Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0468%/8h= −51.2% APRpaid last 24h −0.161%

Price spread now: MEXC against Lighter−0.071%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

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

costs, in and out, $10k−$80.082% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.469%−$47 on $10k

Price spread, last 7 days−0.021%−$2 · spread now −0.071%, 7d avg −0.096%

Together, before fees−0.489%+ Points / potential airdropLighter: Season 3 · farm board−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.026% dearer against Lighter than usual: you sell high and buy low (spread −0.071% now, against its 7-day average of −0.096%): +$3 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.469% in total) that is about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2126	0.0568	pay 0.0071% / 1h	59m 26s	$5.6M	$12.5M	10x
Short	MEXC ENA_USDT	0.2124	0.0100	get 0.0050% / 4h	3h 59m	$46.4M	$44.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$98.28
Price spread: −0.071% → −0.096%: $2.56
Slippage, 4 orders: −$8.24
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$103.96
Costs to cover: 0.082%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; MEXC: live order book, 4 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, 9 min ago	0.70 bp	2.0 bp −$2	10.4 bp −$104	262.9 bp −$26.3K	doesn't fit
Sell MEXC live order book, 4 min ago	0.23 bp	2.2 bp −$2	6.5 bp −$65	33.0 bp −$3,299	59.5 bp −$29.8K

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	0.2129	+0.136%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	+0.109%	$97K	—	150x	as long as short
Polymarket Perps ENA-USD	+0.0013%	1h	0.2126	+0.033%	$182K	$2.4M	10x	as long as short
Orderly PERP_ENA_USDC	+0.0013%	4h	0.2127	+0.047%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.104%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0051%	1h	0.2129	+0.165%	$379K	$445K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.075%	$63K	$525K	50x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.007%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2124	−0.077%	$412K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	+0.019%	$131.8M	$449.5M	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	0.2126	+0.005%	$89.3M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	+0.014%	$20.7M	$110.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.042%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	−0.122%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.015%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.113%	$10.8M	$20.4M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2124	−0.071%	$46.4M	$44.0M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	+0.085%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.042%	$48.3M	$63.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2123	−0.118%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.058%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	+0.009%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2126	+0.022%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	+0.066%	$34K	$714K	50x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.296%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	+0.113%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2131	+0.254%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2128	+0.113%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.029%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	+0.113%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.151%	$7K	$341K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2130	+0.188%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2123	−0.139%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	+0.104%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	+0.075%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.019%	$1K	$5K	15x	as long as short
01 Exchange ENAUSD	+0.0456%	1h	0.2126	+0.033%	$4K	$302	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.320%	$842K	$1.9M	50x	as long as short
Lighter ENAlong	+0.0568%	1h	0.2126	long leg	$5.6M	$12.5M	10x
Hyperliquid ENA	+0.0877%	1h	0.2129	+0.165%	$114.8M	$78.4M	10x	as long as short
dYdX ENA-USD	+0.1024%	1h	0.2128	+0.108%	$141K	$15K	5x	as long as short
Nado ENA-PERP	+0.1257%	1h	0.2125	−0.005%	$682K	$1.8M	10x	as long as short