Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.002%

Price spread now: Popdex against Bybit+0.038%7-day average +0.040% · 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−$41as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.184%−$18 · spread now +0.038%, 7d avg +0.040%

Together, before fees−0.180%−$18 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2098	0.0100	pay 0.0050% / 4h	2h 30m	$87.6M	$193.9M	50x
Short	Popdex ENAUSDT	0.2099	0.0096	get 0.0012% / 1h	30m 34s	$59K	$541K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Bybit. 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 BybitbpFee PopdexbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$0.84
Price spread: +0.038% → +0.040%: −$0.22
Slippage, 4 orders: −$23.36
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$41.83
Costs to cover: 0.408%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Popdex: live order book, 58 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 Bybit live order book, 4 min ago	0.24 bp	9.1 bp −$9	17.2 bp −$172	56.2 bp −$5,619	doesn't fit
Sell Popdex live order book, 58 min ago	1.41 bp	11.2 bp −$11	80.3 bp −$803	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
Backpack ENA_USDC_PERP	−0.0300%	1h	0.2100	+0.095%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2099	+0.038%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2099	+0.048%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	+0.071%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.076%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0008%	4h	0.2099	+0.014%	$10.4M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.201%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.129%	$5K	$394K	10x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2099	+0.038%	$59K	$541K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.031%	$47K	$221	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-PERP	+0.0100%	1h	0.2099	+0.031%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	+0.115%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.057%	$403K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.048%	$129.4M	$467.2M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2098	long leg	$87.6M	$193.9M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.057%	$20.3M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+0.091%	$19K	$435K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.086%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.038%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.086%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.029%	$47.5M	$66.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2099	+0.014%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2092	−0.297%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.045%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.220%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	−0.057%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.143%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.369%	$898	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	+0.038%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.229%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	+0.038%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.106%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2099	+0.062%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2098	+0.010%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	+0.072%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2100	+0.082%	$50K	—	100x	as long as short
Lighter ENA	+0.0280%	1h	0.2102	+0.172%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0306%	1h	0.2102	+0.161%	$110.9M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.133%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.048%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.486%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8118%	1h	0.2100	+0.076%	$139K	$15K	5x	as long as short