ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.142%

Price spread now: Deribit against Lighter−0.037%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.587%−$59 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.037%, 7d avg −0.079%

Together, before fees−0.442%+ Points / potential airdropLighter: Season 3 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.041% dearer against Lighter than usual: you sell high and buy low (spread −0.037% now, against its 7-day average of −0.079%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 7 days (−0.587% in total) that is about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2142	0.0096	pay 0.0012% / 1h	45m 32s	$5.1M	$13.3M	10x
Short	Deribit ENA_USDC-PERPETUAL	0.2142	0	get 0.0000% / 1h	45m 32s	$66K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$20.16
Price spread: −0.037% → −0.079%: $4.12
Slippage, 4 orders: −$25.49
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$48.53
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Deribit: 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, 8 min ago	2.09 bp	6.7 bp −$7	21.9 bp −$219	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	3.49 bp	7.0 bp −$7	13.2 bp −$132	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
Orderly PERP_ENA_USDC	−0.0135%	4h	0.2141	−0.065%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2143	+0.033%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2142	−0.037%	$66K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2146	+0.175%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.887%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0043%	1h	0.2142	−0.037%	$141K	$16K	5x	as long as short
Lighter ENAlong	+0.0096%	1h	0.2142	long leg	$5.1M	$13.3M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2146	+0.168%	$57K	$484K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2146	+0.155%	$568K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2147	+0.205%	$115.7M	$76.5M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2146	+0.168%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	−0.059%	$404K	$540K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2146	+0.147%	$129.5M	$428.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2146	+0.177%	$85.8M	$181.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2145	+0.135%	$21.4M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2140	−0.112%	$20K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	−0.065%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2148	+0.274%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	−0.047%	$12.4M	$26.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2145	+0.126%	$48.4M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2146	+0.187%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2143	+0.042%	$48.7M	$60.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2146	+0.149%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.160%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2141	−0.051%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2141	−0.055%	$358K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2142	−0.019%	$19K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2147	+0.219%	$188K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2089	−2.502%	$1K	$898K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2144	+0.075%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.196%	$269K	$824K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	−0.065%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2140	−0.091%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2141	−0.050%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2141	−0.047%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2142	−0.009%	$8K	$276K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0753%	1h	0.2146	+0.171%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2141	−0.075%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2145	+0.098%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0440%	1h	0.2142	+0.002%	$2.6M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2149	+0.285%	$886K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0621%	1h	0.2144	+0.075%	$392K	$432K	5x	as long as short