Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0149%/8h= +16.4% APRpaid last 24h +0.057%

Price spread now: Extended against Orderly−0.099%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 Extended

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 airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.099% cheaper against Orderly than usual: you would sell low and buy high (spread −0.099% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 2.2 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2114	0.0035	pay 0.0017% / 4h	2h 05m	$44K	$27K	10x
Short	Extended ENA-USD	0.2112	0.0184	get 0.0023% / 1h	5m 55s	$1.6M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.099%Rate

Funding earned: $31.39
Price spread: −0.099% → 0.000%: −$9.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $10.45
Costs to cover: 0.110%
Break-even: 4.7 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 3 min ago	1.19 bp	6.9 bp −$7	12.8 bp −$128	doesn't fit	doesn't fit

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 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	0.2115	+0.052%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.019%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2116	+0.075%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.435%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDClong	+0.0035%	4h	0.2114	long leg	$44K	$27K	10x
01 Exchange ENAUSD	+0.0096%	1h	0.2115	+0.033%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	−0.009%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	+0.040%	$680K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	+0.057%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2115	+0.033%	$413K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2113	−0.066%	$130.3M	$434.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2113	−0.052%	$86.5M	$180.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.047%	$20.8M	$104.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.080%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	+0.038%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.561%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.066%	$11.0M	$21.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.080%	$44.7M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.033%	$24.5M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.128%	$48.0M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	−0.076%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2116	+0.090%	$382K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.001%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.424%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.470%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.435%	$32K	$654K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.005%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.341%	$1K	$847K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.393%	$276K	$812K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.038%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.058%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.026%	$74K	$4K	3x	as long as short
Extended ENA-USDshort	+0.0184%	1h	0.2112	−0.099%	$1.6M	$4.1M	50x
Phoenix ENA	+0.0188%	1h	0.2118	+0.161%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	−0.004%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2116	+0.088%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2117	+0.151%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.010%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0473%	1h	0.2117	+0.147%	$113.8M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	+0.052%	$830K	$1.6M	50x	as long as short