Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against Ondo Perps+0.213%7-day average −0.006% · you sell dearer than you buy

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

Long on Ondo Perps Short on Nado

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 4 days (all we have)+0.605%+$60 · spread now +0.213%, 7d avg −0.006%

Together, before fees+0.625%+ Points / potential airdropOndo Perps: Active · Nado: Active · farm board+$63 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: Nado is 0.219% dearer against Ondo Perps than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2089	0.0100	pay 0.0013% / 1h	47m 09s	$19K	$321K	5x
Short	Nado ENA-PERP	0.2093	0.0100	get 0.0012% / 1h	47m 09s	$656K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.213%Rate

Funding earned: $0
Price spread: +0.213% → −0.006%: $21.92
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $9.92
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Nado: live order book, 2 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 Nado live order book, 2 min ago	1.67 bp	8.8 bp −$9	22.6 bp −$226	doesn't fit	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	−0.0299%	1h	0.2097	+0.359%	$366K	$388K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2095	+0.287%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0060%	4h	0.2093	+0.182%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	+0.225%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2094	+0.250%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.647%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.239%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2095	+0.311%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	+0.239%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	+0.312%	$47K	$110	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-PERPshort	+0.0100%	1h	0.2093	+0.213%	$656K	$1.6M	10x
Hyperliquid ENA	+0.0100%	1h	0.2095	+0.278%	$111.5M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.244%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	+0.364%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.292%	$128.0M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	+0.330%	$85.1M	$176.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.378%	$20.7M	$102.1M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2089	long leg	$19K	$321K	5x
Arcus ENA-USD	+0.0100%	1h	0.2092	+0.144%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.862%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	+0.201%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	+0.326%	$45.1M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	+0.263%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	+0.311%	$47.8M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	+0.373%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.373%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2088	−0.040%	$240K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.048%	$346K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2088	−0.048%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.321%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.192%	$978	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	+0.191%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2104	+0.694%	$272K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.335%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2093	+0.189%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	+0.223%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0135%	1h	0.2095	+0.276%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2094	+0.261%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2094	+0.238%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	+0.201%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	+0.209%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	+0.053%	$851K	$1.5M	50x	as long as short