Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.106%

Price spread now: Lighter against Popdex−0.005%7-day average +0.136% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Popdex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.463%+$46 on $10k

Price spread, last 4 days (all we have)+0.465%+$46 · spread now −0.005%, 7d avg +0.136%

Together, before fees+0.928%+ Points / potential airdropLighter: Season 3 · farm board+$93 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.141% cheaper against Popdex than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.136%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2141	0.0096	pay 0.0012% / 1h	10m 11s	$55K	$487K	50x
Short	Lighter ENA	0.2141	0.0096	get 0.0012% / 1h	10m 11s	$5.0M	$13.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Popdex. 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 PopdexbpFee LighterbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0
Price spread: −0.005% → +0.136%: −$14.12
Slippage, 4 orders: −$27.71
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$48.23
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Popdex: live order book, 24 min ago; Lighter: live order book, 8 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 Popdex live order book, 24 min ago	7.76 bp	13.5 bp −$13	88.7 bp −$887	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	0.70 bp	2.3 bp −$2	5.4 bp −$54	146.7 bp −$14.7K	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
01 Exchange ENAUSD	−0.0104%	1h	0.2142	+0.047%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0101%	4h	0.2138	−0.135%	$44K	$15K	10x	as long as short
Phemex ENAUSDT	−0.0061%	4h	0.2140	−0.047%	$1.9M	$9.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2140	−0.065%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2137	−0.175%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−0.892%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0052%	4h	0.2138	−0.159%	$48.2M	$60.2M	75x	as long as short
dYdX ENA-USD	+0.0075%	1h	0.2141	−0.011%	$142K	$16K	5x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2141	−0.005%	$5.0M	$13.1M	10x
Popdex ENAUSDTlong	+0.0096%	1h	0.2141	long leg	$55K	$487K	50x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2140	−0.034%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2141	+0.019%	$566K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2143	+0.098%	$117.2M	$76.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2140	−0.047%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	−0.005%	$410K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2139	−0.093%	$129.0M	$423.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2139	−0.093%	$88.7M	$190.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2139	−0.075%	$21.2M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2139	−0.079%	$39K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	0.000%	$80K	$247K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2147	+0.291%	$105K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	−0.009%	$13.4M	$28.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2139	−0.093%	$42.1M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2140	−0.028%	$25.1M	$15.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2139	−0.098%	—	$30.9M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2140	−0.037%	$414K	$475K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2138	−0.131%	$3.1M	$8.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	+0.061%	$253K	$7.2M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2142	+0.047%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2135	−0.280%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	+0.042%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2091	−2.359%	$1K	$921K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.093%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2143	+0.089%	$264K	$821K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2138	−0.160%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2139	−0.110%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	−0.126%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2140	−0.067%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2140	−0.053%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2138	−0.145%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2138	−0.159%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2146	+0.234%	$795K	$2.0M	50x	as long as short