Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0198%/8h= +21.7% APRpaid last 24h +0.125%

Price spread now: Lighter against Gate−0.047%7-day average +0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.478%+$48 on $10k

Price spread, last 7 days+0.068%+$7 · spread now −0.047%, 7d avg +0.107%

Together, before fees+0.546%+ Points / potential airdropLighter: Season 3 · farm board+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.154% cheaper against Gate than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of +0.107%). If the spread goes back, that is −$15 on $10k: about 2.6 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2120	0.0018	pay 0.0009% / 4h	2h 34m	$11.1M	$23.6M	50x
Short	Lighter ENA	0.2119	0.0216	get 0.0027% / 1h	34m 47s	$5.2M	$13.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.047%Rate

Funding earned: $41.58
Price spread: −0.047% → +0.107%: −$15.37
Slippage, 4 orders: −$23.07
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.87
Costs to cover: 0.381%
Break-even: 9.0 days

Slippage from Gate: live order book, 4 min ago; Lighter: live order book, 4 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 Gate live order book, 4 min ago	3.79 bp	17.2 bp −$17	28.9 bp −$289	54.5 bp −$5,453	92.1 bp −$46.1K
Sell Lighter live order book, 4 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	0.2127	+0.311%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2129	+0.401%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.344%	$74K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2127	+0.340%	$82K	—	150x	as long as short
Gate ENA_USDTlong	+0.0018%	4h	0.2120	long leg	$11.1M	$23.6M	50x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.156%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	+0.373%	$57K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.168%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	+0.368%	$659K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2120	−0.013%	$115.1M	$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	0.2119	−0.035%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.140%	$397K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.185%	$128.3M	$417.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.231%	$85.5M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.198%	$21.2M	$104.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.755%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	+0.325%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.382%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.212%	$46.8M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	−0.066%	$24.7M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.123%	$48.1M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	+0.009%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	+0.072%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.177%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	−0.099%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.099%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.391%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.071%	$1K	$869K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	+0.325%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.467%	$269K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	+0.278%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.008%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.311%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2121	+0.033%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2128	+0.367%	$2.6M	$4.3M	50x	as long as short
Lighter ENAshort	+0.0216%	1h	0.2119	−0.047%	$5.2M	$13.0M	10x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2127	+0.332%	$71K	—	100x	as long as short
dYdX ENA-USD	+0.0316%	1h	0.2117	−0.127%	$140K	$16K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.368%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.364%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0605%	1h	0.2125	+0.255%	$360K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.505%	$872K	$1.7M	50x	as long as short