Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.156%

Price spread now: Lighter against Gate+0.095%7-day average +0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$430.431% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.095%, 7d avg +0.106%

Together, before fees+0.446%+ Points / potential airdropLighter: Season 3 · farm board+$45 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.106%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2109	0.0100	pay 0.0050% / 4h	2h 43m	$10.9M	$21.0M	50x
Short	Lighter ENA	0.2112	0.0136	get 0.0017% / 1h	43m 44s	$5.5M	$13.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.095%Rate

Funding earned: $7.56
Price spread: +0.095% → +0.106%: −$1.08
Slippage, 4 orders: −$28.13
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$36.65
Costs to cover: 0.431%
Break-even: 40.9 days

Slippage from Gate: live order book, 5 min ago; Lighter: live order book, 10 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 Gate live order book, 5 min ago	3.78 bp	16.9 bp −$17	37.3 bp −$373	62.9 bp −$6,286	101.7 bp −$50.9K
Sell Lighter live order book, 10 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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.256%	$91K	—	150x	as long as short
dYdX ENA-USD	+0.0032%	1h	0.2115	+0.248%	$140K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2110	+0.043%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.659%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2116	+0.318%	$41K	$23K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0085%	1h	0.2118	+0.403%	$366K	$383K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.213%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	+0.204%	$699K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	+0.222%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+0.090%	$414K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2111	+0.086%	$131.4M	$445.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	+0.024%	$86.4M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	+0.043%	$21.0M	$108.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.066%	$16K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.119%	$115K	$253K	10x	as long as short
Gate ENA_USDTlong	+0.0100%	4h	0.2109	long leg	$10.9M	$21.0M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.024%	$44.9M	$43.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.142%	$24.3M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.028%	$47.9M	$61.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	+0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.020%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.323%	$242K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+0.972%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.308%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.199%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.233%	$1K	$846K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.356%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.616%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	+0.356%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.344%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	+0.084%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	+0.343%	$74K	$4K	3x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0128%	1h	0.2117	+0.360%	$79K	$1.6M	50x	as long as short
Lighter ENAshort	+0.0136%	1h	0.2112	+0.095%	$5.5M	$13.6M	10x
Phoenix ENA	+0.0188%	1h	0.2117	+0.346%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2114	+0.235%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2118	+0.416%	$2.7M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2109	−0.025%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+1.086%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	+0.103%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0424%	1h	0.2115	+0.265%	$113.9M	$74.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	+0.066%	$829K	$1.7M	50x	as long as short