Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0577%/8h= +63.2% APRpaid last 24h +0.202%

Price spread now: Lighter against Orderly+0.038%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Lighter is 0.038% dearer against Orderly than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2118	0.0023	pay 0.0012% / 4h	3h 38m	$41K	$23K	10x
Short	Lighter ENA	0.2118	0.0600	get 0.0075% / 1h	38m 37s	$5.6M	$12.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.038%Rate

Funding earned: $121.13
Price spread: +0.038% → 0.000%: $3.78
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $118.91
Costs to cover: 0.060%
Break-even: 0.1 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 5 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	0.94 bp	3.4 bp −$3	6.6 bp −$66	336.8 bp −$33.7K	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0010%	1h	0.2119	+0.047%	$377K	$417K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	+0.014%	$91K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2118	+0.014%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDClong	+0.0023%	4h	0.2118	long leg	$41K	$23K	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.274%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2117	−0.025%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.028%	$62K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	−0.052%	$672K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	−0.034%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.052%	$410K	$552K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.006%	$131.3M	$445.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.028%	$89.0M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	−0.019%	$20.7M	$109.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	+0.043%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.019%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.052%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	−0.057%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.066%	$46.2M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	−0.028%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.076%	$48.0M	$61.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	−0.038%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	+0.020%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.012%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.139%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.028%	$34K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.019%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.304%	$992	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.028%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.250%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	−0.028%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.024%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.005%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.057%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2118	+0.014%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0236%	1h	0.2119	+0.070%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	−0.043%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2117	−0.049%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	+0.047%	$5.6M	$3.8M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.032%	$1K	$5K	15x	as long as short
Lighter ENAshort	+0.0600%	1h	0.2118	+0.038%	$5.6M	$12.5M	10x
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2120	+0.104%	$837K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0684%	1h	0.2119	+0.076%	$114.3M	$75.3M	10x	as long as short