Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.075%

Price spread now: Lighter against Paradex+0.049%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.049% dearer against Paradex than usual: you sell high and buy low, +$5 on $10k if it 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	Paradex ENA-USD-PERP	0.2095	0.0100	pay 0.0100% / 8h	4h 11m	$47K	—	10x
Short	Lighter ENA	0.2097	0.0096	get 0.0012% / 1h	11m 05s	$5.0M	$12.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$0.81
Price spread: +0.049% → 0.000%: $4.94
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: $0.13
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Paradex: 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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	0.95 bp	1.0 bp −$1	3.5 bp −$35	90.0 bp −$9,000	doesn't fit

Paradex: 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 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
Orderly PERP_ENA_USDC	−0.0148%	4h	0.2093	−0.103%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0099%	1h	0.2096	+0.021%	$2.6M	$3.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	−0.027%	$65K	$1.0M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2095	−0.004%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.262%	$734	$57K	5.5x	as long as short
Phoenix ENA	+0.0038%	1h	0.2102	+0.298%	$13K	$290K	10x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2097	+0.064%	$4K	—	10x	as long as short
Bitget ENAUSDT	+0.0080%	4h	0.2092	−0.141%	$47.4M	$52.9M	75x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2097	+0.049%	$5.0M	$12.2M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.022%	$52K	$389K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2095	long leg	$47K	—	10x
Nado ENA-PERP	+0.0100%	1h	0.2096	+0.035%	$544K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2096	+0.030%	$111.9M	$74.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.006%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	+0.054%	$381K	$481K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.037%	$124.2M	$395.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.060%	$84.2M	$180.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	−0.051%	$20.5M	$95.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+0.207%	$37K	$295K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.073%	$78K	$213K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	+0.181%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	−0.013%	$14.4M	$27.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.022%	$43.6M	$40.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	−0.013%	$24.7M	$14.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	−0.046%	—	$28.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2095	−0.017%	$404K	$449K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	+0.152%	$2.8M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.163%	$240K	$6.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	+0.169%	$357K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.312%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.002%	$121K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.389%	$1K	$934K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	−0.022%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.131%	$270K	$743K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.070%	$1.7M	$9.2M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.036%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.243%	$74K	$4K	3x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.002%	$5.4M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2094	−0.050%	$1K	—	15x	as long as short
dYdX ENA-USD	+0.0491%	1h	0.2099	+0.155%	$139K	$17K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2099	+0.145%	$766K	$1.7M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0522% / S −0.0754%	1h	0.2095	−0.015%	$58K	—	100x	as long as short