Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0300%/8h= −32.8% APRpaid last 24h −0.158%

Price spread now: Phemex against Lighter−0.192%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$700.696% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.457%−$46 on $10k

Price spread, last 3 days (all we have)+0.213%+$21 · spread now −0.192%, 7d avg −0.074%

Together, before fees−0.244%+ Points / potential airdropLighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.118% cheaper against Lighter than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.074%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2135	0.0400	pay 0.0050% / 1h	18m 27s	$5.5M	$13.7M	10x
Short	Phemex ENAUSDT	0.2131	0.0100	get 0.0050% / 4h	2h 18m	$1.9M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$63
Price spread: −0.192% → −0.074%: −$11.82
Slippage, 4 orders: −$57.65
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$144.47
Costs to cover: 0.696%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Phemex: live order book, 6 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	0.47 bp	1.7 bp −$2	10.9 bp −$109	446.5 bp −$44.7K	doesn't fit
Sell Phemex live order book, 6 min ago	14.07 bp	35.0 bp −$35	85.2 bp −$852	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	−0.300%	$79K	$1.5M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	−0.181%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0015%	1h	0.2132	−0.165%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.548%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2129	−0.309%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2127	−0.361%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2127	−0.379%	$54K	$514K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.407%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	−0.266%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2133	−0.100%	$417K	$543K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2130	−0.224%	$131.9M	$442.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2129	−0.300%	$87.3M	$186.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	−0.272%	$20.9M	$107.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	−0.300%	$19K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.286%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	−0.028%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2130	−0.225%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	−0.234%	$45.3M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	−0.300%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.356%	$48.4M	$60.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2132	−0.164%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2134	−0.042%	$382K	$386K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	−0.218%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	−0.238%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.286%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	−0.192%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	−0.342%	$183K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.562%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	−0.286%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	−0.014%	$275K	$864K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2131	−0.192%	$1.9M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.183%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2129	−0.303%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2129	−0.281%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2129	−0.295%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2133	−0.090%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	−0.204%	$51K	—	100x	as long as short
Lighter ENAlong	+0.0400%	1h	0.2135	long leg	$5.5M	$13.7M	10x
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.361%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0491%	1h	0.2131	−0.178%	$115.1M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2136	+0.037%	$837K	$1.7M	50x	as long as short