Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0577%/8h= −63.2% APRpaid last 24h −0.204%

Price spread now: Orderly against Lighter−0.131%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Orderly is 0.131% cheaper against Lighter than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2130	0.0544	pay 0.0068% / 1h	53m 23s	$5.7M	$12.8M	10x
Short	Orderly PERP_ENA_USDC	0.2128	−0.0033	pay 0.0017% / 4h	53m 23s	$41K	$24K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.131%Rate

Funding earned: −$121.25
Price spread: −0.131% → 0.000%: −$13.14
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$140.39
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 10 min ago; Orderly: no order-book sample. Net counts fees only.

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, 10 min ago	0.71 bp	2.3 bp −$2	5.9 bp −$59	150.4 bp −$15.0K	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Backpack ENA_USDC_PERP	−0.0095%	1h	0.2114	−0.784%	$373K	$447K	5x	as long as short
Orderly PERP_ENA_USDCshort	−0.0033%	4h	0.2128	−0.131%	$41K	$24K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	−0.075%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	−0.122%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.333%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	−0.117%	$63K	$529K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	−0.113%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	−0.098%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	−0.343%	$411K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	−0.122%	$131.5M	$455.6M	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	0.2128	−0.117%	$89.3M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.108%	$20.6M	$112.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.784%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.211%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	−0.418%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.150%	$10.9M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	−0.127%	$47.0M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2130	−0.023%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.174%	$48.2M	$64.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2127	−0.155%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.560%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.681%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.681%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	−0.352%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	−0.080%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.525%	$1K	$821K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.117%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.183%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.164%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.397%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	−0.120%	$78K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2126	−0.192%	$4K	$312	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2115	−0.709%	$5K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2129	−0.077%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	−0.132%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.127%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2128	−0.127%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.181%	$1K	$5K	15x	as long as short
Lighter ENAlong	+0.0544%	1h	0.2130	long leg	$5.7M	$12.8M	10x
Hyperliquid ENA	+0.0552%	1h	0.2132	+0.052%	$114.3M	$78.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.047%	$842K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1669%	1h	0.2122	−0.398%	$140K	$15K	5x	as long as short