Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0468%/8h= −51.2% APRpaid last 24h −0.161%

Price spread now: MEXC against Lighter−0.146%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$70.072% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.469%−$47 on $10k

Price spread, last 7 days+0.055%+$5 · spread now −0.146%, 7d avg −0.096%

Together, before fees−0.414%+ Points / potential airdropLighter: Season 3 · farm board−$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and MEXC is 0.049% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.096%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2128	0.0568	pay 0.0071% / 1h	39m 45s	$5.6M	$12.9M	10x
Short	MEXC ENA_USDT	0.2125	0.0100	get 0.0050% / 4h	39m 45s	$46.9M	$45.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.146%Rate

Funding earned: −$98.28
Price spread: −0.146% → −0.096%: −$4.94
Slippage, 4 orders: −$7.16
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$110.38
Costs to cover: 0.072%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; MEXC: live order book, 4 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, 4 min ago	0.47 bp	2.0 bp −$2	8.3 bp −$83	223.3 bp −$22.3K	doesn't fit
Sell MEXC live order book, 4 min ago	0.23 bp	1.5 bp −$1	6.0 bp −$60	35.6 bp −$3,560	60.2 bp −$30.1K

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	−0.0023%	4h	0.2126	−0.094%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.038%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	−0.017%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.230%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0090%	1h	0.2128	+0.005%	$376K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	−0.014%	$64K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	+0.007%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	−0.089%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	+0.008%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	−0.124%	$131.4M	$454.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	−0.141%	$89.3M	$190.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	−0.183%	$20.6M	$111.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	−0.127%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2130	+0.080%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.033%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.117%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2125	−0.146%	$46.9M	$45.4M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.061%	$24.4M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.197%	$48.2M	$64.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	−0.136%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.037%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	−0.138%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	−0.155%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.108%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	−0.005%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.453%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.061%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2131	+0.122%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	−0.108%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	−0.024%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.066%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.038%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2129	+0.052%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2129	+0.027%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	−0.036%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2125	−0.149%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.019%	$5.6M	$7.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.036%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.160%	$842K	$2.1M	50x	as long as short
Lighter ENAlong	+0.0568%	1h	0.2128	long leg	$5.6M	$12.9M	10x
Hyperliquid ENA	+0.0856%	1h	0.2129	+0.042%	$114.5M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1743%	1h	0.2126	−0.104%	$140K	$15K	5x	as long as short