Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Bitget against Nado+0.038%7-day average −0.088% · 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−$34as in the Price arb table

costs, in and out, $10k−$470.466% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−1.342%−$134 · spread now +0.038%, 7d avg −0.088%

Together, before fees−1.371%+ Points / potential airdropNado: Active · farm board−$137 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: Bitget is 0.126% dearer against Nado than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.088%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2103	0.0100	pay 0.0012% / 1h	7m 18s	$676K	$1.7M	10x
Short	Bitget ENAUSDT	0.2104	0.0100	get 0.0050% / 4h	2h 07m	$47.9M	$59.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Nado. 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 NadobpFee BitgetbpOrdersPrice spread, now +0.038%Rate

Funding earned: $0
Price spread: +0.038% → −0.088%: $12.64
Slippage, 4 orders: −$27.56
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$33.92
Costs to cover: 0.466%
Break-even: 3484674509760731.5 days

Slippage from Nado: live order book, 1 min ago; Bitget: live order book, 2 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 Nado live order book, 1 min ago	2.37 bp	9.0 bp −$9	19.0 bp −$190	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.47 bp	13.9 bp −$14	20.0 bp −$200	46.7 bp −$4,674	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	0.2105	+0.119%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	+0.100%	$86K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2106	+0.164%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.970%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2104	+0.052%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2105	+0.081%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	0.000%	$54K	$507K	50x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2103	long leg	$676K	$1.7M	10x
Aster ENAUSDT	+0.0100%	4h	0.2105	+0.087%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	+0.167%	$411K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2106	+0.127%	$129.8M	$435.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	+0.095%	$86.2M	$181.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	+0.124%	$20.7M	$104.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.452%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	+0.095%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+1.096%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	+0.048%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.062%	$44.5M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.086%	$24.4M	$16.2M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2104	+0.038%	$47.9M	$59.3M	75x
BingX ENA-USDC	+0.0100%	4h	0.2105	+0.119%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	+0.452%	$381K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.513%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.106%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.060%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	+0.095%	$32K	$654K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	+0.057%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.268%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	+0.143%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.366%	$275K	$813K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.095%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−0.012%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2105	+0.079%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2106	+0.129%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.694%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2105	+0.077%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2107	+0.186%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2108	+0.252%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	+0.055%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0472%	1h	0.2106	+0.162%	$113.2M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	+0.585%	$830K	$1.6M	50x	as long as short