Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: SoDEX against BloFin−0.104%56s7-day average — · you buy dearer than you sell

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

Long on BloFin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and SoDEX is 0.104% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 56 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	BloFin ENA-USDT	0.2110	0.0340	pay 0.0170% / 4h	3h 29m	$5.5M	$3.0M	75x
Short	SoDEX ENA-USD	0.2108	0.0100	get 0.0013% / 1h	29m 57s	$4K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against BloFin. 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 BloFinbpFee SoDEXbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$50.4
Price spread: −0.104% → 0.000%: −$10.43
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$80.83
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 4 min ago; SoDEX: no order-book sample. 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 BloFin live order book, 4 min ago	4.28 bp	11.3 bp −$11	15.3 bp −$153	68.3 bp −$6,830	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0108%	1h	0.2109	−0.062%	$360K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2109	−0.081%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.033%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.063%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.626%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2109	−0.057%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.104%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.424%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.071%	$656K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	−0.105%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2109	−0.073%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.161%	$127.8M	$413.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.133%	$85.3M	$174.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.137%	$21.0M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.502%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.057%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.578%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.161%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.166%	$45.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.085%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.246%	$47.8M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	−0.137%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.039%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	−0.520%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2101	−0.437%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.389%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.009%	$192K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.483%	$1K	$852K	20x	as long as short
SoDEX ENA-USDshort	+0.0100%	1h	0.2108	−0.104%	$4K	$7K	10x
HTX ENA-USDT	+0.0100%	4h	0.2116	+0.289%	$274K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.057%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.198%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.028%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2103	−0.346%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2109	−0.040%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2111	+0.038%	$5.2M	$13.3M	10x	as long as short
Hyperliquid ENA	+0.0248%	1h	0.2109	−0.047%	$114.7M	$74.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2109	−0.051%	$70K	—	100x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2110	long leg	$5.5M	$3.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.073%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2114	+0.204%	$865K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1107%	1h	0.2108	−0.090%	$139K	$15K	5x	as long as short