Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.135%

Price spread now: OKX against Lighter−0.123%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.526%−$53 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.123%, 7d avg −0.108%

Together, before fees−0.496%+ Points / potential airdropLighter: Season 3 · farm board−$50 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.108%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2120	0.0168	pay 0.0021% / 1h	13m 46s	$5.2M	$13.5M	10x
Short	OKX ENA-USDT-SWAP	0.2118	0.0100	get 0.0050% / 4h	13m 46s	$21.0M	$104.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$14.28
Price spread: −0.123% → −0.108%: −$1.42
Slippage, 4 orders: −$18.13
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$43.84
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; OKX: live order book, 5 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, 5 min ago	0.94 bp	2.9 bp −$3	9.0 bp −$90	308.4 bp −$30.8K	doesn't fit
Sell OKX live order book, 5 min ago	0.24 bp	11.5 bp −$12	20.9 bp −$209	94.9 bp −$9,490	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	−0.0132%	1h	0.2117	−0.175%	$363K	$398K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0072%	4h	0.2114	−0.274%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2116	−0.184%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.217%	$74K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.224%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.146%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	−0.061%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	−0.250%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.178%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	−0.184%	$661K	$1.7M	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	0.2117	−0.174%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.162%	$404K	$517K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.198%	$128.9M	$416.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.184%	$85.5M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2118	−0.123%	$21.0M	$104.1M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.396%	$18K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	−0.203%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2116	−0.212%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	−0.255%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	−0.259%	$46.1M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	−0.165%	$24.6M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.217%	$48.0M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2116	−0.222%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.270%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.168%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	−0.116%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	−0.014%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.160%	$179K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.618%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.203%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	−0.066%	$274K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.203%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2114	−0.303%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.249%	$74K	$4K	3x	as long as short
Hyperliquid ENA	+0.0137%	1h	0.2121	+0.028%	$115.6M	$75.1M	10x	as long as short
Lighter ENAlong	+0.0168%	1h	0.2120	long leg	$5.2M	$13.5M	10x
dYdX ENA-USD	+0.0175%	1h	0.2115	−0.236%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2118	−0.110%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	−0.218%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.179%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.243%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2118	−0.099%	$866K	$1.7M	50x	as long as short