Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0540%/8h= −59.1% APRpaid last 24h −0.161%

Price spread now: KuCoin against Lighter−0.056%7-day average −0.092% · 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−$26as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.507%−$51 on $10k

Price spread, last 7 days−0.032%−$3 · spread now −0.056%, 7d avg −0.092%

Together, before fees−0.539%+ Points / potential airdropLighter: Season 3 · farm board−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.035% dearer against Lighter than usual: you sell high and buy low (spread −0.056% now, against its 7-day average of −0.092%): +$4 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.507% in total) that is about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2128	0.0640	pay 0.0080% / 1h	43m 13s	$5.7M	$12.8M	10x
Short	KuCoin ENAUSDTM	0.2126	0.0100	get 0.0050% / 4h	43m 13s	$24.5M	$16.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$113.4
Price spread: −0.056% → −0.092%: $3.51
Slippage, 4 orders: −$17.23
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$139.12
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; KuCoin: live order book, 6 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, 5 min ago	0.47 bp	1.9 bp −$2	4.9 bp −$49	93.0 bp −$9,304	doesn't fit
Sell KuCoin live order book, 6 min ago	1.64 bp	10.3 bp −$10	38.3 bp −$383	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
Orderly PERP_ENA_USDC	−0.0026%	4h	0.2124	−0.183%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	−0.108%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2125	−0.107%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.197%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0094%	1h	0.2126	−0.061%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.122%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.153%	$686K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	−0.056%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.108%	$411K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.113%	$131.4M	$454.9M	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	0.2125	−0.132%	$89.1M	$190.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	−0.113%	$20.6M	$112.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.160%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.075%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.100%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	−0.118%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	−0.122%	$46.9M	$45.4M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2126	−0.056%	$24.5M	$16.3M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.165%	$48.2M	$64.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	−0.132%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	−0.095%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	−0.106%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	−0.116%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.075%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	−0.113%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.543%	$669	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	−0.122%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.113%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	−0.122%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.131%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	−0.130%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.071%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2127	−0.052%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2126	−0.083%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	−0.119%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	−0.141%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2124	−0.149%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.142%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.324%	$843K	$2.1M	50x	as long as short
Lighter ENAlong	+0.0640%	1h	0.2128	long leg	$5.7M	$12.8M	10x
Hyperliquid ENA	+0.0860%	1h	0.2129	+0.066%	$114.4M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1743%	1h	0.2127	−0.047%	$140K	$15K	5x	as long as short