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% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against Bulk−0.415%7-day average — · you buy dearer than you sell

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

Long on Bulk Short on Nado

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—+ Points / potential airdropNado: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.415% cheaper against Bulk than usual: you would sell low and buy high, −$42 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ENA-USD	0.2107	0.0100	pay 0.0013% / 1h	52m 25s	$92K	$4K	10x
Short	Nado ENA-PERP	0.2098	0.0100	get 0.0012% / 1h	52m 25s	$659K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bulk. 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 BulkbpFee NadobpOrdersPrice spread, now −0.415%Rate

Funding earned: $0
Price spread: −0.415% → 0.000%: −$41.53
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$55.53
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Bulk: no order-book sample; Nado: live order book, 1 min ago. 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 Bulk no order-book sample	—	—	—	—	—
Sell Nado live order book, 1 min ago	1.42 bp	8.5 bp −$9	19.5 bp −$195	doesn't fit	doesn't fit

Bulk: 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	−0.0162%	1h	0.2105	−0.100%	$371K	$372K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2098	−0.446%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0055%	4h	0.2098	−0.441%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2105	−0.085%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.430%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.778%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0049%	1h	0.2102	−0.239%	$139K	$15K	5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2108	+0.057%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.475%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.465%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERPshort	+0.0100%	1h	0.2098	−0.415%	$659K	$1.7M	10x
Hyperliquid ENA	+0.0100%	1h	0.2101	−0.303%	$112.1M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	−0.391%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	−0.314%	$409K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.432%	$128.4M	$414.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.432%	$85.7M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.403%	$20.7M	$102.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.047%	$19K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.475%	$77K	$275K	10x	as long as short
Bulk ENA-USDlong	+0.0100%	1h	0.2107	long leg	$92K	$4K	10x
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.408%	$11.0M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.375%	$45.4M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	−0.346%	$24.5M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.479%	$47.7M	$57.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	−0.422%	—	$32.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.589%	$3.3M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	−0.009%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.142%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.190%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.422%	$181K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.515%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.095%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	−0.005%	$272K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.095%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	−0.544%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	−0.396%	$73K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2100	−0.308%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2106	−0.039%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2098	−0.427%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	−0.104%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.401%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2112	+0.228%	$860K	$1.5M	50x	as long as short