Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.096%

Price spread now: Lighter against Binance+0.107%7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs+$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.225% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.471%+$47 on $10k

Price spread, last 7 days−0.134%−$13 · spread now +0.107%, 7d avg +0.093%

Together, before fees+0.337%+ Points / potential airdropLighter: 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	Binance ENAUSDT	0.2110	0.0100	pay 0.0050% / 4h	1h 54m	$126.9M	$408.5M	75x
Short	Lighter ENA	0.2112	0.0096	get 0.0012% / 1h	54m 48s	$4.9M	$12.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$0.84
Price spread: +0.107% → +0.093%: $1.37
Slippage, 4 orders: −$12.54
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$22
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Lighter: live order book, 7 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 Binance live order book, 12 min ago	0.24 bp	9.4 bp −$9	18.4 bp −$184	63.0 bp −$6,295	doesn't fit
Sell Lighter live order book, 7 min ago	1.19 bp	2.0 bp −$2	6.7 bp −$67	222.2 bp −$22.2K	doesn't fit

ENA on 42 exchanges

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
Orderly PERP_ENA_USDC	−0.0181%	4h	0.2110	+0.003%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0168%	1h	0.2111	+0.046%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0132%	1h	0.2111	+0.049%	$2.6M	$4.1M	50x	as long as short
Bitget ENAUSDT	−0.0042%	4h	0.2108	−0.073%	$47.5M	$56.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.065%	$105K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.158%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+0.576%	$734	$57K	5.5x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2112	+0.107%	$4.9M	$12.4M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2111	+0.060%	$57K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	+0.050%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2111	+0.057%	$586K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2111	+0.041%	$114.0M	$78.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	+0.072%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+0.046%	$389K	$527K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2110	long leg	$126.9M	$408.5M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.026%	$86.6M	$185.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.045%	$20.9M	$100.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.268%	$27K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.107%	$79K	$236K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.106%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	+0.027%	$13.8M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.008%	$42.3M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.055%	$25.0M	$15.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2109	−0.011%	—	$30.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	+0.013%	$3.0M	$8.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	+0.074%	$245K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.130%	$357K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.297%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.065%	$167K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.334%	$1K	$919K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.012%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.614%	$265K	$782K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	+0.060%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.016%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.042%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2115	+0.249%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2111	+0.041%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.017%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2110	−0.005%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2113	+0.169%	$778K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0629%	1h	0.2111	+0.060%	$405K	$474K	5x	as long as short
dYdX ENA-USD	+0.1076%	1h	0.2112	+0.128%	$140K	$15K	5x	as long as short