Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.150%

Price spread now: Lighter against SunX+2.594%7-day average +2.487% · you sell dearer than you buy

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

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.444%+$44 on $10k

Price spread, last 3 days (all we have)−0.204%−$20 · spread now +2.594%, 7d avg +2.487%

Together, before fees+0.239%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Lighter is 0.107% dearer against SunX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +2.487%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ENA-USDT	0.2062	0.0100	pay 0.0050% / 4h	2h 05m	$1K	$848K	20x
Short	Lighter ENA	0.2116	0.0384	get 0.0048% / 1h	5m 04s	$5.5M	$13.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +2.594%Rate

Funding earned: $59.64
Price spread: +2.594% → +2.487%: $10.73
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $62.37
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 37 min ago; Lighter: live order book, 3 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 SunX live order book, 37 min ago	251.90 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.47 bp	1.9 bp −$2	6.1 bp −$61	308.3 bp −$30.8K	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	+2.454%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+2.435%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2114	+2.506%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.963%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2112	+2.410%	$44K	$27K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	+2.313%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	+2.303%	$678K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+2.441%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+2.381%	$412K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	+2.516%	$130.1M	$433.9M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2115	+2.565%	$86.6M	$180.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+2.604%	$20.8M	$104.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	+2.599%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	+2.361%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	+2.289%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	+2.502%	$11.0M	$21.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	+2.488%	$44.8M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+2.555%	$24.5M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	+2.502%	$48.1M	$59.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2114	+2.492%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2114	+2.521%	$381K	$371K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+2.516%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	+2.116%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+2.035%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+2.119%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+2.454%	$183K	$2.3M	10x	as long as short
SunX ENA-USDTlong	+0.0100%	4h	0.2062	long leg	$1K	$848K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2113	+2.458%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2114	+2.497%	$275K	$812K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	+2.410%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	+2.296%	$47K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2110	+2.327%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	+2.404%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2115	+2.571%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+2.681%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2112	+2.426%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2114	+2.528%	$2.7M	$4.3M	50x	as long as short
Lighter ENAshort	+0.0384%	1h	0.2116	+2.594%	$5.5M	$13.8M	10x
Reya ENARUSDPERP	+0.0412%	1h	0.2112	+2.429%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0471%	1h	0.2116	+2.594%	$113.7M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2116	+2.589%	$830K	$1.6M	50x	as long as short