Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.023%

Price spread now: Paradex against Injective−0.597%99s7-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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.597% cheaper against Injective than usual: you would sell low and buy high (spread −0.597% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$60 on $10k: about 30 days of funding at the current rate (+$2 a day). The two prices were read 99 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	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	57m 43s	$522	$57K	5.5x
Short	Paradex ENA-USD-PERP	0.2111	0.0100	get 0.0100% / 8h	3h 57m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.597%Rate

Funding earned: $14
Price spread: −0.597% → 0.000%: −$59.66
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$49.68
Costs to cover: 0.040%
Break-even: 31.8 days

Slippage unknown: Injective: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Injective and Paradex: 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
Backpack ENA_USDC_PERP	−0.0197%	1h	0.2116	−0.344%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2114	−0.443%	$44K	$25K	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2116	−0.371%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.367%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.477%	$82K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
01 Exchange ENAUSD	+0.0056%	1h	0.2114	−0.452%	$4K	$302	10x	as long as short
Phoenix ENA	+0.0076%	1h	0.2117	−0.325%	$8K	$265K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.490%	$56K	$464K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2111	−0.597%	$47K	$110	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.483%	$658K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	−0.320%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	−0.471%	$403K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	−0.454%	$128.6M	$415.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.589%	$85.2M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	−0.593%	$21.1M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.410%	$20K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	−0.584%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.796%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	−0.396%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.570%	$46.0M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	−0.372%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.683%	$47.8M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	−0.608%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.448%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.502%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.386%	$359K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.348%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.419%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.854%	$1K	$851K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.396%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	−0.297%	$274K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	−0.443%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2114	−0.421%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.385%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0128%	1h	0.2115	−0.372%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2116	−0.345%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2113	−0.485%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.405%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.501%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0584%	1h	0.2118	−0.235%	$115.4M	$74.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2120	−0.151%	$866K	$1.7M	50x	as long as short