Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.153%

Price spread now: Lighter against Bybit+0.363%7-day average +0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs+$31as in the Funding arb table

Net, price: spread back to 7d avg − costs+$3as in the Price arb table

costs, in and out, $10k−$210.209% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.517%+$52 on $10k

Price spread, last 7 days−0.287%−$29 · spread now +0.363%, 7d avg +0.126%

Together, before fees+0.230%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.237% dearer against Bybit than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.126%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2120	0.0100	pay 0.0050% / 4h	1h 55m	$86.7M	$178.3M	50x
Short	Lighter ENA	0.2128	0.0160	get 0.0020% / 1h	55m 59s	$5.5M	$13.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.363%Rate

Funding earned: $12.6
Price spread: +0.363% → +0.126%: $23.7
Slippage, 4 orders: −$9.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $15.4
Costs to cover: 0.209%
Break-even: from the start

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 8 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 Bybit live order book, 3 min ago	0.23 bp	8.5 bp −$9	17.0 bp −$170	63.4 bp −$6,343	doesn't fit
Sell Lighter live order book, 8 min ago	0.70 bp	2.3 bp −$2	12.8 bp −$128	422.8 bp −$42.3K	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.349%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2128	+0.355%	$87K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2128	+0.382%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	+0.0028%	4h	0.2126	+0.278%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.160%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2127	+0.330%	$54K	$501K	50x	as long as short
dYdX ENA-USD	+0.0097%	1h	0.2123	+0.142%	$140K	$15K	5x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	+0.335%	$687K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2126	+0.278%	$114.3M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.188%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2125	+0.220%	$415K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	+0.072%	$130.6M	$427.9M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2120	long leg	$86.7M	$178.3M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	+0.052%	$20.9M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	+0.028%	$19K	$383K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.377%	$79K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.495%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	+0.057%	$11.1M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	+0.057%	$45.5M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	+0.146%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.057%	$48.3M	$58.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2120	+0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.377%	$3.8M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.398%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.206%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.236%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	+0.429%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−1.995%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	+0.330%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.679%	$278K	$787K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.236%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.361%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.331%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2120	+0.004%	$1.6M	$4.1M	50x	as long as short
Lighter ENAshort	+0.0160%	1h	0.2128	+0.363%	$5.5M	$13.6M	10x
Phoenix ENA	+0.0188%	1h	0.2121	+0.042%	$7K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2128	+0.375%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2128	+0.388%	$2.7M	$4.3M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0342%	1h	0.2126	+0.283%	$382K	$362K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.394%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.533%	$838K	$1.6M	50x	as long as short