Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.124%

Price spread now: Paradex against Lighter+0.147%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 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 · Paradex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.147% dearer against Lighter than usual: you sell high and buy low (spread +0.147% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2092	0.0160	pay 0.0020% / 1h	2m 02s	$5.2M	$13.3M	10x
Short	Paradex ENA-USD-PERP	0.2095	0.0100	get 0.0100% / 8h	3h 02m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$12.6
Price spread: +0.147% → 0.000%: $14.66
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$1.94
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 min ago; Paradex: 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, 6 min ago	0.95 bp	2.2 bp −$2	5.5 bp −$55	121.3 bp −$12.1K	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Orderly PERP_ENA_USDC	−0.0131%	4h	0.2090	−0.115%	$43K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2090	−0.096%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2090	−0.086%	$72K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2091	−0.079%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.491%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0052%	4h	0.2089	−0.139%	$11.1M	$22.7M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	−0.105%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2095	+0.147%	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2090	−0.110%	$647K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2092	−0.024%	$113.4M	$74.0M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2091	−0.034%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.128%	$398K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2090	−0.110%	$126.5M	$411.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−0.081%	$84.4M	$173.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2091	−0.053%	$20.8M	$102.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2101	+0.416%	$22K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.057%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.108%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2090	−0.110%	$45.2M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	−0.043%	$24.7M	$15.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2089	−0.167%	$47.5M	$57.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2091	−0.081%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2091	−0.067%	$356K	$400K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	+0.310%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	+0.296%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	+0.279%	$347K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2101	+0.421%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.010%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.490%	$1K	$857K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2090	−0.105%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.320%	$272K	$773K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2090	−0.105%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2090	−0.117%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2090	−0.105%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2100	+0.373%	$8K	$274K	10x	as long as short
Lighter ENAlong	+0.0160%	1h	0.2092	long leg	$5.2M	$13.3M	10x
Kraken Futures PF_ENAUSD	+0.0175%	1h	0.2091	−0.035%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2090	−0.082%	$69K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.163%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.086%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2095	+0.158%	$858K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1186%	1h	0.2094	+0.092%	$138K	$15K	5x	as long as short