Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.080%

Price spread now: Lighter against Aster+0.063%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.334%+$33 on $10k

Price spread, last 7 days+0.004%$0 · spread now +0.063%, 7d avg +0.043%

Together, before fees+0.338%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2097	0.0100	pay 0.0050% / 4h	41m 53s	$1.5M	$2.9M	50x
Short	Lighter ENA	0.2099	0.0096	get 0.0012% / 1h	41m 53s	$5.2M	$13.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$0.84
Price spread: +0.063% → +0.043%: $2
Slippage, 4 orders: −$13.38
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$20.23
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Aster: live order book, 2 min ago; Lighter: live order book, 12 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 Aster live order book, 2 min ago	2.86 bp	9.1 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	0.71 bp	1.5 bp −$1	4.9 bp −$49	140.4 bp −$14.0K	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	−0.0325%	1h	0.2098	+0.025%	$364K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2094	−0.185%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0063%	4h	0.2096	−0.071%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	−0.028%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2097	−0.023%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.241%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	−0.042%	$8K	$266K	10x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2099	+0.063%	$5.2M	$13.4M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.161%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.130%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.147%	$661K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2099	+0.087%	$111.7M	$73.0M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2097	long leg	$1.5M	$2.9M	50x
Pacifica ENA	+0.0100%	1h	0.2096	−0.073%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	+0.045%	$128.1M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	+0.020%	$85.1M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.077%	$20.8M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.214%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2089	−0.400%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.019%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.018%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.039%	$45.6M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.072%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.051%	$47.8M	$57.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	+0.020%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.002%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.192%	$241K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.113%	$347K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.113%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	−0.047%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.474%	$901	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.018%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.092%	$271K	$795K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.018%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.027%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.035%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0133%	1h	0.2095	−0.127%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2098	+0.018%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2097	−0.032%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.113%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.095%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.347%	$851K	$1.5M	50x	as long as short