Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Paradex against Nado−0.096%50s7-day average — · you buy dearer than you sell

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

Long on Nado Short on Paradex

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 · Paradex: 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: Paradex is 0.096% cheaper against Nado than usual: you would sell low and buy high, −$10 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 50 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	0.2153	0.0100	pay 0.0012% / 1h	5m 40s	$716K	$1.8M	10x
Short	Paradex ENA-USD-PERP	0.2150	0.0100	get 0.0100% / 8h	7h 05m	$48K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.096%Rate

Funding earned: $0.07
Price spread: −0.096% → 0.000%: −$9.61
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$20.53
Costs to cover: 0.110%
Break-even: 1950.2 days

Slippage unknown: Nado: live order book, 3 min ago; Paradex: 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, 3 min ago	0.92 bp	9.1 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2155	+0.128%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2154	+0.068%	$88K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0030%	4h	0.2154	+0.044%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.354%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2154	+0.067%	$53K	$523K	50x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2153	long leg	$716K	$1.8M	10x
Aster ENAUSDT	+0.0100%	4h	0.2155	+0.103%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2151	−0.059%	$424K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2151	−0.063%	$134.5M	$441.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2149	−0.146%	$88.3M	$186.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2150	−0.100%	$21.3M	$110.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2160	+0.337%	$16K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	−0.026%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	+0.671%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2150	−0.128%	$10.9M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2150	−0.100%	$45.4M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2151	−0.058%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2148	−0.202%	$48.7M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2150	−0.123%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2154	+0.072%	$382K	$376K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	+0.009%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2169	+0.745%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2169	+0.784%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2169	+0.764%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2153	+0.039%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2102	−2.325%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2156	+0.160%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2158	+0.272%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2152	−0.026%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2150	−0.096%	$48K	$110	10x
Aevo ENA-PERP	+0.0104%	1h	0.2155	+0.091%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2169	+0.774%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0168%	1h	0.2155	+0.118%	$4K	$302	10x	as long as short
dYdX ENA-USD	+0.0200%	1h	0.2153	+0.011%	$142K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2157	+0.221%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2154	+0.066%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2166	+0.620%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0360%	1h	0.2149	−0.181%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2153	+0.002%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+0.439%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0770%	1h	0.2156	+0.156%	$116.4M	$74.4M	10x	as long as short
Lighter ENA	+0.0776%	1h	0.2155	+0.118%	$5.9M	$13.2M	10x	as long as short