Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.119%

Price spread now: Lighter against MEXC+0.078%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs+$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$90.092% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.474%+$47 on $10k

Price spread, last 7 days−0.033%−$3 · spread now +0.078%, 7d avg +0.096%

Together, before fees+0.441%+ Points / potential airdropLighter: Season 3 · farm board+$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.096%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2169	0.0100	pay 0.0050% / 4h	2h 01m	$48.3M	$42.3M	200x
Short	Lighter ENA	0.2171	0.0224	get 0.0028% / 1h	1m 09s	$5.2M	$13.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now +0.078%Rate

Funding earned: $26.04
Price spread: +0.078% → +0.096%: −$1.78
Slippage, 4 orders: −$9.22
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $15.04
Costs to cover: 0.092%
Break-even: 3.0 days

Slippage from MEXC: live order book, 3 min ago; Lighter: live order book, 7 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 MEXC live order book, 3 min ago	0.23 bp	2.3 bp −$2	9.0 bp −$90	35.6 bp −$3,555	50.9 bp −$25.5K
Sell Lighter live order book, 7 min ago	1.38 bp	2.1 bp −$2	9.7 bp −$97	270.8 bp −$27.1K	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	−0.0142%	4h	0.2169	−0.028%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2170	+0.009%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2169	+0.001%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.116%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2170	+0.032%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2169	−0.014%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2170	+0.025%	$576K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2171	+0.088%	$117.8M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2170	+0.022%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2170	+0.050%	$407K	$532K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2169	−0.023%	$131.3M	$427.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2169	−0.018%	$87.6M	$179.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2169	−0.009%	$21.7M	$109.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2173	+0.171%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2170	+0.032%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	+0.121%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2169	−0.018%	$11.5M	$24.9M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2169	long leg	$48.3M	$42.3M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2170	+0.028%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2167	−0.115%	$49.2M	$59.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2169	−0.014%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.570%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2172	+0.113%	$256K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2172	+0.110%	$363K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.401%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2170	+0.041%	$192K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2117	−2.420%	$932	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2169	−0.014%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2176	+0.300%	$272K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2170	+0.032%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2169	−0.001%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2169	−0.030%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2169	−0.013%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2175	+0.272%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2171	+0.080%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0187%	1h	0.2172	+0.114%	$143K	$16K	5x	as long as short
Lighter ENAshort	+0.0224%	1h	0.2171	+0.078%	$5.2M	$13.4M	10x
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2170	+0.013%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2169	−0.005%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2169	−0.029%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0499%	1h	0.2169	−0.032%	$397K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2178	+0.383%	$894K	$1.8M	50x	as long as short