Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h −0.180%

Price spread now: Bybit against Lighter−0.253%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.510%−$51 on $10k

Price spread, last 7 days+0.181%+$18 · spread now −0.253%, 7d avg −0.124%

Together, before fees−0.328%+ Points / potential airdropLighter: Season 3 · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.129% cheaper against Lighter than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.124%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2092	0.0296	pay 0.0037% / 1h	8m 39s	$5.6M	$13.2M	10x
Short	Bybit ENAUSDT	0.2087	0.0100	get 0.0050% / 4h	2h 08m	$86.9M	$193.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.253%Rate

Funding earned: −$41.16
Price spread: −0.253% → −0.124%: −$12.91
Slippage, 4 orders: −$18.62
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$83.69
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Lighter: live order book, 10 min ago; Bybit: live order book, 10 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, 10 min ago	1.66 bp	5.3 bp −$5	15.6 bp −$156	318.4 bp −$31.8K	doesn't fit
Sell Bybit live order book, 10 min ago	0.24 bp	11.3 bp −$11	18.8 bp −$188	56.5 bp −$5,650	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	−0.0283%	1h	0.2091	−0.057%	$361K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2091	−0.072%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2088	−0.191%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	−0.019%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	−0.014%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.486%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.105%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0078%	4h	0.2089	−0.139%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	−0.253%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.163%	$47K	$221	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	0.2092	−0.029%	$655K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	−0.103%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2090	−0.127%	$404K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2088	−0.183%	$128.5M	$465.3M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2087	−0.253%	$86.9M	$193.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2088	−0.201%	$20.1M	$113.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	−0.210%	$19K	$417K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.062%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	−0.260%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	−0.139%	$45.4M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	−0.086%	$23.9M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2088	−0.206%	$47.2M	$65.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2089	−0.148%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	−0.325%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2087	−0.264%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2087	−0.274%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2088	−0.206%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2093	+0.024%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.495%	$906	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.062%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.315%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2090	−0.110%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	−0.063%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2092	−0.018%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2089	−0.178%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2092	−0.012%	$50K	—	100x	as long as short
Lighter ENAlong	+0.0296%	1h	0.2092	long leg	$5.6M	$13.2M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2091	−0.086%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0349%	1h	0.2092	−0.024%	$110.3M	$80.1M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2092	−0.030%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2090	−0.129%	$800K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5218%	1h	0.2091	−0.085%	$138K	$15K	5x	as long as short