ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0149%/8h= −16.3% APRnext payment −$0.19 per $10,000 · paid last 24h +0.193%

Price spread now: Lighter against Kraken Futures−0.134%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$380.375% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 4 days (all we have)−0.313%−$31 · spread now −0.134%, 7d avg +0.040%

Together, before fees−0.016%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Lighter is 0.174% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.297%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2098	0.0245	pay 0.0031% / 1h	38m 17s	$2.6M	$4.2M	50x
Short	Lighter ENA	0.2095	0.0096	get 0.0012% / 1h	38m 17s	$5.2M	$13.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$31.21
Price spread: −0.134% → +0.040%: −$17.36
Slippage, 4 orders: −$27.53
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$86.1
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 6 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 Kraken Futures live order book, 6 min ago	8.57 bp	19.4 bp −$19	27.6 bp −$276	90.8 bp −$9,079	doesn't fit
Sell Lighter live order book, 5 min ago	0.95 bp	2.4 bp −$2	5.4 bp −$54	107.9 bp −$10.8K	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
Backpack ENA_USDC_PERP	−0.0297%	1h	0.2092	−0.272%	$363K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2096	−0.096%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0065%	4h	0.2097	−0.034%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	+0.028%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.005%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.220%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	+0.295%	$8K	$266K	10x	as long as short
Lighter ENAshort	+0.0096%	1h	0.2095	−0.134%	$5.2M	$13.4M	10x
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.086%	$55K	$503K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.204%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.038%	$660K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2099	+0.045%	$111.6M	$73.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	−0.139%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−0.209%	$408K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	+0.015%	$127.9M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.019%	$85.1M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	+0.024%	$20.8M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	+0.205%	$20K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	−0.372%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.001%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.015%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.024%	$45.7M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.038%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.081%	$47.8M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.050%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.039%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	+0.009%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	+0.009%	$20K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	−0.019%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.441%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.052%	$271K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.277%	$1.7M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	−0.080%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.024%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0108%	1h	0.2092	−0.256%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0245%	1h	0.2098	long leg	$2.6M	$4.2M	50x
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2098	−0.005%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.220%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.036%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2106	+0.395%	$858K	$1.5M	50x	as long as short