Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.161%

Price spread now: Lighter against Bitget+0.137%7-day average +0.154% · you sell dearer than you buy

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.460%+$46 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.137%, 7d avg +0.154%

Together, before fees+0.426%+ Points / potential airdropLighter: Season 3 · farm board+$43 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2114	0.0100	pay 0.0050% / 4h	2h 47m	$47.9M	$61.0M	75x
Short	Lighter ENA	0.2117	0.0096	get 0.0012% / 1h	47m 41s	$5.5M	$13.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$0.84
Price spread: +0.137% → +0.154%: −$1.73
Slippage, 4 orders: −$15.06
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.63
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Lighter: live order book, 6 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 Bitget live order book, 1 min ago	0.47 bp	11.1 bp −$11	17.5 bp −$175	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.23 bp	0.8 bp −$1	4.2 bp −$42	315.4 bp −$31.5K	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.090%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.036%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2117	+0.137%	$4K	$302	10x	as long as short
dYdX ENA-USD	+0.0030%	1h	0.2116	+0.057%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.426%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2116	+0.076%	$41K	$23K	10x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2117	+0.137%	$5.5M	$13.6M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2116	+0.076%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	+0.095%	$698K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.160%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2116	+0.070%	$415K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.062%	$131.6M	$444.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.024%	$86.6M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.057%	$21.0M	$108.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.478%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.123%	$115K	$253K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	+0.014%	$10.7M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.076%	$44.6M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.128%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2114	long leg	$47.9M	$61.0M	75x
BingX ENA-USDT	+0.0100%	4h	0.2116	+0.071%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2119	+0.213%	$366K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	+0.512%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2132	+0.823%	$244K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+0.738%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.785%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.184%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.247%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.123%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.383%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	+0.170%	$1.9M	$9.4M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.112%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2115	+0.028%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.061%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	+0.596%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2115	+0.008%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2118	+0.160%	$2.7M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2115	+0.010%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.851%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.035%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0474%	1h	0.2120	+0.274%	$114.2M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.804%	$837K	$1.8M	50x	as long as short