Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against edgeX+0.743%59s7-day average −0.043% · 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—prices read too far apart to compare

costs, in and out, $10k−$440.441% of the position

Long on edgeX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−1.033%−$103 · spread now +0.743%, 7d avg −0.043%

Together, before fees−1.036%+ Points / potential airdropedgeX: Active · farm board−$104 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 0.787% dearer against edgeX than usual: you sell high and buy low, +$79 on $10k if it goes back to its 7-day average of −0.043%. The two prices were read 59 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	edgeX ENAUSDC	0.2114	0.0100	pay 0.0050% / 4h	3h 59m	$255K	$7.0M	20x
Short	Popdex ENAUSDT	0.2130	0.0096	get 0.0012% / 1h	59m 47s	$54K	$487K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against edgeX. 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 edgeXbpFee PopdexbpOrdersPrice spread, now +0.743%Rate

Funding earned: −$0.84
Price spread: +0.743% → −0.043%: $78.66
Slippage, 4 orders: −$28.74
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $33.67
Costs to cover: 0.441%
Break-even: from the start

Slippage from edgeX: live order book, 4 min ago; Popdex: live order book, 39 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 edgeX live order book, 4 min ago	7.09 bp	11.6 bp −$12	13.1 bp −$131	44.0 bp −$4,396	doesn't fit
Sell Popdex live order book, 39 min ago	2.62 bp	10.5 bp −$10	91.4 bp −$914	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
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2129	+0.687%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	+0.753%	$61K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+0.769%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2130	+0.758%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.431%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2130	+0.743%	$54K	$487K	50x
Nado ENA-PERP	+0.0100%	1h	0.2130	+0.741%	$572K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2131	+0.800%	$115.6M	$74.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	+0.838%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2130	+0.733%	$411K	$562K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2131	+0.799%	$129.7M	$426.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2130	+0.758%	$89.8M	$191.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2130	+0.767%	$21.3M	$108.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.625%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2130	+0.743%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.200%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	+0.781%	$13.3M	$27.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2132	+0.833%	$39.6M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2133	+0.895%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2129	+0.677%	$48.2M	$60.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2131	+0.781%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2134	+0.909%	$413K	$483K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	+0.605%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2114	long leg	$255K	$7.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.037%	$358K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	+0.034%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	+0.791%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−1.636%	$1K	$911K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	+0.743%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.852%	$268K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	+0.743%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	+0.780%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2130	+0.736%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.778%	$75K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0147%	1h	0.2131	+0.784%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0184%	1h	0.2133	+0.885%	$5.0M	$13.9M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2129	+0.715%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2131	+0.788%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.635%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	+0.720%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2134	+0.947%	$802K	$2.0M	50x	as long as short
dYdX ENA-USD	+0.0760%	1h	0.2129	+0.690%	$141K	$16K	5x	as long as short