Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.177%

Price spread now: SunX against Lighter−2.447%7-day average −2.488% · you buy dearer than you sell

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

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.421%−$42 on $10k

Price spread, last 3 days (all we have)+0.320%+$32 · spread now −2.447%, 7d avg −2.488%

Together, before fees−0.100%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.041% dearer against Lighter than usual: you sell high and buy low (spread −2.447% now, against its 7-day average of −2.488%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2112	0.0320	pay 0.0040% / 1h	25m 57s	$5.7M	$13.2M	10x
Short	SunX ENA-USDT	0.2061	0.0100	get 0.0050% / 4h	2h 25m	$964	$808K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −2.447%Rate

Funding earned: −$46.2
Price spread: −2.447% → −2.488%: $4.09
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$50.11
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 8 min ago; SunX: live order book, 56 min ago. 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, 8 min ago	0.95 bp	2.6 bp −$3	5.6 bp −$56	97.3 bp −$9,733	doesn't fit
Sell SunX live order book, 56 min ago	260.61 bp	doesn't fit	doesn't fit	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
Backpack ENA_USDC_PERP	−0.0255%	1h	0.2111	−0.076%	$363K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2109	−0.142%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2109	−0.147%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	−0.085%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2111	−0.087%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0032%	4h	0.2110	−0.104%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.516%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.421%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.166%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.166%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.151%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	−0.047%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	−0.046%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.199%	$130.0M	$467.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.222%	$88.0M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.189%	$20.4M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.014%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.118%	$83K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.199%	$45.8M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	−0.128%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.256%	$47.7M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.194%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.646%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.606%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.619%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.592%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.090%	$184K	$3.0M	10x	as long as short
SunX ENA-USDTshort	+0.0100%	4h	0.2061	−2.447%	$964	$808K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.118%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.062%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.166%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.572%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2111	−0.073%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	−0.212%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.114%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2110	−0.104%	$50K	—	100x	as long as short
Lighter ENAlong	+0.0320%	1h	0.2112	long leg	$5.7M	$13.2M	10x
Hyperliquid ENA	+0.0340%	1h	0.2113	+0.009%	$111.5M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.057%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.179%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.024%	$807K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7333%	1h	0.2111	−0.075%	$139K	$15K	5x	as long as short