Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0468%/8h= −51.2% APRpaid last 24h −0.169%

Price spread now: Phemex against Lighter−0.160%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.442%−$44 on $10k

Price spread, last 3 days (all we have)+0.441%+$44 · spread now −0.160%, 7d avg −0.074%

Together, before fees−0.001%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.086% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.074%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2127	0.0568	pay 0.0071% / 1h	51m 58s	$5.7M	$12.8M	10x
Short	Phemex ENAUSDT	0.2124	0.0100	get 0.0050% / 4h	51m 58s	$2.0M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$98.28
Price spread: −0.160% → −0.074%: −$8.6
Slippage, 4 orders: −$41.62
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$160.5
Costs to cover: 0.536%
Break-even: never at this rate

Slippage from Lighter: live order book, 12 min ago; Phemex: live order book, 2 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, 12 min ago	0.71 bp	2.3 bp −$2	5.9 bp −$59	150.4 bp −$15.0K	doesn't fit
Sell Phemex live order book, 2 min ago	9.42 bp	22.3 bp −$22	69.3 bp −$693	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	−0.0033%	4h	0.2124	−0.183%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	−0.136%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2125	−0.131%	$106K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0004%	1h	0.2126	−0.085%	$375K	$447K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.188%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.066%	$63K	$529K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.078%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	−0.121%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2124	−0.137%	$411K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.154%	$131.3M	$455.8M	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%	$89.2M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	−0.113%	$20.6M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.639%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2124	−0.160%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	−0.273%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	−0.118%	$10.9M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	−0.099%	$47.0M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	−0.075%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.155%	$48.1M	$64.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2124	−0.150%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.415%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.536%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.536%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	−0.207%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.038%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2073	−2.552%	$1K	$822K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	−0.160%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.071%	$276K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2124	−0.160%	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.117%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.168%	$78K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2128	+0.009%	$4K	$312	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2115	−0.564%	$5K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2125	−0.096%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	−0.115%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.019%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2124	−0.139%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	−0.081%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.334%	$843K	$2.1M	50x	as long as short
Lighter ENAlong	+0.0568%	1h	0.2127	long leg	$5.7M	$12.8M	10x
Hyperliquid ENA	+0.0652%	1h	0.2128	+0.024%	$114.2M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1636%	1h	0.2126	−0.059%	$140K	$15K	5x	as long as short