Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0468%/8h= +51.2% APRpaid last 24h +0.157%

Price spread now: Lighter against OKX+0.128%7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs+$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.512%+$51 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.128%, 7d avg +0.107%

Together, before fees+0.481%+ Points / potential airdropLighter: Season 3 · farm board+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Lighter is 0.021% dearer against OKX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.107%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2110	0.0100	pay 0.0050% / 4h	3h 50m	$20.6M	$109.3M	50x
Short	Lighter ENA	0.2112	0.0568	get 0.0071% / 1h	50m 07s	$5.6M	$12.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.128%Rate

Funding earned: $98.28
Price spread: +0.128% → +0.107%: $2.06
Slippage, 4 orders: −$8.22
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $82.12
Costs to cover: 0.182%
Break-even: 1.2 days

Slippage from OKX: live order book, 4 min ago; Lighter: 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 OKX live order book, 4 min ago	0.24 bp	5.2 bp −$5	18.6 bp −$186	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.71 bp	1.8 bp −$2	6.6 bp −$66	321.0 bp −$32.1K	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	−0.0107%	1h	0.2111	+0.043%	$375K	$419K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	+0.005%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2113	+0.143%	$104K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2109	−0.033%	$10.7M	$20.6M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0019%	4h	0.2109	−0.052%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.649%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0085%	1h	0.2113	+0.173%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	+0.109%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	+0.152%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.178%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2113	+0.162%	$409K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	0.000%	$130.9M	$447.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.038%	$88.7M	$187.8M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2110	long leg	$20.6M	$109.3M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.593%	$15K	$394K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	+0.204%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.773%	$90K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.014%	$45.9M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.052%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.062%	$47.9M	$62.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	0.000%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	+0.262%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	+0.491%	$245K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	+0.474%	$353K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	+0.488%	$34K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.147%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.133%	$1K	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.014%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.327%	$275K	$1.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.105%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	0.000%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2124	+0.654%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0208%	1h	0.2115	+0.251%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0237%	1h	0.2111	+0.067%	$2.7M	$5.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2112	+0.109%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0256%	1h	0.2110	+0.003%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2116	+0.313%	$5.6M	$4.1M	75x	as long as short
Phemex ENAUSDT	+0.0392%	4h	0.2110	+0.014%	$1.9M	$9.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	+0.146%	$1K	$5K	15x	as long as short
Lighter ENAshort	+0.0568%	1h	0.2112	+0.128%	$5.6M	$12.5M	10x
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2116	+0.318%	$836K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0610%	1h	0.2113	+0.156%	$113.9M	$76.3M	10x	as long as short