Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Ondo Perps−0.061%7-day average +0.032% · you buy dearer than you sell

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

Long on Ondo Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.444%+$44 on $10k

Price spread, last 4 days (all we have)+0.737%+$74 · spread now −0.061%, 7d avg +0.032%

Together, before fees+1.182%+ Points / potential airdropOndo Perps: Active · farm board+$118 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.093% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of +0.032%). If the spread goes back, that is −$9 on $10k: about 31 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2115	0.0100	pay 0.0013% / 1h	55m 06s	$20K	$319K	5x
Short	BloFin ENA-USDT	0.2113	0.0340	get 0.0170% / 4h	3h 55m	$5.6M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Ondo Perps. 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 Ondo PerpsbpFee BloFinbpOrdersPrice spread, now −0.061%Rate

Funding earned: $50.4
Price spread: −0.061% → +0.032%: −$9.33
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $24.07
Costs to cover: 0.170%
Break-even: 3.7 days

Slippage unknown: Ondo Perps: no order-book sample; BloFin: live order book, 4 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	0.47 bp	12.9 bp −$13	18.8 bp −$188	71.1 bp −$7,105	doesn't fit

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	−0.0308%	1h	0.2117	+0.118%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0084%	4h	0.2112	−0.104%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	−0.033%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.080%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.411%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0040%	1h	0.2109	−0.276%	$139K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2110	−0.208%	$4K	$302	10x	as long as short
Phoenix ENA	+0.0076%	1h	0.2109	−0.260%	$8K	$274K	10x	as long as short
Gate ENA_USDT	+0.0090%	4h	0.2116	+0.071%	$11.1M	$22.0M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.222%	$56K	$464K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.379%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.196%	$657K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.049%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2110	−0.216%	$403K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.059%	$128.7M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.014%	$85.3M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.043%	$21.0M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2115	long leg	$20K	$319K	5x
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.222%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.388%	$92K	$4K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.109%	$46.2M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	+0.071%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.047%	$47.9M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	+0.080%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.327%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.165%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	−0.187%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	−0.222%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.090%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.454%	$1K	$851K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.014%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.369%	$274K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.061%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2114	−0.033%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.048%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2116	+0.054%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2117	+0.099%	$5.2M	$13.2M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2113	−0.096%	$70K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2113	−0.061%	$5.6M	$3.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2111	−0.175%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0437%	1h	0.2120	+0.236%	$115.5M	$74.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2120	+0.232%	$866K	$1.7M	50x	as long as short