, 5 min ago	4.96 bp	8.9 bp −$9	15.3 bp −$153	doesn't fit	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	−0.0095%	1h	0.2114	−0.085%	$373K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0035%	4h	0.2113	−0.118%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2114	−0.061%	$92K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2115	−0.042%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.369%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.123%	$63K	$529K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.116%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.056%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.097%	$409K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.009%	$130.8M	$455.1M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.009%	$88.8M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.005%	$20.5M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.109%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.076%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.284%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.137%	$10.8M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.123%	$46.7M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.066%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.222%	$47.8M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	−0.151%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.140%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	+0.302%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2123	+0.333%	$352K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	+0.350%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.095%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.529%	$1K	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	−0.123%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.066%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2113	−0.123%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.177%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.087%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2120	+0.227%	$5K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2114	−0.052%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2115	−0.051%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2114	−0.052%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.052%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0360%	1h	0.2113	−0.130%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.132%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0474%	1h	0.2116	−0.002%	$111.9M	$77.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2125	+0.440%	$839K	$2.1M	50x	as long as short
Lighter ENAlong	+0.0560%	1h	0.2116	long leg	$5.7M	$12.8M	10x
dYdX ENA-USD	+0.1725%	1h	0.2116	+0.021%	$140K	$15K	5x	as long as short