Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.048%

Price spread now: Aevo against Orderly−0.006%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Aevo

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—needs 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: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2112	0.0034	pay 0.0017% / 4h	2h 05m	$44K	$27K	10x
Short	Aevo ENA-PERP	0.2112	0.0104	get 0.0013% / 1h	5m 24s	$74K	$4K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.006%Rate

Funding earned: $14.77
Price spread: −0.006% → 0.000%: −$0.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$7.85
Costs to cover: 0.220%
Break-even: 10.7 days

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

Orderly and Aevo: 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 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	+0.043%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.024%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2114	+0.094%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.540%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDClong	+0.0034%	4h	0.2112	long leg	$44K	$27K	10x
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.095%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.104%	$678K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	−0.010%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.028%	$412K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	+0.038%	$130.0M	$433.8M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2112	+0.024%	$86.5M	$180.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	+0.057%	$20.8M	$104.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	+0.185%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	−0.047%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.118%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	+0.038%	$11.0M	$21.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	+0.005%	$44.7M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.076%	$24.5M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.047%	$48.0M	$59.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2113	+0.043%	—	$32.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2116	+0.194%	$382K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.103%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.287%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.366%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.284%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.043%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.353%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	+0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.497%	$276K	$812K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.142%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	−0.112%	$47K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2110	−0.080%	$4K	$302	10x	as long as short
Aevo ENA-PERPshort	+0.0104%	1h	0.2112	−0.006%	$74K	$4K	3x
Extended ENA-USD	+0.0176%	1h	0.2112	+0.022%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.265%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2112	+0.016%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2114	+0.115%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2113	+0.052%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	+0.018%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0471%	1h	0.2113	+0.066%	$113.6M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	+0.156%	$830K	$1.6M	50x	as long as short