Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0292%/8h= +32.0% APRpaid last 24h +0.150%

Price spread now: Lighter against Variational Omni+0.275%7-day average +0.105% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.449%+$45 on $10k

Price spread, last 7 days−0.178%−$18 · spread now +0.275%, 7d avg +0.105%

Together, before fees+0.271%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$27 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 0.170% dearer against Variational Omni than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.105%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2140	0.0100	pay 0.0050% / 4h	2h 30m	$3.8M	$10.2M	—
Short	Lighter ENA	0.2146	0.0392	get 0.0049% / 1h	30m 43s	$5.6M	$13.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.275%Rate

Funding earned: $61.32
Price spread: +0.275% → +0.105%: $17
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $78.32
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter: live order book, 8 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 Variational Omni RFQ quote, 3 min ago	7.04 bp	doesn't fit	21.1 bp −$211	68.0 bp −$6,803	doesn't fit
Sell Lighter live order book, 8 min ago	0.48 bp	2.3 bp −$2	6.7 bp −$67	403.3 bp −$40.3K	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	0.2141	+0.065%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2139	−0.013%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0017%	1h	0.2145	+0.253%	$142K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.763%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0041%	4h	0.2140	+0.032%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2142	+0.102%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2142	+0.107%	$56K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2142	+0.118%	$697K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2145	+0.232%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2147	+0.338%	$420K	$548K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2145	+0.253%	$133.0M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2148	+0.387%	$88.1M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2148	+0.396%	$21.1M	$109.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	−0.552%	$19K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2150	+0.481%	$117K	$251K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−1.610%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	+0.079%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2148	+0.382%	$45.8M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2150	+0.495%	$24.9M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2147	+0.340%	$48.8M	$61.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2148	+0.368%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2143	+0.149%	$371K	$376K	5x	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2140	long leg	$3.8M	$10.2M	—
edgeX ENAUSDC	+0.0100%	4h	0.2115	−1.143%	$242K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	−0.572%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.735%	$32K	$667K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	+0.125%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2090	−2.319%	$866	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2141	+0.060%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2143	+0.149%	$277K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	+0.060%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2145	+0.226%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2142	+0.092%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2138	−0.071%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2141	+0.067%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0249%	1h	0.2142	+0.097%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2140	+0.010%	$51K	—	100x	as long as short
Lighter ENAshort	+0.0392%	1h	0.2146	+0.275%	$5.6M	$13.6M	10x
Reya ENARUSDPERP	+0.0412%	1h	0.2140	+0.026%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0525%	1h	0.2146	+0.294%	$115.9M	$73.0M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−1.352%	$827K	$1.7M	50x	as long as short