Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.075%

Price spread now: HTX against Lighter+0.217%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$630.628% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.455%−$45 on $10k

Price spread, last 4 days (all we have)−0.095%−$9 · spread now +0.217%, 7d avg −0.032%

Together, before fees−0.550%+ Points / potential airdropLighter: Season 3 · farm board−$55 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: HTX is 0.249% dearer against Lighter than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2077	0.0096	pay 0.0012% / 1h	50m 09s	$5.0M	$12.0M	10x
Short	HTX ENA-USDT	0.2081	0.0100	get 0.0050% / 4h	50m 09s	$268K	$742K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.217%Rate

Funding earned: $0.84
Price spread: +0.217% → −0.032%: $24.89
Slippage, 4 orders: −$50.8
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$37.07
Costs to cover: 0.628%
Break-even: 315.9 days

Slippage from Lighter: live order book, 6 min ago; HTX: live order book, 56 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	0.48 bp	3.1 bp −$3	7.1 bp −$71	306.2 bp −$30.6K	doesn't fit
Sell HTX live order book, 56 min ago	17.60 bp	26.1 bp −$26	doesn't fit	doesn't fit	doesn't fit

ENA on 42 exchanges

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	−0.0162%	4h	0.2078	+0.063%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0100%	1h	0.2077	+0.007%	$2.6M	$3.0M	50x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2081	+0.202%	$4K	$60	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2079	+0.130%	$53K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2082	+0.274%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+2.181%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0038%	4h	0.2075	−0.077%	$47.0M	$54.2M	75x	as long as short
Phoenix ENA	+0.0038%	1h	0.2079	+0.116%	$13K	$290K	10x	as long as short
Lighter ENAlong	+0.0096%	1h	0.2077	long leg	$5.0M	$12.0M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2080	+0.164%	$55K	$386K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2074	−0.108%	$46K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2082	+0.253%	$538K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2077	+0.014%	$110.9M	$74.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2074	−0.123%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2075	−0.086%	$375K	$498K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2075	−0.100%	$123.8M	$399.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2076	−0.043%	$83.3M	$182.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2076	−0.048%	$20.5M	$95.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2073	−0.164%	$37K	$309K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2079	+0.116%	$77K	$215K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	+0.285%	$102K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2076	−0.010%	$14.1M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2073	−0.159%	$42.7M	$39.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2078	+0.053%	$24.7M	$14.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2076	−0.039%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2077	+0.039%	$401K	$459K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2074	−0.125%	$2.8M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2082	+0.266%	$239K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2084	+0.344%	$349K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2083	+0.308%	$18K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2081	+0.193%	$122K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2024	−2.519%	$1K	$930K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2079	+0.116%	$6K	$5K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2081	+0.217%	$268K	$742K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2075	−0.077%	$1.8M	$9.1M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2077	+0.028%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2078	+0.067%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0129%	1h	0.2075	−0.090%	$137K	$17K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2073	−0.173%	$5.4M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2080	+0.178%	$1K	—	15x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0520% / S −0.0754%	1h	0.2082	+0.257%	$57K	—	100x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2078	+0.077%	$760K	$1.7M	50x	as long as short