Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against BingX+0.147%7-day average +0.016% · 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−$34as in the Price arb table

costs, in and out, $10k−$480.475% of the position

Long on BingX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.165%−$16 · spread now +0.147%, 7d avg +0.016%

Together, before fees−0.169%−$17 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: Popdex is 0.131% dearer against BingX than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2114	0.0100	pay 0.0050% / 4h	1h 41m	—	$6.5M	—
Short	Popdex ENAUSDT	0.2117	0.0096	get 0.0012% / 1h	41m 47s	$55K	$499K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$0.84
Price spread: +0.147% → +0.016%: $13.09
Slippage, 4 orders: −$31.14
Fee BingX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$35.28
Costs to cover: 0.475%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Popdex: live order book, 22 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	15.5 bp −$15	31.5 bp −$315	71.9 bp −$7,194	495.1 bp −$247.6K
Sell Popdex live order book, 22 min ago	2.35 bp	9.5 bp −$10	105.8 bp −$1,058	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	+0.227%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	+0.226%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0010%	4h	0.2117	+0.170%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2117	+0.156%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.449%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2117	+0.147%	$55K	$499K	50x
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.142%	$684K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.052%	$113.7M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.108%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	−0.021%	$413K	$516K	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	0.2114	−0.014%	$129.8M	$424.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.014%	$86.7M	$176.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	+0.019%	$20.8M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.071%	$19K	$376K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.147%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.043%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	+0.024%	$11.1M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	+0.038%	$45.5M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.057%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.090%	$48.1M	$58.1M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2114	long leg	—	$6.5M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2118	+0.199%	$375K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	−0.185%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.118%	$243K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.248%	$350K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	+0.052%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.194%	$185K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.219%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	+0.194%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.284%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	+0.241%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.141%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.218%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0107%	1h	0.2115	+0.043%	$140K	$15K	5x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2113	−0.033%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2109	−0.213%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2119	+0.226%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2120	+0.290%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.147%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0384%	1h	0.2117	+0.123%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	+0.168%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.161%	$833K	$1.5M	50x	as long as short