Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h −0.046%

Price spread now: Orderly against Ondo Perps+0.014%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

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	59m 32s	$20K	$319K	5x
Short	Orderly PERP_ENA_USDC	0.2115	−0.0081	pay 0.0040% / 4h	3h 59m	$44K	$25K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Ondo Perps. 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 Ondo PerpsbpFee OrderlybpOrdersPrice spread, now +0.014%Rate

Funding earned: −$38
Price spread: +0.014% → 0.000%: $1.42
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$47.58
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Orderly: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Ondo Perps and Orderly: 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	−0.0126%	1h	0.2115	+0.024%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDCshort	−0.0081%	4h	0.2115	+0.014%	$44K	$25K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.047%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.013%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2116	+0.080%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.411%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2117	+0.085%	$8K	$265K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	+0.014%	$56K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.081%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	−0.009%	$658K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.095%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.087%	$404K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	+0.019%	$128.7M	$415.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.009%	$85.4M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	+0.028%	$21.1M	$103.8M	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	0.2117	+0.109%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.388%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.057%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	−0.014%	$46.1M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	+0.047%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.052%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	+0.095%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.039%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.092%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.024%	$359K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.061%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	+0.066%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.393%	$1K	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	+0.061%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.180%	$274K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.014%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	+0.039%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.045%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0149%	1h	0.2116	+0.039%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0192%	1h	0.2117	+0.128%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.093%	$2.6M	$4.3M	50x	as long as short
Hyperliquid ENA	+0.0253%	1h	0.2118	+0.151%	$115.4M	$74.8M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	+0.055%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.009%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.040%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2120	+0.260%	$866K	$1.7M	50x	as long as short