Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.047%

Price spread now: Orderly against Bulk−1.033%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 Orderly

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 −$2 a day on $10k at the current rate, and Orderly is 1.033% cheaper against Bulk than usual: you would sell low and buy high (−$103 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ENA-USD	0.2126	0.0100	pay 0.0013% / 1h	7m 20s	$93K	$4K	10x
Short	Orderly PERP_ENA_USDC	0.2104	0.0034	get 0.0017% / 4h	2h 07m	$44K	$27K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.033%Rate

Funding earned: −$13.76
Price spread: −1.033% → 0.000%: −$103.26
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$130.02
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bulk: no order-book sample; Orderly: 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 Bulk no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Bulk and Orderly: 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 41 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	0.2105	−0.967%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	−0.985%	$86K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2106	−0.923%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.125%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDCshort	+0.0034%	4h	0.2104	−1.033%	$44K	$27K	10x
01 Exchange ENAUSD	+0.0096%	1h	0.2105	−1.004%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−1.084%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	−1.084%	$676K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	−0.998%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.919%	$411K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.959%	$129.8M	$435.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.990%	$86.2M	$181.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	−0.962%	$20.7M	$104.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.637%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	−0.990%	$78K	$289K	10x	as long as short
Bulk ENA-USDlong	+0.0100%	1h	0.2126	long leg	$93K	$4K	10x
Gate ENA_USDT	+0.0100%	4h	0.2104	−1.037%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	−1.023%	$44.5M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−1.000%	$24.4M	$16.2M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−1.047%	$47.9M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2105	−0.967%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	−0.637%	$381K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.577%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.979%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−1.025%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.990%	$32K	$654K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	−1.028%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−3.328%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	−0.943%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.722%	$275K	$813K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.990%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−1.096%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2105	−1.006%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2106	−0.957%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	−0.398%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2105	−1.008%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2107	−0.900%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2108	−0.835%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−1.030%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0472%	1h	0.2106	−0.924%	$113.2M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	−0.506%	$830K	$1.6M	50x	as long as short