ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0204%/8h= +22.3% APRnext payment +$0.25 per $10,000 · paid last 24h −0.072%

Price spread now: Hyperliquid against Lighter+0.132%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.206%−$21 on $10k

Price spread, last 7 days−0.175%−$18 · spread now +0.132%, 7d avg −0.013%

Together, before fees−0.381%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.145% dearer against Lighter than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.013%. Mind the row above: over the last 7 days funding on this pair cost −0.206%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2123	0.0552	pay 0.0069% / 1h	10m 53s	$5.6M	$12.9M	10x
Short	Hyperliquid ENA	0.2126	0.0756	get 0.0094% / 1h	10m 53s	$114.6M	$78.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.132%Rate

Funding earned: $42.74
Price spread: +0.132% → −0.013%: $14.48
Slippage, 4 orders: −$11.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $36.87
Costs to cover: 0.204%
Break-even: 1.0 days

Slippage from Lighter: live order book, 8 min ago; Hyperliquid: live order book, 13 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, 8 min ago	0.70 bp	2.4 bp −$2	5.5 bp −$55	118.8 bp −$11.9K	doesn't fit
Sell Hyperliquid live order book, 13 min ago	1.41 bp	8.2 bp −$8	doesn't fit	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	−0.061%	$94K	$1.7M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0003%	4h	0.2121	−0.094%	$41K	$24K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2122	−0.079%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.005%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0050%	1h	0.2122	−0.085%	$376K	$444K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.155%	$62K	$528K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.170%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	−0.014%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.056%	$410K	$561K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	−0.018%	$131.2M	$450.5M	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	0.2122	−0.080%	$89.2M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.057%	$20.6M	$110.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.005%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.108%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2121	−0.108%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.033%	$10.8M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.019%	$46.5M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.042%	$24.6M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.104%	$48.1M	$63.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2122	−0.052%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.111%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.201%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.268%	$364K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	+0.268%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	−0.033%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.473%	$1K	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.108%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	−0.005%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.155%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.155%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	−0.075%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.250%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2122	−0.080%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2122	−0.043%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2123	−0.033%	$2.7M	$5.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2122	−0.074%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	−0.099%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	−0.076%	$1K	$5K	15x	as long as short
Lighter ENAlong	+0.0552%	1h	0.2123	long leg	$5.6M	$12.9M	10x
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2127	+0.155%	$840K	$1.9M	50x	as long as short
Hyperliquid ENAshort	+0.0756%	1h	0.2126	+0.132%	$114.6M	$78.5M	10x
dYdX ENA-USD	+0.1280%	1h	0.2124	+0.040%	$140K	$15K	5x	as long as short