Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.150%

Price spread now: Binance against Lighter−0.108%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.205% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.471%−$47 on $10k

Price spread, last 7 days+0.042%+$4 · spread now −0.108%, 7d avg −0.093%

Together, before fees−0.429%+ Points / potential airdropLighter: Season 3 · farm board−$43 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.093%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2127	0.0232	pay 0.0029% / 1h	56m 41s	$5.5M	$13.6M	10x
Short	Binance ENAUSDT	0.2124	0.0100	get 0.0050% / 4h	1h 56m	$130.7M	$428.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.108%Rate

Funding earned: −$27.72
Price spread: −0.108% → −0.093%: −$1.53
Slippage, 4 orders: −$10.5
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$49.75
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Binance: live order book, 2 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 Lighter live order book, 7 min ago	0.70 bp	1.4 bp −$1	6.3 bp −$63	320.8 bp −$32.1K	doesn't fit
Sell Binance live order book, 2 min ago	0.23 bp	9.1 bp −$9	18.7 bp −$187	66.5 bp −$6,648	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	0.2114	−0.569%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.563%	$87K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2128	+0.075%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	+0.0028%	4h	0.2113	−0.625%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.146%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.682%	$54K	$501K	50x	as long as short
dYdX ENA-USD	+0.0097%	1h	0.2123	−0.165%	$140K	$15K	5x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.628%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2124	−0.132%	$114.2M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	−0.310%	$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	−0.086%	$415K	$519K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2124	−0.108%	$130.7M	$428.4M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2128	+0.061%	$87.1M	$178.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	+0.056%	$20.8M	$104.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	−0.277%	$19K	$383K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.071%	$79K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.799%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.028%	$11.1M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	+0.061%	$45.7M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.202%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.028%	$48.4M	$58.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2127	+0.038%	—	$32.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.098%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.091%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.100%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.071%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.635%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.991%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.588%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	−0.442%	$276K	$787K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.541%	$1.8M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.054%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.588%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2128	+0.049%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2121	−0.263%	$7K	$298K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0192%	1h	0.2118	−0.409%	$380K	$363K	5x	as long as short
Lighter ENAlong	+0.0232%	1h	0.2127	long leg	$5.5M	$13.6M	10x
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	−0.586%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	−0.507%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.637%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.226%	$838K	$1.6M	50x	as long as short