Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0548%/8h= −60.0% APRpaid last 24h −0.169%

Price spread now: Phemex against Lighter−0.099%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.442%−$44 on $10k

Price spread, last 3 days (all we have)+0.271%+$27 · spread now −0.099%, 7d avg −0.076%

Together, before fees−0.172%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Phemex is 0.023% cheaper against Lighter than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.076%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2130	0.0648	pay 0.0081% / 1h	46m 17s	$5.7M	$12.8M	10x
Short	Phemex ENAUSDT	0.2128	0.0100	get 0.0050% / 4h	46m 17s	$2.0M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$115.08
Price spread: −0.099% → −0.076%: −$2.25
Slippage, 4 orders: −$35.93
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$165.26
Costs to cover: 0.479%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: 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, 7 min ago	1.17 bp	2.1 bp −$2	5.6 bp −$56	190.2 bp −$19.0K	doesn't fit
Sell Phemex live order book, 3 min ago	9.41 bp	23.3 bp −$23	81.1 bp −$811	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	−0.0026%	4h	0.2129	−0.052%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	−0.019%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2129	−0.070%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.315%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0095%	1h	0.2128	−0.080%	$376K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.192%	$64K	$522K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.272%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	−0.052%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.131%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.125%	$131.4M	$454.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2126	−0.178%	$89.2M	$190.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.155%	$20.6M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.277%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.146%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.217%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.122%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	−0.160%	$47.0M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	−0.108%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.216%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2128	−0.080%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.292%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	−0.082%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.031%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.286%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	−0.174%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.596%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.099%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.014%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2128	−0.099%	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.194%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2130	−0.009%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.225%	$6K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2128	−0.108%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2129	−0.062%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	−0.088%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.131%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2128	−0.077%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	−0.201%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.207%	$843K	$2.1M	50x	as long as short
Lighter ENAlong	+0.0648%	1h	0.2130	long leg	$5.7M	$12.8M	10x
Hyperliquid ENA	+0.0850%	1h	0.2130	+0.009%	$114.4M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1771%	1h	0.2127	−0.160%	$140K	$15K	5x	as long as short