Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.016%

Price spread now: Orderly against Injective−1.554%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 −$3 a day on $10k at the current rate, and Orderly is 1.554% cheaper against Injective than usual: you would sell low and buy high (−$155 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	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	52m 31s	$522	$57K	5.5x
Short	Orderly PERP_ENA_USDC	0.2090	−0.0078	pay 0.0039% / 4h	1h 52m	$40K	$24K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.554%Rate

Funding earned: −$23.41
Price spread: −1.554% → 0.000%: −$155.41
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$184.84
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective 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 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_USDCshort	−0.0078%	4h	0.2090	−1.554%	$40K	$24K	10x
Backpack ENA_USDC_PERP	−0.0008%	1h	0.2091	−1.521%	$361K	$484K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	−1.521%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−1.541%	$96K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2091	−1.537%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2093	−1.441%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−1.479%	$60K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−1.476%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2092	−1.493%	$656K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2093	−1.409%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−1.443%	$405K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−1.476%	$128.7M	$463.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−1.507%	$87.0M	$193.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−1.474%	$20.2M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−1.182%	$20K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	−1.432%	$82K	$223K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−1.455%	$10.4M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−1.465%	$45.0M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	−1.479%	$23.9M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−1.535%	$47.3M	$65.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2092	−1.465%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	−1.428%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−1.286%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−1.274%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	−1.243%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−1.502%	$189K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−3.932%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−1.526%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	−1.389%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−1.620%	$1.9M	$9.2M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	−1.880%	$88K	$2K	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	−1.526%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	−1.460%	$5K	$356K	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2092	−1.478%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0218% / S −0.0357%	1h	0.2090	−1.563%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2090	−1.587%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−1.592%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0520%	1h	0.2095	−1.337%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0543%	1h	0.2095	−1.347%	$110.3M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	−1.370%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1806%	1h	0.2091	−1.512%	$138K	$15K	5x	as long as short