ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0371%/8h= −40.7% APRnext payment −$0.46 per $10,000 · paid last 24h −0.152%

Price spread now: Phoenix against Lighter−0.193%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 3 days (all we have)+0.283%+$28 · spread now −0.193%, 7d avg −0.012%

Together, before fees−0.058%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phoenix is 0.180% cheaper against Lighter than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2129	0.0560	pay 0.0070% / 1h	2m 30s	$5.6M	$12.9M	10x
Short	Phoenix ENA	0.2125	0.0189	get 0.0024% / 1h	2m 30s	$7K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.193%Rate

Funding earned: −$78.01
Price spread: −0.193% → −0.012%: −$18.03
Slippage, 4 orders: −$29.86
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$132.9
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Phoenix: live order book, 8 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, 6 min ago	0.70 bp	2.0 bp −$2	10.4 bp −$104	262.9 bp −$26.3K	doesn't fit
Sell Phoenix live order book, 8 min ago	1.88 bp	16.7 bp −$17	51.7 bp −$517	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	+0.005%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2129	−0.008%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0012%	4h	0.2128	−0.052%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.254%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0057%	1h	0.2129	0.000%	$379K	$445K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.132%	$63K	$527K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.122%	$682K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	−0.021%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.073%	$411K	$559K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.103%	$131.9M	$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	0.2125	−0.155%	$89.3M	$189.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.108%	$20.7M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.108%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.085%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	−0.135%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.117%	$10.8M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	−0.099%	$46.5M	$45.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.075%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.169%	$48.2M	$63.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2126	−0.117%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.349%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	−0.317%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2123	−0.266%	$360K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	−0.272%	$34K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	−0.005%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.391%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.038%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.056%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.085%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2127	−0.099%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2130	+0.057%	$78K	$11K	3x	as long as short
Phoenix ENAshort	+0.0189%	1h	0.2125	−0.193%	$7K	$347K	10x
01 Exchange ENAUSD	+0.0208%	1h	0.2128	−0.028%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2129	+0.033%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2125	−0.169%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	−0.028%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.066%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.047%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2133	+0.216%	$842K	$1.9M	50x	as long as short
Lighter ENAlong	+0.0560%	1h	0.2129	long leg	$5.6M	$12.9M	10x
Hyperliquid ENA	+0.0745%	1h	0.2132	+0.136%	$114.9M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1078%	1h	0.2128	−0.045%	$141K	$15K	5x	as long as short