Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0452%/8h= +49.5% APRpaid last 24h +0.161%

Price spread now: Lighter against KuCoin+0.028%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs+$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$370.375% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.507%+$51 on $10k

Price spread, last 7 days+0.061%+$6 · spread now +0.028%, 7d avg +0.092%

Together, before fees+0.567%+ Points / potential airdropLighter: Season 3 · farm board+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.063% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.028% now, against its 7-day average of +0.092%). If the spread goes back, that is −$6 on $10k: about 11 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2130	0.0100	pay 0.0050% / 4h	37m 56s	$24.6M	$16.4M	75x
Short	Lighter ENA	0.2131	0.0552	get 0.0069% / 1h	37m 56s	$5.6M	$12.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.028%Rate

Funding earned: $94.92
Price spread: +0.028% → +0.092%: −$6.34
Slippage, 4 orders: −$25.45
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $51.13
Costs to cover: 0.375%
Break-even: 3.2 days

Slippage from KuCoin: live order book, 6 min ago; Lighter: live order book, 6 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 KuCoin live order book, 6 min ago	1.88 bp	22.5 bp −$23	41.3 bp −$413	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.47 bp	0.5 bp $0	4.8 bp −$48	313.2 bp −$31.3K	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	−0.0021%	4h	0.2127	−0.131%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	−0.089%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2127	−0.141%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.310%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0072%	1h	0.2130	−0.005%	$376K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.188%	$64K	$522K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	−0.150%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	−0.070%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.150%	$412K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	−0.071%	$131.7M	$454.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2129	−0.061%	$89.4M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	−0.052%	$20.6M	$112.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.249%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	−0.094%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	−0.047%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2129	−0.047%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	−0.127%	$46.9M	$45.4M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2130	long leg	$24.6M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2128	−0.094%	$48.2M	$64.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2129	−0.047%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	−0.043%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2127	−0.118%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.046%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2130	0.000%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.136%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.582%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.094%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.005%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2128	−0.094%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.185%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	−0.095%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	−0.042%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2128	−0.080%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2129	−0.044%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	−0.157%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2129	−0.055%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2124	−0.282%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	−0.169%	$1K	$5K	15x	as long as short
Lighter ENAshort	+0.0552%	1h	0.2131	+0.028%	$5.6M	$12.9M	10x
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.080%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0857%	1h	0.2132	+0.103%	$114.6M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1742%	1h	0.2126	−0.184%	$140K	$15K	5x	as long as short