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: Ondo Perps against Nado−0.130%7-day average +0.023% · you buy dearer than you sell

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

Long on Nado Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.316%−$32 · spread now −0.130%, 7d avg +0.023%

Together, before fees−0.337%+ Points / potential airdropNado: Active · Ondo Perps: Active · farm board−$34 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: Ondo Perps is 0.153% cheaper against Nado than usual: you would sell low and buy high, −$15 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	Nado ENA-PERP	0.2083	0.0100	pay 0.0012% / 1h	1m 41s	$653K	$1.8M	10x
Short	Ondo Perps ENA-USD.P	0.2080	0.0100	get 0.0013% / 1h	1m 41s	$20K	$411K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.130%Rate

Funding earned: $0
Price spread: −0.130% → +0.023%: −$15.28
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$27.28
Costs to cover: 0.120%
Break-even: 544144679919279.1 days

Slippage unknown: Nado: live order book, 2 min ago; Ondo Perps: 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, 2 min ago	0.96 bp	4.9 bp −$5	15.5 bp −$155	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.0283%	1h	0.2084	+0.048%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2083	−0.014%	$40K	$24K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2084	+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	0.2083	+0.024%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.940%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2080	−0.130%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2083	0.000%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2083	+0.002%	$47K	$221	10x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2083	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	+0.044%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2083	+0.010%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2083	−0.006%	$128.1M	$465.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2082	−0.038%	$86.6M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2083	+0.014%	$20.1M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2080	−0.130%	$20K	$411K	5x
Arcus ENA-USD	+0.0100%	1h	0.2084	+0.048%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.185%	$88K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2083	−0.010%	$10.4M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	+0.019%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2084	+0.062%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2082	−0.062%	$47.1M	$65.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2084	+0.024%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2080	−0.132%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2081	−0.117%	$247K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2080	−0.164%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2079	−0.192%	$31K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2084	+0.058%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2033	−2.381%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2083	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2086	+0.144%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2082	−0.048%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2083	+0.023%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2084	+0.069%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0192%	1h	0.2083	−0.016%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0165%	1h	0.2083	−0.018%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2086	+0.134%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2083	+0.010%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0342%	1h	0.2086	+0.131%	$109.9M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2083	+0.002%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+0.125%	$797K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.4951%	1h	0.2084	+0.050%	$138K	$15K	5x	as long as short