Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.106%

Price spread now: Lighter against OKX−0.042%7-day average +0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs+$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.524%+$52 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.042%, 7d avg +0.108%

Together, before fees+0.604%+ Points / potential airdropLighter: Season 3 · farm board+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.150% cheaper against OKX than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of +0.108%). If the spread goes back, that is −$15 on $10k: about 18 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.524% in total) that is about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2133	0.0100	pay 0.0050% / 4h	3h 57m	$21.3M	$108.7M	50x
Short	Lighter ENA	0.2132	0.0128	get 0.0016% / 1h	57m 48s	$5.0M	$12.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.042%Rate

Funding earned: $5.88
Price spread: −0.042% → +0.108%: −$15
Slippage, 4 orders: −$15.94
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$35.06
Costs to cover: 0.259%
Break-even: 48.7 days

Slippage from OKX: live order book, 1 min ago; Lighter: live order book, 6 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 OKX live order book, 1 min ago	0.23 bp	11.0 bp −$11	21.0 bp −$210	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.24 bp	1.2 bp −$1	6.0 bp −$60	156.7 bp −$15.7K	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
Phemex ENAUSDT	−0.2759%	4h	0.2131	−0.112%	$1.9M	$9.0M	50x	as long as short
Bybit ENAUSDT	−0.0506%	4h	0.2133	−0.019%	$89.5M	$191.7M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2132	−0.042%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2127	−0.319%	$4K	$277	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2126	−0.348%	$140K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2133	−0.033%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2132	−0.043%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.469%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.347%	$54K	$486K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	−0.315%	$571K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2134	+0.037%	$115.8M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2134	+0.017%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	−0.330%	$410K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2133	−0.014%	$129.8M	$426.7M	75x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2133	long leg	$21.3M	$108.7M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.277%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.300%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.323%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2133	−0.019%	$13.4M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2132	−0.042%	$39.5M	$42.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2134	+0.023%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2131	−0.098%	$48.3M	$60.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2133	−0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	−0.297%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	−0.896%	$255K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2128	−0.247%	$360K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.862%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.300%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.662%	$1K	$912K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2133	−0.019%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.047%	$268K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.327%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2132	−0.077%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	−0.078%	$75K	$4K	3x	as long as short
Lighter ENAshort	+0.0128%	1h	0.2132	−0.042%	$5.0M	$12.5M	10x
Backpack ENA_USDC_PERP	+0.0160%	1h	0.2133	−0.028%	$413K	$483K	5x	as long as short
Phoenix ENA	+0.0190%	1h	0.2129	−0.187%	$13K	$260K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2133	−0.001%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2132	−0.052%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	−0.469%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.408%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2129	−0.211%	$800K	$2.0M	50x	as long as short