Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0300%/8hpaid last 24h −0.189%

Price spread now: HTX against Lighter−0.150%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$580.582% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.414%−$41 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.150%, 7d avg −0.040%

Together, before fees−0.354%+ Points / potential airdropLighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and HTX is 0.110% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2139	0.0400	pay 0.0050% / 1h	4m 47s	$5.9M	$13.9M	10x
Short	HTX ENA-USDT	0.2136	0.0100	get 0.0050% / 4h	4m 47s	$276K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$63
Price spread: −0.150% → −0.040%: −$10.97
Slippage, 4 orders: −$46.18
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$132.15
Costs to cover: 0.582%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; HTX: live order book, 3 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, 3 min ago	1.17 bp	2.6 bp −$3	6.0 bp −$60	171.0 bp −$17.1K	doesn't fit
Sell HTX live order book, 3 min ago	11.93 bp	17.9 bp −$18	doesn't fit	doesn't fit	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	−0.0264%	1h	0.2137	−0.103%	$369K	$493K	5x	as long as short
Injective ENA/USDC PERP	−0.0223%	1h	0.2123	−0.725%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	−0.0222%	1h	0.2136	−0.135%	$2.7M	$6.1M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0138%	4h	0.2134	−0.243%	$42K	$22K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2132	−0.309%	$4K	$432	10x	as long as short
Phemex ENAUSDT	−0.0018%	4h	0.2132	−0.323%	$1.9M	$9.4M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2135	−0.173%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2134	−0.210%	$99K	—	150x	as long as short
Phoenix ENA	+0.0076%	1h	0.2132	−0.313%	$6K	$392K	10x	as long as short
Bitget ENAUSDT	+0.0078%	4h	0.2135	−0.182%	$48.8M	$67.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.369%	$59K	$564K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.368%	$48K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	−0.295%	$655K	$1.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2136	−0.153%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2131	−0.357%	$408K	$618K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2137	−0.108%	$132.1M	$476.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2136	−0.150%	$90.6M	$198.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2137	−0.108%	$20.5M	$120.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	−0.463%	$19K	$470K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2132	−0.323%	$85K	$216K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2136	−0.136%	$10.7M	$23.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2137	−0.112%	$45.8M	$53.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2137	−0.098%	$23.7M	$16.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2136	−0.126%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2132	−0.325%	$3.7M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	−0.410%	$255K	$8.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2133	−0.265%	$359K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2134	−0.229%	$32K	$719K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2134	−0.252%	$194K	$3.2M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2083	−2.618%	$1K	$787K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2134	−0.229%	$4K	$14K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2136	−0.150%	$276K	$1.7M	50x
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.556%	$89K	$1K	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2136	−0.153%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2135	−0.206%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0175% / S −0.0247%	1h	0.2135	−0.187%	$38K	—	100x	as long as short
Hyperliquid ENA	+0.0216%	1h	0.2140	+0.057%	$114.3M	$79.5M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	−0.215%	$5.7M	$8.4M	75x	as long as short
Lighter ENAlong	+0.0400%	1h	0.2139	long leg	$5.9M	$13.9M	10x
Reya ENARUSDPERP	+0.0412%	1h	0.2133	−0.288%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2133	−0.281%	$815K	$2.4M	50x	as long as short
dYdX ENA-USD	+0.5885%	1h	0.2133	−0.277%	$141K	$12K	5x	as long as short