Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.188%

Price spread now: Bitget against Lighter−0.206%7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.438%−$44 on $10k

Price spread, last 7 days+0.117%+$12 · spread now −0.206%, 7d avg −0.152%

Together, before fees−0.321%+ Points / potential airdropLighter: Season 3 · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bitget is 0.054% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.152%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2086	0.0304	pay 0.0038% / 1h	6m 05s	$5.6M	$13.2M	10x
Short	Bitget ENAUSDT	0.2081	0.0100	get 0.0050% / 4h	2h 06m	$47.0M	$65.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$42.84
Price spread: −0.206% → −0.152%: −$5.39
Slippage, 4 orders: −$21.89
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$82.12
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Lighter: live order book, 12 min ago; Bitget: live order book, 3 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, 12 min ago	1.66 bp	5.3 bp −$5	15.6 bp −$156	318.4 bp −$31.8K	doesn't fit
Sell Bitget live order book, 3 min ago	1.44 bp	13.0 bp −$13	20.0 bp −$200	39.9 bp −$3,993	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
Backpack ENA_USDC_PERP	−0.0292%	1h	0.2083	−0.105%	$359K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2081	−0.201%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2081	−0.240%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2082	−0.158%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2081	−0.232%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.812%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.211%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0090%	4h	0.2082	−0.153%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2080	−0.269%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2080	−0.273%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2080	−0.257%	$652K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2083	−0.130%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2081	−0.218%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2082	−0.169%	$128.1M	$465.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2080	−0.259%	$86.4M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2081	−0.230%	$20.1M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.110%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2081	−0.221%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.060%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	−0.129%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2084	−0.082%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2081	−0.206%	$47.0M	$65.8M	75x
BingX ENA-USDC	+0.0100%	4h	0.2082	−0.168%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	−0.005%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.240%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.262%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.211%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2081	−0.225%	$191K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2030	−2.647%	$947	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2082	−0.173%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2087	+0.058%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2082	−0.173%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2082	−0.169%	$76K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2083	−0.121%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2081	−0.207%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	−0.248%	$50K	—	100x	as long as short
Lighter ENAlong	+0.0304%	1h	0.2086	long leg	$5.6M	$13.2M	10x
Hyperliquid ENA	+0.0339%	1h	0.2085	−0.024%	$109.9M	$80.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.144%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2080	−0.252%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2082	−0.168%	$796K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5075%	1h	0.2081	−0.233%	$137K	$15K	5x	as long as short