Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.177%

Price spread now: Lighter against SunX+2.586%7-day average +2.488% · you sell dearer than you buy

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

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.421%+$42 on $10k

Price spread, last 3 days (all we have)−0.459%−$46 · spread now +2.586%, 7d avg +2.488%

Together, before fees−0.038%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter is 0.098% dearer against SunX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +2.488%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ENA-USDT	0.2034	0.0100	pay 0.0050% / 4h	2h 03m	$1K	$813K	20x
Short	Lighter ENA	0.2087	0.0320	get 0.0040% / 1h	3m 13s	$5.6M	$13.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +2.586%Rate

Funding earned: $46.2
Price spread: +2.586% → +2.488%: $9.78
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $47.98
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 9 min ago; Lighter: live order book, 5 min ago. 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 SunX live order book, 9 min ago	258.49 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	1.43 bp	3.6 bp −$4	11.7 bp −$117	401.2 bp −$40.1K	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
Backpack ENA_USDC_PERP	−0.0286%	1h	0.2085	+2.512%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2083	+2.404%	$40K	$24K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2085	+2.493%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2084	+2.483%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2084	+2.447%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+4.395%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2080	+2.276%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2084	+2.458%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2083	+2.415%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2084	+2.443%	$653K	$1.8M	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	0.2085	+2.488%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2084	+2.441%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2084	+2.460%	$128.1M	$465.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2084	+2.439%	$86.6M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2084	+2.478%	$20.1M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2080	+2.276%	$20K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2084	+2.458%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+2.599%	$88K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2083	+2.409%	$10.4M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2084	+2.463%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2085	+2.507%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2084	+2.434%	$47.1M	$65.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2084	+2.458%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2080	+2.274%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2081	+2.289%	$247K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2080	+2.241%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2079	+2.212%	$31K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2085	+2.493%	$188K	$2.8M	10x	as long as short
SunX ENA-USDTlong	+0.0100%	4h	0.2034	long leg	$1K	$813K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2084	+2.458%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2092	+2.847%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	+2.458%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2084	+2.480%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2085	+2.501%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2083	+2.419%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2083	+2.433%	$50K	—	100x	as long as short
Lighter ENAshort	+0.0320%	1h	0.2087	+2.586%	$5.6M	$13.2M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2083	+2.419%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0341%	1h	0.2087	+2.586%	$109.9M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2083	+2.419%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+2.537%	$797K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5063%	1h	0.2082	+2.352%	$138K	$15K	5x	as long as short