Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against MEXC−0.037%7-day average −0.012% · 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−$28as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on MEXC Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now −0.037%, 7d avg −0.012%

Together, before fees−0.060%−$6 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 0.025% cheaper against MEXC than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2147	0.0100	pay 0.0050% / 4h	3h 49m	$39.8M	$42.6M	200x
Short	Popdex ENAUSDT	0.2146	0.0096	get 0.0012% / 1h	49m 15s	$54K	$488K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against MEXC. 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 MEXCbpFee PopdexbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$0.84
Price spread: −0.037% → −0.012%: −$2.49
Slippage, 4 orders: −$18.94
Fee MEXC: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$28.66
Costs to cover: 0.253%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Popdex: live order book, 50 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 MEXC live order book, 5 min ago	0.23 bp	2.4 bp −$2	7.1 bp −$71	34.9 bp −$3,486	63.5 bp −$31.8K
Sell Popdex live order book, 50 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
Phemex ENAUSDT	−0.1341%	4h	0.2146	−0.037%	$1.9M	$9.0M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2146	−0.019%	$45K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0064%	1h	0.2147	+0.009%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2148	+0.061%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2147	−0.014%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.090%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2149	+0.089%	$5.1M	$12.7M	10x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2146	−0.037%	$54K	$488K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2146	−0.031%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2146	−0.023%	$578K	$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
Hyperliquid ENA	+0.0100%	1h	0.2147	+0.023%	$116.6M	$75.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2147	+0.016%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2146	−0.037%	$414K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2147	+0.007%	$130.4M	$426.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2147	+0.005%	$89.5M	$192.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2147	+0.009%	$21.5M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2133	−0.661%	$33K	$314K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2147	+0.009%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.945%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2147	+0.009%	$13.5M	$26.8M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2147	long leg	$39.8M	$42.6M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2147	+0.019%	$25.3M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2146	−0.051%	$48.7M	$60.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2147	−0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2135	−0.531%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	−0.720%	$258K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2132	−0.689%	$363K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	−0.689%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2147	−0.014%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2096	−2.352%	$1K	$914K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2147	+0.009%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2153	+0.303%	$270K	$807K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2147	−0.009%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2147	+0.025%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	−0.424%	$13K	$267K	10x	as long as short
dYdX ENA-USD	+0.0158%	1h	0.2145	−0.092%	$142K	$16K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0194%	1h	0.2146	−0.023%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2148	+0.033%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2147	+0.028%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2147	−0.009%	$1K	—	15x	as long as short
Backpack ENA_USDC_PERP	+0.0445%	1h	0.2145	−0.089%	$415K	$481K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2150	+0.140%	$799K	$2.0M	50x	as long as short