Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.068%

Price spread now: Lighter against Aster+0.007%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.337%+$34 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.007%, 7d avg +0.043%

Together, before fees+0.316%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$32 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 0.036% cheaper against Aster than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2102	0.0100	pay 0.0050% / 4h	20m 31s	$1.4M	$3.3M	50x
Short	Lighter ENA	0.2102	0.0096	get 0.0012% / 1h	20m 31s	$5.0M	$13.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$0.84
Price spread: +0.007% → +0.043%: −$3.59
Slippage, 4 orders: −$19.49
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$31.93
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Lighter: live order book, 13 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 Aster live order book, 3 min ago	0.24 bp	14.8 bp −$15	21.5 bp −$215	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	0.71 bp	3.4 bp −$3	10.3 bp −$103	318.5 bp −$31.8K	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	−0.0089%	4h	0.2099	−0.164%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.107%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2099	−0.132%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2103	+0.017%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.006%	$522	$57K	5.5x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2102	+0.007%	$5.0M	$13.9M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2102	−0.012%	$52K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.029%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2102	−0.009%	$562K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2102	−0.021%	$114.0M	$74.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDTlong	+0.0100%	4h	0.2102	long leg	$1.4M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2101	−0.064%	$405K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	+0.014%	$128.0M	$425.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	−0.045%	$90.2M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	+0.003%	$21.0M	$106.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.440%	$33K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	−0.012%	$78K	$283K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.349%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.031%	$12.7M	$27.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.040%	$39.1M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	−0.021%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.107%	$47.7M	$59.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	−0.035%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2101	−0.074%	$407K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.231%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.322%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.345%	$351K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	−0.154%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	−0.131%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.528%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	−0.154%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	−0.054%	$264K	$814K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	−0.154%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.076%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	−0.077%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2101	−0.067%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2094	−0.373%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2099	−0.138%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	−0.164%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.157%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.207%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1007%	1h	0.2100	−0.084%	$139K	$16K	5x	as long as short