ENA Funding Rate — live across 21 venues
25 DEX + 8 CEX · net of fees · updated continuously
Live annualized ENA perpetual funding across all 21 venues Perpia tracks. Right now ENA funding is positive on 17 and negative on 3, ranging from +66.8% on BackPack to -14.0% on Lighter — a spread of 80.8%. The widest delta-neutral trade is long Lighter / short BackPack at 78.4% net APR.
ENA funding rate by venue
81 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| BackPack | +66.8% | 1h |
| Variational | +10.9% | 4h |
| Nado | +10.9% | 24h |
| OKX | +10.9% | 4h |
| Bybit | +10.9% | 4h |
| Aster | +10.9% | 4h |
| Hyperliquid | +10.9% | 1h |
| KuCoin | +10.9% | 4h |
| BingX | +10.9% | 4h |
| EdgeX | +10.9% | 4h |
| Vest | +10.9% | 1h |
| Sodex | +10.9% | 1h |
| Ethereal | +10.0% | 1h |
| MEXC | +5.5% | 8h |
| Binance | +5.5% | 8h |
| Bitget | +4.4% | 4h |
| Extended | +1.8% | 1h |
| GMTrade | +0.0% | 1h |
| Pacifica | -0.8% | 1h |
| Gate.io | -4.4% | 4h |
| Lighter | -14.0% | 8h |
Rates annualized; updated ~every few minutes from live venue data.
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ENA funding — FAQ
Is ENA funding positive right now?
ENA perpetual funding is positive on 17 of 21 venues Perpia tracks and negative on 3. The highest is +66.8% on BackPack; the lowest is -14.0% on Lighter.
What is the best ENA funding arbitrage right now?
Go long Lighter and short BackPack for about 78.4% net APR after fees — the widest delta-neutral ENA spread Perpia currently sees.
Which exchange has the highest ENA funding rate?
BackPack, at +66.8% annualized. Funding shifts continuously, so check the live table above before trading.
How ENA funding arbitrage works
Funding-rate arbitrage is delta-neutral: you go long the venue paying the most negative funding and short the one paying the most positive, so price moves cancel and you collect the spread. The catch is liquidity — a huge APR on a thin book caps at a few thousand dollars and often flips within hours. Perpia shows the max size after slippage and tracks whether a spread holds, so you filter instead of chasing the number.