Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.119%

Price spread now: Lighter against BingX+0.185%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.453%+$45 on $10k

Price spread, last 7 days−0.139%−$14 · spread now +0.185%, 7d avg +0.115%

Together, before fees+0.314%+ Points / potential airdropLighter: Season 3 · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.070% dearer against BingX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2113	0.0100	pay 0.0050% / 4h	2h 33m	—	$6.5M	—
Short	Lighter ENA	0.2117	0.0216	get 0.0027% / 1h	33m 46s	$5.2M	$13.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.185%Rate

Funding earned: $24.36
Price spread: +0.185% → +0.115%: $6.96
Slippage, 4 orders: −$19.67
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $1.65
Costs to cover: 0.297%
Break-even: 6.5 days

Slippage from BingX: live order book, 2 min ago; Lighter: live order book, 5 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 BingX live order book, 2 min ago	0.94 bp	15.4 bp −$15	25.1 bp −$251	70.3 bp −$7,028	450.4 bp −$225.2K
Sell Lighter live order book, 5 min ago	0.71 bp	2.3 bp −$2	7.6 bp −$76	165.1 bp −$16.5K	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
Orderly PERP_ENA_USDC	−0.0143%	4h	0.2115	+0.109%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2117	+0.175%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	+0.114%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	+0.114%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2112	−0.033%	$11.1M	$23.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.487%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	+0.137%	$57K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.163%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.166%	$656K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.090%	$114.9M	$74.3M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2115	+0.080%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.191%	$397K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	+0.010%	$128.1M	$417.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2113	+0.005%	$85.4M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	+0.024%	$21.1M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.426%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.185%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.052%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.047%	$46.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.038%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.033%	$48.0M	$58.0M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2113	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2122	+0.403%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.154%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	+0.232%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.232%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	+0.156%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.281%	$1K	$870K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.090%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.445%	$268K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.090%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	−0.043%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.114%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2121	+0.364%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2117	+0.166%	$2.6M	$4.3M	50x	as long as short
Lighter ENAshort	+0.0216%	1h	0.2117	+0.185%	$5.2M	$13.0M	10x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2115	+0.106%	$70K	—	100x	as long as short
dYdX ENA-USD	+0.0316%	1h	0.2117	+0.204%	$140K	$16K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.700%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	+0.101%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0596%	1h	0.2115	+0.099%	$358K	$403K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.838%	$872K	$1.7M	50x	as long as short