Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.005%

Price spread now: Popdex against Gate+0.010%7-day average +0.015% · 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−$61as in the Price arb table

costs, in and out, $10k−$600.600% of the position

Long on Gate Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now +0.010%, 7d avg +0.015%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2094	−0.0006	get 0.0003% / 4h	2h 37m	$10.4M	$21.5M	50x
Short	Popdex ENAUSDT	0.2094	0.0096	get 0.0012% / 1h	37m 07s	$59K	$541K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Gate. 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 GatebpFee PopdexbpOrdersPrice spread, now +0.010%Rate

Funding earned: $21.42
Price spread: +0.010% → +0.015%: −$0.57
Slippage, 4 orders: −$38.61
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$39.15
Costs to cover: 0.600%
Break-even: 19.8 days

Slippage from Gate: live order book, 2 min ago; Popdex: live order book, 52 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 Gate live order book, 2 min ago	2.63 bp	18.4 bp −$18	30.3 bp −$303	56.2 bp −$5,619	94.4 bp −$47.2K
Sell Popdex live order book, 52 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	−0.0349%	1h	0.2095	+0.048%	$360K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2093	−0.019%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2094	+0.029%	$4K	$432	10x	as long as short
Gate ENA_USDTlong	−0.0006%	4h	0.2094	long leg	$10.4M	$21.5M	50x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	+0.014%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	+0.057%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.414%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.167%	$5K	$394K	10x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2094	+0.010%	$59K	$541K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.046%	$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	0.2093	−0.023%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+0.047%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.043%	$402K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.017%	$129.1M	$468.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.014%	$87.6M	$193.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.019%	$20.2M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2090	−0.181%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.010%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.010%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.033%	$44.8M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.038%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.076%	$47.4M	$66.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	+0.010%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.055%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	−0.137%	$248K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.093%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.105%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.119%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.388%	$1K	$806K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.038%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2097	+0.172%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	+0.010%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2093	−0.046%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	+0.006%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2096	+0.098%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2094	+0.014%	$50K	—	100x	as long as short
Lighter ENA	+0.0248%	1h	0.2097	+0.167%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0314%	1h	0.2096	+0.124%	$110.7M	$80.7M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.024%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.024%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.334%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9398%	1h	0.2095	+0.040%	$138K	$12K	5x	as long as short