Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.010%

Price spread now: Popdex against Bitget−0.343%7-day average +0.056% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on Bitget Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.347%+$35 · spread now −0.343%, 7d avg +0.056%

Together, before fees+0.351%+$35 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 0.399% cheaper against Bitget than usual: you would sell low and buy high, −$40 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2157	0.0100	pay 0.0050% / 4h	3h 17m	$48.9M	$61.4M	75x
Short	Popdex ENAUSDT	0.2150	0.0096	get 0.0012% / 1h	17m 56s	$63K	$518K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Bitget. 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 BitgetbpFee PopdexbpOrdersPrice spread, now −0.343%Rate

Funding earned: −$0.84
Price spread: −0.343% → +0.056%: −$39.92
Slippage, 4 orders: −$30.32
Fee Bitget: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$89.48
Costs to cover: 0.487%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Popdex: live order book, 56 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 Bitget live order book, 1 min ago	0.70 bp	13.6 bp −$14	22.1 bp −$221	doesn't fit	doesn't fit
Sell Popdex live order book, 56 min ago	4.94 bp	14.8 bp −$15	96.0 bp −$960	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	0.2157	−0.009%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2153	−0.208%	$103K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2156	−0.070%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.576%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0035%	1h	0.2151	−0.300%	$142K	$15K	5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2150	−0.343%	$63K	$518K	50x
Nado ENA-PERP	+0.0100%	1h	0.2151	−0.299%	$712K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2157	−0.039%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	−0.357%	$423K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2157	+0.003%	$134.5M	$443.3M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2158	+0.014%	$89.0M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2159	+0.065%	$21.2M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2145	−0.561%	$16K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	−0.250%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.339%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2158	+0.014%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2159	+0.088%	$46.1M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2158	+0.051%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2157	long leg	$48.9M	$61.4M	75x
BingX ENA-USDC	+0.0100%	4h	0.2158	+0.009%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2159	+0.088%	$384K	$409K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2144	−0.598%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.603%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.590%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.528%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2153	−0.213%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2101	−2.614%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2157	−0.019%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.306%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2156	−0.065%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2149	−0.398%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2158	+0.013%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	−0.464%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0184%	1h	0.2152	−0.241%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2158	+0.051%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2158	+0.034%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2153	−0.215%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2151	−0.278%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2152	−0.249%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	−0.348%	$851K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2160	+0.121%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0769%	1h	0.2162	+0.190%	$117.4M	$74.6M	10x	as long as short