Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.110%

Price spread now: KuCoin against Lighter−0.038%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.508%−$51 on $10k

Price spread, last 7 days−0.059%−$6 · spread now −0.038%, 7d avg −0.092%

Together, before fees−0.568%+ Points / potential airdropLighter: Season 3 · farm board−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.054% dearer against Lighter than usual: you sell high and buy low (spread −0.038% now, against its 7-day average of −0.092%): +$5 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.508% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2102	0.0112	pay 0.0014% / 1h	58m 28s	$5.0M	$13.6M	10x
Short	KuCoin ENAUSDTM	0.2102	0.0100	get 0.0050% / 4h	58m 28s	$24.6M	$15.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$2.52
Price spread: −0.038% → −0.092%: $5.35
Slippage, 4 orders: −$23.33
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$32.5
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; KuCoin: 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, 5 min ago	1.19 bp	1.8 bp −$2	4.0 bp −$40	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	2.84 bp	15.7 bp −$16	30.5 bp −$305	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
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2102	−0.029%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0087%	1h	0.2104	+0.081%	$386K	$455K	5x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2101	−0.062%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2103	+0.038%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	+0.021%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.004%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2100	−0.109%	$55K	$480K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.120%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.152%	$556K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2103	+0.033%	$113.7M	$75.6M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2102	−0.015%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	−0.093%	$398K	$541K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	−0.062%	$127.5M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2100	−0.114%	$90.2M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	−0.033%	$21.0M	$106.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	+0.147%	$33K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2101	−0.062%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2103	+0.057%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2100	−0.105%	$12.5M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.081%	$38.0M	$42.3M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2102	−0.038%	$24.6M	$15.7M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.152%	$47.6M	$59.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2100	−0.100%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−0.006%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	+0.056%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.076%	$348K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.176%	$19K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2102	−0.024%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.364%	$919	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	+0.033%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	+0.224%	$265K	$826K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	+0.081%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.154%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	+0.023%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2106	+0.176%	$8K	$264K	10x	as long as short
Lighter ENAlong	+0.0112%	1h	0.2102	long leg	$5.0M	$13.6M	10x
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2104	+0.069%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2103	+0.020%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	0.000%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2100	−0.086%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2106	+0.176%	$869K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1288%	1h	0.2103	+0.047%	$139K	$16K	5x	as long as short