Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Bulk against Nado+0.152%54s7-day average — · you sell dearer than you buy

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

Long on Nado Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.152% dearer against Nado than usual: you sell high and buy low, +$15 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 54 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	Nado ENA-PERP	0.2084	0.0100	pay 0.0012% / 1h	2m 43s	$653K	$1.8M	10x
Short	Bulk ENA-USD	0.2087	0.0100	get 0.0013% / 1h	2m 43s	$88K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.152%Rate

Funding earned: $0
Price spread: +0.152% → 0.000%: $15.15
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $1.15
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Nado: live order book, 1 min ago; Bulk: 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 Nado live order book, 1 min ago	0.96 bp	4.9 bp −$5	15.5 bp −$155	doesn't fit	doesn't fit
Sell Bulk no order-book sample	—	—	—	—	—

Bulk: 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	−0.0286%	1h	0.2085	+0.067%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2083	−0.038%	$40K	$24K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2085	+0.048%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2084	+0.038%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2084	+0.003%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.905%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2080	−0.163%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2084	+0.014%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2083	−0.032%	$47K	$221	10x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2084	long leg	$653K	$1.8M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2084	+0.034%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2084	+0.018%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2084	+0.005%	$128.1M	$465.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2083	−0.024%	$86.6M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2084	+0.010%	$20.1M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2080	−0.163%	$20K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2084	+0.014%	$81K	$223K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2087	+0.152%	$88K	$2K	10x
Gate ENA_USDT	+0.0100%	4h	0.2083	−0.014%	$10.4M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2084	+0.010%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2085	+0.053%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2083	−0.053%	$47.1M	$65.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2083	−0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2080	−0.165%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2081	−0.150%	$247K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2080	−0.197%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2079	−0.226%	$31K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2085	+0.048%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2034	−2.385%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2084	+0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2092	+0.394%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	+0.014%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2084	+0.036%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2085	+0.056%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2083	−0.046%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2083	−0.010%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2086	+0.130%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2083	−0.024%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0341%	1h	0.2086	+0.120%	$109.9M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2083	−0.024%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+0.091%	$797K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5006%	1h	0.2084	+0.017%	$138K	$15K	5x	as long as short