Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Popdex against OKX−0.038%7-day average +0.005% · 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−$46as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on OKX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.211%−$21 · spread now −0.038%, 7d avg +0.005%

Together, before fees−0.207%−$21 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 0.043% cheaper against OKX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2122	0.0100	pay 0.0050% / 4h	3h 24m	$20.3M	$117.9M	50x
Short	Popdex ENAUSDT	0.2121	0.0096	get 0.0012% / 1h	24m 14s	$58K	$549K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against OKX. 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 OKXbpFee PopdexbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$0.84
Price spread: −0.038% → +0.005%: −$4.31
Slippage, 4 orders: −$24.94
Fee OKX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$46.5
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Popdex: live order book, 4 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 OKX live order book, 4 min ago	0.23 bp	10.2 bp −$10	19.4 bp −$194	82.3 bp −$8,231	doesn't fit
Sell Popdex live order book, 4 min ago	1.41 bp	11.2 bp −$11	80.3 bp −$803	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
Backpack ENA_USDC_PERP	−0.0393%	1h	0.2123	+0.052%	$365K	$492K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0115%	4h	0.2121	−0.042%	$42K	$23K	10x	as long as short
Phoenix ENA	0.0000%	1h	0.2136	+0.669%	$6K	$391K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.028%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2123	+0.042%	$97K	—	150x	as long as short
Kraken Futures PF_ENAUSD	+0.0015%	1h	0.2124	+0.095%	$2.7M	$6.1M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.075%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2122	+0.014%	$4K	$432	10x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2121	−0.038%	$58K	$549K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2121	−0.031%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2122	−0.007%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	+0.075%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	+0.054%	$408K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2121	−0.028%	$131.8M	$473.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.047%	$90.2M	$196.3M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2122	long leg	$20.3M	$117.9M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	+0.184%	$20K	$449K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	+0.057%	$85K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2137	+0.708%	$90K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	+0.009%	$10.5M	$22.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	−0.024%	$46.1M	$50.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	+0.061%	$24.4M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.085%	$48.2M	$67.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2122	−0.014%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2136	+0.683%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	+0.452%	$257K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+0.378%	$370K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.434%	$31K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	+0.052%	$187K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.375%	$1K	$799K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2122	+0.009%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2124	+0.123%	$274K	$1.7M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	−0.038%	$1.9M	$9.4M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2121	−0.046%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	−0.007%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0199% / S −0.0309%	1h	0.2122	+0.024%	$38K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2125	+0.137%	$5.7M	$13.5M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.071%	$5.6M	$8.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2121	−0.028%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0456%	1h	0.2127	+0.269%	$814K	$2.2M	50x	as long as short
Hyperliquid ENA	+0.0583%	1h	0.2126	+0.179%	$113.4M	$80.2M	10x	as long as short
dYdX ENA-USD	+0.6624%	1h	0.2124	+0.103%	$140K	$12K	5x	as long as short