Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.006%

Price spread now: Gate against Ondo Perps−0.453%7-day average −0.063% · you buy dearer than you sell

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

Long on Ondo Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.654%+$65 · spread now −0.453%, 7d avg −0.063%

Together, before fees+0.610%+ Points / potential airdropOndo Perps: Active · farm board+$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 0.390% cheaper against Ondo Perps than usual: you would sell low and buy high (−$39 if the spread goes back to its 7-day average of −0.063%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2097	0.0100	pay 0.0013% / 1h	38m 45s	$19K	$429K	5x
Short	Gate ENA_USDT	0.2087	−0.0016	pay 0.0008% / 4h	2h 38m	$10.3M	$21.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.453%Rate

Funding earned: −$24.36
Price spread: −0.453% → −0.063%: −$39.01
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$83.37
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Gate: live order book, 5 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 Gate live order book, 5 min ago	0.24 bp	17.3 bp −$17	28.0 bp −$280	57.2 bp −$5,715	97.1 bp −$48.5K

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	−0.0351%	1h	0.2089	−0.391%	$359K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2088	−0.410%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2090	−0.320%	$4K	$432	10x	as long as short
Gate ENA_USDTshort	−0.0016%	4h	0.2087	−0.453%	$10.3M	$21.5M	50x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2089	−0.382%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2088	−0.420%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.269%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.024%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2089	−0.372%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2090	−0.337%	$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	0.2089	−0.353%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	−0.339%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	−0.367%	$401K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2089	−0.362%	$128.8M	$468.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2089	−0.391%	$87.4M	$193.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2090	−0.334%	$20.1M	$113.9M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2097	long leg	$19K	$429K	5x
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.277%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.134%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	−0.353%	$44.6M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2089	−0.391%	$24.1M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2085	−0.558%	$47.2M	$66.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2088	−0.424%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.088%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.066%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.051%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.038%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−0.258%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2038	−2.814%	$855	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.420%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	−0.062%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2088	−0.420%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2087	−0.484%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2089	−0.373%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2090	−0.345%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2088	−0.442%	$50K	—	100x	as long as short
Lighter ENA	+0.0224%	1h	0.2091	−0.291%	$5.6M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0318%	1h	0.2089	−0.372%	$110.5M	$80.6M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.401%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.347%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.191%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9781%	1h	0.2089	−0.379%	$138K	$12K	5x	as long as short