Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.104%

Price spread now: edgeX against Lighter+0.525%79s7-day average −0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as 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−$330.331% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.454%−$45 on $10k

Price spread, last 7 days−0.606%−$61 · spread now +0.525%, 7d avg −0.115%

Together, before fees−1.059%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$106 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.639% dearer against Lighter than usual: you sell high and buy low, +$64 on $10k if it goes back to its 7-day average of −0.115%. The two prices were read 79 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	0.2112	0.0096	pay 0.0012% / 1h	42m 00s	$5.0M	$13.8M	10x
Short	edgeX ENAUSDC	0.2123	0.0100	get 0.0050% / 4h	42m 00s	$257K	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.525%Rate

Funding earned: $0.84
Price spread: +0.525% → −0.115%: $63.92
Slippage, 4 orders: −$24.06
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $31.7
Costs to cover: 0.331%
Break-even: from the start

Slippage from Lighter: live order book, 7 min ago; edgeX: 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, 7 min ago	0.70 bp	2.9 bp −$3	9.7 bp −$97	294.8 bp −$29.5K	doesn't fit
Sell edgeX live order book, 2 min ago	9.46 bp	14.0 bp −$14	15.5 bp −$155	46.7 bp −$4,668	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
Orderly PERP_ENA_USDC	−0.0098%	4h	0.2109	−0.118%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2109	−0.104%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	−0.062%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.077%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.554%	$522	$57K	5.5x	as long as short
Lighter ENAlong	+0.0096%	1h	0.2112	long leg	$5.0M	$13.8M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.128%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.147%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.182%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2110	−0.066%	$114.4M	$75.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2109	−0.129%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2109	−0.137%	$405K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.132%	$128.2M	$426.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.251%	$90.4M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.170%	$21.2M	$107.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−0.483%	$33K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.175%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.056%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	−0.114%	$12.8M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.185%	$39.0M	$42.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.109%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.227%	$47.9M	$59.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2108	−0.156%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2110	−0.090%	$412K	$490K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	+0.452%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2123	+0.525%	$257K	$7.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.161%	$365K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.251%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.062%	$195K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.481%	$990	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.081%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	−0.109%	$265K	$817K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.081%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.263%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.117%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2111	−0.022%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2119	+0.360%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2110	−0.086%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.672%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.107%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2116	+0.199%	$874K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0818%	1h	0.2107	−0.219%	$139K	$16K	5x	as long as short