Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.142%

Price spread now: OKX against Lighter−0.132%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.524%−$52 on $10k

Price spread, last 7 days+0.076%+$8 · spread now −0.132%, 7d avg −0.108%

Together, before fees−0.448%+ Points / potential airdropLighter: Season 3 · farm board−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and OKX is 0.024% cheaper against Lighter than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.108%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2120	0.0392	pay 0.0049% / 1h	34m 15s	$5.5M	$13.6M	10x
Short	OKX ENA-USDT-SWAP	0.2117	0.0100	get 0.0050% / 4h	1h 34m	$20.8M	$102.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.132%Rate

Funding earned: −$61.32
Price spread: −0.132% → −0.108%: −$2.4
Slippage, 4 orders: −$18.4
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$92.12
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; OKX: live order book, 5 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, 4 min ago	0.71 bp	1.7 bp −$2	4.8 bp −$48	181.7 bp −$18.2K	doesn't fit
Sell OKX live order book, 5 min ago	0.24 bp	13.8 bp −$14	23.9 bp −$239	95.8 bp −$9,584	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	−0.0004%	4h	0.2116	−0.189%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	−0.109%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.156%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2115	−0.212%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.175%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0095%	1h	0.2112	−0.381%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	−0.269%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	−0.244%	$683K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	−0.090%	$113.8M	$71.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.235%	$1.5M	$3.0M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2112	−0.360%	$413K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.119%	$130.0M	$420.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.142%	$86.8M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2117	−0.132%	$20.8M	$102.8M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.656%	$19K	$359K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.316%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	−0.222%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	−0.156%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.175%	$45.5M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	−0.132%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.198%	$48.2M	$57.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	−0.151%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2120	+0.014%	$375K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.324%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.629%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	−0.461%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.410%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	−0.179%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.694%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.127%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	−0.038%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	−0.080%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.340%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.180%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.175%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.594%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2117	−0.141%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2118	−0.072%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	−0.071%	$5.6M	$3.1M	75x	as long as short
Lighter ENAlong	+0.0392%	1h	0.2120	long leg	$5.5M	$13.6M	10x
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.218%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	−0.066%	$833K	$1.5M	50x	as long as short