Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.088%

Price spread now: Lighter against MEXC+0.078%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs+$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$70.070% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.471%+$47 on $10k

Price spread, last 7 days−0.116%−$12 · spread now +0.078%, 7d avg +0.096%

Together, before fees+0.356%+ Points / potential airdropLighter: Season 3 · farm board+$36 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2062	0.0100	pay 0.0050% / 4h	1h 30m	$42.1M	$41.7M	200x
Short	Lighter ENA	0.2064	0.0096	get 0.0012% / 1h	30m 53s	$4.8M	$12.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$0.84
Price spread: +0.078% → +0.096%: −$1.86
Slippage, 4 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$9.7
Costs to cover: 0.070%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Lighter: live order book, 11 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 MEXC live order book, 1 min ago	0.24 bp	1.1 bp −$1	6.8 bp −$68	47.6 bp −$4,765	76.4 bp −$38.2K
Sell Lighter live order book, 11 min ago	0.72 bp	1.7 bp −$2	6.5 bp −$65	223.5 bp −$22.3K	doesn't fit

ENA on 42 exchanges

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
01 Exchange ENAUSD	−0.0344%	1h	0.2050	−0.587%	$4K	$60	10x	as long as short
Orderly PERP_ENA_USDC	−0.0172%	4h	0.2064	+0.092%	$43K	$13K	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0135%	1h	0.2064	+0.090%	$2.5M	$3.1M	50x	as long as short
Bitget ENAUSDT	−0.0028%	4h	0.2061	−0.068%	$46.5M	$56.5M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2065	+0.126%	$72K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2064	+0.110%	$80K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+2.900%	$734	$57K	5.5x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2064	+0.078%	$4.8M	$12.7M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2065	+0.141%	$51K	$391K	50x	as long as short
Paradex ENA-USD-PERP	+0.0099%	8h	0.2063	+0.043%	$46K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2065	+0.129%	$530K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2062	−0.010%	$110.7M	$77.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2064	+0.092%	$1.3M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2063	+0.030%	$376K	$510K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2062	−0.004%	$123.2M	$406.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2062	−0.010%	$82.8M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2062	+0.015%	$20.5M	$97.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2062	−0.024%	$32K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2064	+0.092%	$76K	$227K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2082	+0.941%	$102K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2062	+0.005%	$13.7M	$27.1M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2062	long leg	$42.1M	$41.7M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2063	+0.039%	$24.5M	$14.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2062	−0.019%	—	$29.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2062	+0.015%	$399K	$475K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2080	+0.874%	$2.9M	$7.7M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2059	−0.134%	$239K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2062	−0.025%	$351K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2059	−0.150%	$22K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2064	+0.102%	$121K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2015	−2.284%	$1K	$926K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2064	+0.092%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2066	+0.204%	$266K	$779K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2064	+0.092%	$1.8M	$9.0M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2061	−0.049%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2064	+0.068%	$72K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2065	+0.155%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0303% / S −0.0754%	1h	0.2065	+0.121%	$57K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2062	+0.005%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2064	+0.082%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2071	+0.412%	$758K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1525%	1h	0.2064	+0.107%	$137K	$15K	5x	as long as short