Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against KuCoin−0.155%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on KuCoin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%−$1 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.155%, 7d avg −0.023%

Together, before fees+0.085%+$9 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 0.133% cheaper against KuCoin than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2127	0.0100	pay 0.0050% / 4h	2h 03m	$24.7M	$16.0M	75x
Short	Popdex ENAUSDT	0.2124	0.0096	get 0.0012% / 1h	3m 01s	$54K	$507K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against KuCoin. 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 KuCoinbpFee PopdexbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$0.84
Price spread: −0.155% → −0.023%: −$13.26
Slippage, 4 orders: −$37.65
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$70.15
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Popdex: live order book, 1 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 KuCoin live order book, 6 min ago	3.80 bp	19.2 bp −$19	35.9 bp −$359	doesn't fit	doesn't fit
Sell Popdex live order book, 1 min ago	2.35 bp	9.5 bp −$10	105.8 bp −$1,058	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	−0.089%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2124	−0.132%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2123	−0.211%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.183%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2124	−0.146%	$44K	$27K	10x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2124	−0.155%	$54K	$507K	50x
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.179%	$682K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	+0.006%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2124	−0.145%	$415K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.028%	$130.8M	$432.6M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2127	−0.019%	$87.1M	$180.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	−0.042%	$20.9M	$105.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.536%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	−0.108%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.837%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.047%	$11.1M	$21.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	−0.038%	$45.2M	$44.6M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2127	long leg	$24.7M	$16.0M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.089%	$48.4M	$59.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2126	−0.042%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2128	+0.019%	$383K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.617%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−1.005%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	−0.718%	$359K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−1.001%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	−0.113%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.454%	$984	$846K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	−0.108%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2127	−0.014%	$277K	$804K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	−0.108%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	−0.189%	$48K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2125	−0.113%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	−0.079%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0168%	1h	0.2124	−0.137%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.512%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2127	−0.005%	$2.7M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2124	−0.151%	$50K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.155%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0424%	1h	0.2129	+0.085%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0469%	1h	0.2128	+0.042%	$114.4M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2128	+0.047%	$835K	$1.6M	50x	as long as short