Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.5342%/8h= +584.9% APRpaid last 24h +0.112%

Price spread now: Lighter against Phemex+0.080%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$470.469% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.466%+$47 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now +0.080%, 7d avg +0.080%

Together, before fees+0.366%+ Points / potential airdropLighter: Season 3 · farm board+$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.080%, so right now this pair is about funding alone: +$160 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.466% in total (about 24.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2133	−0.5222	get 0.2611% / 4h	3h 57m	$1.9M	$9.0M	50x
Short	Lighter ENA	0.2135	0.0120	get 0.0015% / 1h	57m 11s	$5.0M	$12.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.080%Rate

Funding earned: $1,121.78
Price spread: +0.080% → +0.080%: −$0.08
Slippage, 4 orders: −$34.85
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $1,074.85
Costs to cover: 0.469%
Break-even: 0.3 days

Slippage from Phemex: live order book, 2 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 Phemex live order book, 2 min ago	11.75 bp	19.7 bp −$20	90.1 bp −$901	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 ENAUSDTlong	−0.5222%	4h	0.2133	long leg	$1.9M	$9.0M	50x
GRVT ENA_USDT_Perp	−0.0452%	4h	0.2123	−0.462%	$359K	$4.7M	10x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2132	−0.023%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2137	+0.206%	$4K	$277	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2135	+0.080%	$141K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2134	+0.042%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2133	+0.023%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.450%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2136	+0.141%	$54K	$486K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	−0.021%	$572K	$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	0.2133	−0.019%	$115.7M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2133	+0.018%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2135	+0.099%	$412K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2130	−0.137%	$129.6M	$426.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2132	−0.052%	$89.4M	$191.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2132	−0.066%	$21.4M	$108.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.258%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2137	+0.188%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.304%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2132	−0.023%	$13.4M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2133	−0.014%	$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	0.2130	−0.164%	$48.3M	$60.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2132	−0.056%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	−0.278%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	−0.309%	$257K	$7.0M	20x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.375%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2137	+0.173%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2083	−2.353%	$1K	$912K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2133	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.089%	$268K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2135	+0.104%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2132	−0.030%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2134	+0.050%	$75K	$4K	3x	as long as short
Lighter ENAshort	+0.0120%	1h	0.2135	+0.080%	$5.0M	$12.5M	10x
Phoenix ENA	+0.0190%	1h	0.2134	+0.042%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2134	+0.026%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2134	+0.060%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	+0.023%	$4.8M	$3.4M	75x	as long as short
Backpack ENA_USDC_PERP	+0.0372%	1h	0.2134	+0.028%	$413K	$477K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.111%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.220%	$803K	$2.0M	50x	as long as short