Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Nado against BingX+0.209%53s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.363% of the position

Long on BingX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days−0.378%−$38 · spread now +0.209%, 7d avg +0.030%

Together, before fees−0.358%+ Points / potential airdropNado: Active · farm board−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.178% dearer against BingX than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.030%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2110	0.0100	pay 0.0050% / 4h	2m 41s	—	$6.5M	—
Short	Nado ENA-PERP	0.2114	0.0100	get 0.0012% / 1h	2m 41s	$659K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against BingX. 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 BingXbpFee NadobpOrdersPrice spread, now +0.209%Rate

Funding earned: $0
Price spread: +0.209% → +0.030%: $17.84
Slippage, 4 orders: −$19.29
Fee BingX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$18.45
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Nado: live order book, 1 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 BingX live order book, 8 min ago	0.47 bp	10.4 bp −$10	33.2 bp −$332	79.2 bp −$7,921	535.4 bp −$267.7K
Sell Nado live order book, 1 min ago	0.47 bp	7.1 bp −$7	19.2 bp −$192	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
Backpack ENA_USDC_PERP	−0.0128%	1h	0.2116	+0.299%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2114	+0.194%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2115	+0.246%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.261%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.252%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.630%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	0.000%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.185%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	−0.010%	$47K	$110	10x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2114	+0.209%	$659K	$1.7M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.274%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	+0.072%	$403K	$521K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	+0.061%	$128.3M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.014%	$85.2M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	+0.057%	$21.1M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.227%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	+0.043%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.171%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	+0.232%	$11.1M	$22.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	−0.005%	$46.1M	$41.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.194%	$25.0M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.062%	$47.9M	$57.6M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2110	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2105	−0.252%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	−0.155%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.091%	$358K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.100%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.327%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.199%	$910	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.232%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.332%	$274K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.232%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	+0.233%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.233%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0157%	1h	0.2112	+0.100%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0176%	1h	0.2112	+0.104%	$5.2M	$13.5M	10x	as long as short
Hyperliquid ENA	+0.0206%	1h	0.2116	+0.288%	$115.3M	$74.8M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.317%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	+0.264%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.256%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	+0.256%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2119	+0.422%	$866K	$1.7M	50x	as long as short