Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.096%

Price spread now: Aster against Lighter−0.107%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

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

costs, in and out, $10k−$230.235% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.328%−$33 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.107%, 7d avg −0.054%

Together, before fees−0.264%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$26 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: Aster is 0.053% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2113	0.0096	pay 0.0012% / 1h	46m 11s	$5.5M	$13.6M	10x
Short	Aster ENAUSDT	0.2110	0.0100	get 0.0050% / 4h	2h 46m	$1.5M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.107%Rate

Funding earned: $0.84
Price spread: −0.107% → −0.054%: −$5.32
Slippage, 4 orders: −$15.45
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$27.93
Costs to cover: 0.235%
Break-even: 239.8 days

Slippage from Lighter: live order book, 7 min ago; Aster: live order book, 2 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 Lighter live order book, 7 min ago	0.23 bp	3.3 bp −$3	7.2 bp −$72	278.9 bp −$27.9K	doesn't fit
Sell Aster live order book, 2 min ago	3.31 bp	10.5 bp −$10	20.3 bp −$203	doesn't fit	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	0.2111	−0.099%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.153%	$90K	—	150x	as long as short
dYdX ENA-USD	+0.0027%	1h	0.2116	+0.137%	$140K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2111	−0.095%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.506%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2110	−0.114%	$41K	$23K	10x	as long as short
Lighter ENAlong	+0.0096%	1h	0.2113	long leg	$5.5M	$13.6M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.128%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.194%	$695K	$1.8M	10x	as long as short
Aster ENAUSDTshort	+0.0100%	4h	0.2110	−0.107%	$1.5M	$3.3M	50x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2112	−0.038%	$414K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.095%	$131.3M	$444.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.137%	$86.4M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	−0.118%	$21.0M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.559%	$16K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	−0.033%	$115K	$253K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	−0.147%	$10.7M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.099%	$44.4M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	−0.038%	$24.3M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.199%	$47.7M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2109	−0.166%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2111	−0.095%	$365K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.172%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2132	+0.904%	$244K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+0.819%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.866%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.147%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.542%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.128%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.185%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	−0.080%	$1.9M	$9.4M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.192%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.016%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.095%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	+0.677%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2110	−0.138%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2112	−0.043%	$2.6M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2110	−0.130%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.932%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.195%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0453%	1h	0.2113	−0.005%	$113.8M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−0.085%	$829K	$1.7M	50x	as long as short