Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.119%

Price spread now: edgeX against Lighter−0.165%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

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

costs, in and out, $10k−$340.336% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.452%−$45 on $10k

Price spread, last 7 days+0.085%+$8 · spread now −0.165%, 7d avg −0.113%

Together, before fees−0.367%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and edgeX is 0.052% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.113%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2181	0.0232	pay 0.0029% / 1h	7m 01s	$5.2M	$13.4M	10x
Short	edgeX ENAUSDC	0.2178	0.0100	get 0.0050% / 4h	2h 07m	$254K	$7.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.165%Rate

Funding earned: −$27.72
Price spread: −0.165% → −0.113%: −$5.24
Slippage, 4 orders: −$24.56
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$66.52
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; edgeX: 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, 6 min ago	0.46 bp	3.9 bp −$4	14.8 bp −$148	258.9 bp −$25.9K	doesn't fit
Sell edgeX live order book, 2 min ago	9.20 bp	13.7 bp −$14	15.2 bp −$152	45.9 bp −$4,588	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	−0.0139%	4h	0.2180	−0.083%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2180	−0.060%	$70K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2178	−0.151%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.654%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2180	−0.064%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2178	−0.151%	$54K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2179	−0.124%	$578K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2181	−0.020%	$118.2M	$75.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2179	−0.101%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2177	−0.195%	$409K	$532K	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	0.2180	−0.039%	$132.0M	$426.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2181	−0.023%	$88.2M	$178.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2181	−0.023%	$21.8M	$109.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2175	−0.266%	$21K	$334K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2180	−0.060%	$81K	$280K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	+0.009%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2178	−0.156%	$11.5M	$24.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2179	−0.115%	$48.6M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2180	−0.078%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2177	−0.197%	$49.4M	$59.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2179	−0.110%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2175	−0.272%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2178	−0.165%	$254K	$7.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2177	−0.216%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2176	−0.243%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2180	−0.073%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2127	−2.503%	$943	$892K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2179	−0.105%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2178	−0.156%	$273K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2179	−0.105%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2177	−0.181%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2179	−0.122%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2180	−0.083%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2177	−0.174%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2180	−0.048%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0206%	1h	0.2178	−0.170%	$144K	$16K	5x	as long as short
Lighter ENAlong	+0.0232%	1h	0.2181	long leg	$5.2M	$13.4M	10x
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2178	−0.166%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2178	−0.156%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2178	−0.145%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0581%	1h	0.2180	−0.060%	$395K	$421K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2181	−0.018%	$895K	$1.8M	50x	as long as short