ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0071%/8h= +7.8% APRnext payment +$0.09 per $10,000 · paid last 24h +0.118%

Price spread now: Lighter against Phoenix+0.005%7-day average +0.011% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.351%+$35 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now +0.005%, 7d avg +0.011%

Together, before fees+0.256%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2175	0.0153	pay 0.0019% / 1h	59m 24s	$8K	$259K	10x
Short	Lighter ENA	0.2175	0.0224	get 0.0028% / 1h	59m 24s	$5.2M	$13.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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 PhoenixbpFee LighterbpOrdersPrice spread, now +0.005%Rate

Funding earned: $15.01
Price spread: +0.005% → +0.011%: −$0.64
Slippage, 4 orders: −$35.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$27.67
Costs to cover: 0.420%
Break-even: 19.9 days

Slippage from Phoenix: live order book, 46 min ago; Lighter: live order book, 4 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 Phoenix live order book, 46 min ago	1.89 bp	16.8 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.15 bp	2.8 bp −$3	11.4 bp −$114	253.3 bp −$25.3K	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
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2171	−0.184%	$45K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2173	−0.097%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2173	−0.087%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2172	−0.155%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.381%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2173	−0.101%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2173	−0.101%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2173	−0.092%	$117.8M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2173	−0.114%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2173	−0.097%	$408K	$532K	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	0.2172	−0.153%	$131.5M	$427.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2172	−0.152%	$87.3M	$179.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2172	−0.143%	$21.7M	$109.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2173	−0.101%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2173	−0.101%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	−0.150%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2170	−0.221%	$11.4M	$24.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2173	−0.120%	$48.5M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2174	−0.074%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2170	−0.234%	$49.3M	$59.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2172	−0.143%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2168	−0.310%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2170	−0.246%	$255K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2170	−0.254%	$363K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2170	−0.239%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2173	−0.110%	$192K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2120	−2.533%	$891	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2173	−0.101%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2175	−0.014%	$272K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2174	−0.055%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2172	−0.166%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2173	−0.119%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2172	−0.147%	$76K	$4K	3x	as long as short
Phoenix ENAlong	+0.0153%	1h	0.2175	long leg	$8K	$259K	10x
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2174	−0.058%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0198%	1h	0.2173	−0.105%	$144K	$16K	5x	as long as short
Lighter ENAshort	+0.0224%	1h	0.2175	+0.005%	$5.2M	$13.2M	10x
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2172	−0.144%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2169	−0.276%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2171	−0.198%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0500%	1h	0.2173	−0.087%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2176	+0.046%	$893K	$1.8M	50x	as long as short