ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0207%/8h= −22.7% APRnext payment −$0.26 per $10,000 · paid last 24h +0.135%

Price spread now: Lighter against Backpack−0.131%54s7-day average +0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.212% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.359%+$36 on $10k

Price spread, last 4 days (all we have)+0.313%+$31 · spread now −0.131%, 7d avg +0.085%

Together, before fees+0.672%+ Points / potential airdropLighter: Season 3 · farm board+$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter is 0.216% cheaper against Backpack than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.085%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.359%, so the current rate has only just turned against you. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2133	0.0311	pay 0.0039% / 1h	52m 22s	$413K	$480K	5x
Short	Lighter ENA	0.2130	0.0104	get 0.0013% / 1h	52m 22s	$5.0M	$12.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$43.57
Price spread: −0.131% → +0.085%: −$21.62
Slippage, 4 orders: −$11.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$86.36
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from Backpack: live order book, 46 min ago; Lighter: 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 Backpack live order book, 46 min ago	0.71 bp	7.8 bp −$8	41.8 bp −$418	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.94 bp	1.8 bp −$2	20.2 bp −$202	348.8 bp −$34.9K	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
Phemex ENAUSDT	−0.1079%	4h	0.2130	−0.127%	$1.9M	$9.0M	50x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2135	+0.122%	$4K	$277	10x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2127	−0.263%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	−0.206%	$75K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2130	−0.109%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.436%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2135	+0.108%	$53K	$488K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	+0.016%	$572K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2135	+0.094%	$115.8M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.113%	$1.4M	$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	0.2135	+0.118%	$412K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2130	−0.113%	$129.5M	$426.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2130	−0.103%	$88.9M	$192.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.230%	$21.3M	$108.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2131	−0.084%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2133	+0.014%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.290%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2133	0.000%	$13.4M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2134	+0.042%	$39.7M	$42.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2136	+0.159%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.347%	$48.2M	$60.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2128	−0.206%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.464%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.565%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	−0.480%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	−0.502%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2136	+0.136%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2085	−2.223%	$889	$913K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.220%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.155%	$268K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2134	+0.053%	$48K	$110	10x	as long as short
Lighter ENAshort	+0.0104%	1h	0.2130	−0.131%	$5.0M	$12.6M	10x
Extended ENA-USD	+0.0104%	1h	0.2127	−0.257%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	−0.203%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0124%	1h	0.2133	+0.009%	$141K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2133	+0.009%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2129	−0.189%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2133	−0.008%	$59K	—	100x	as long as short
Backpack ENA_USDC_PERPlong	+0.0311%	1h	0.2133	long leg	$413K	$480K	5x
BloFin ENA-USDT	+0.0340%	4h	0.2132	−0.014%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2132	−0.039%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.234%	$803K	$2.0M	50x	as long as short