Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.110%

Price spread now: Paradex against Lighter−0.171%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.171% cheaper against Lighter than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2128	0.0192	pay 0.0024% / 1h	19m 07s	$5.0M	$13.5M	10x
Short	Paradex ENA-USD-PERP	0.2125	0.0100	get 0.0100% / 8h	1h 19m	$48K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$19.38
Price spread: −0.171% → 0.000%: −$17.09
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$40.48
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 9 min ago; Paradex: no order-book sample. Net counts fees only.

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, 9 min ago	1.41 bp	2.2 bp −$2	7.1 bp −$71	251.2 bp −$25.1K	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0113%	4h	0.2126	−0.108%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2126	−0.117%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.085%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2127	−0.056%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.230%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.155%	$54K	$484K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2125	−0.171%	$48K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.202%	$563K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2129	+0.023%	$115.3M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	−0.051%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2124	−0.185%	$402K	$546K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.075%	$128.8M	$428.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2125	−0.169%	$91.1M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.085%	$21.3M	$108.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	−0.103%	$33K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.061%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2128	−0.008%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.103%	$12.5M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.089%	$37.9M	$43.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.047%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.202%	$48.2M	$60.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2126	−0.113%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.170%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	+0.095%	$258K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2131	+0.138%	$356K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	−0.014%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.080%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.476%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.061%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.033%	$267K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.061%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2125	−0.140%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.077%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2128	+0.005%	$8K	$276K	10x	as long as short
Lighter ENAlong	+0.0192%	1h	0.2128	long leg	$5.0M	$13.5M	10x
dYdX ENA-USD	+0.0194%	1h	0.2125	−0.166%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2126	−0.092%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.075%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.152%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0443%	1h	0.2128	−0.030%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0457%	1h	0.2127	−0.042%	$395K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.338%	$881K	$1.8M	50x	as long as short